International Trade and Wage Inequality in Korea
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In Korea wage inequality decreased during the 1980s and early 1990s and increased after mid-1990s. We took international trade as the driving force of the phenomenon with a simple H-O-S model. The point of the story is that decreasing wage inequality is associated with trade with advanced countries, while increasing wage inequality is associated with trade with low income developing countries. Since China appeared on the world stage and became one of the major trading partner of Korea in the mid-1990s, Korea changed her status in the trading market from a low skilled country to a relatively skill abundant country. Korea had to pay the cost of being classified as a high skilled country with rising wage inequality.
Abstract
In Korea wage inequality decreased during the 1980s and early 1990s and increased after mid-1990s. We took international trade as the driving force of the phenomenon with a simple H-O-S model. The point of the story is that decreasing wage inequality is associated with trade with advanced countries, while increasing wage inequality is associated with trade with low income developing countries. Since China appeared on the world stage and became one of the major trading partner of Korea in the mid-1990s, Korea changed her status in the trading market from a low skilled country to a relatively skill abundant country. Korea had to pay the cost of being classified as a high skilled country with rising wage inequality.
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