Effects of Educational Mistmatch on Wages in the Korean Labor Market*

Using data on Korean workers from the Programme for the International Assessment of Adult Competencies, the present study empirically investigates the incidence and wage effects of educational mismatch. Among full‐time workers aged 25–54, approximately 27 percent are overeducated and 15 percent are undereducated. Our results reveal that, after controlling for omitted variable bias and measurement errors, return to an additional year of overeducation is significantly less than that to a year of required education, whereas undereducated workers do not appear to suffer wage penalties associated with their deficit schooling. The findings also show that returns to a year of overeducation vary across fields of study. The returns to overeducation for college graduates from health and welfare, engineering and manufacturing, and social sciences, business and law are relatively high compared with those in agriculture, services, and humanities and arts.     

Education,mobility and the college wage premium

Motivated by large educational differences in geographic mobility, this paper considers a simple dynamic extension of Roy׳s (1951) model and analyzes it using new evidence on net versus excess mobility and the individual-level relationship between mobility and wages. According to the model, the dispersion of a labor income shock specific to a worker-location match is greater for more educated workers and accounts for large educational differences in mobility. In the model, labor mobility raises both the average wage and the college wage premium, a prediction consistent with differences between Europe and the U.S.     

Spatial mismatch: An equilibrium analysis

The spatial mismatch hypothesis, first stated by Kain (1968) argues that job decentralization in US cities has contributed to low incomes and high unemployment rates for black Americans. Decentralization relocates job sites to white suburban communities far from the CBD, and housing segregation prevents blacks from relocating their residences near the new workplaces. The purpose of the paper is to analyze an urban equilibrium with spatial mismatch. Despite the existence of a suburban employment center, blacks in the model are forced to live in the central zone they occupied in the original monocentric city, commuting across the white residential area to access suburban jobs. This ‘mismatch’ equilibrium is contrasted with an unrestricted equilibrium where blacks are free to locate wherever they choose.     

发展中国家的货币错配研究

货币错配是开放型经济普遍存在的一个客观现象,是最近二十多年发展中国家货币金融危机高频发生的一个重要原因,同时使得解决危机的成本变得更为高昂。发展中国家应该理解货币错配形成的机理,高度重视货币错配带来的负面影响,采取有效措施缓解和控制货币错配风险,维护自身金融安全。     

Exporting,demand for skills and skill mismatch: Evidence from employers' hiring practices

We exploit information from a classification of occupations to identify separately formal qualification requirements linked to a job and formal qualifications of a worker who filled the job for the universe of firms in Slovenia. We find that exporters were more likely to hire over‐qualified workers than they did prior to becoming exporters even though they did not change the qualification requirements of their vacancies. Firms were more likely to demand other skills (leadership, knowledge of foreign languages) once they began to export. These findings suggest that skill upgrading by exporters reflects differences in terms of skill demand as well as the way workers match to jobs. This distinction is blurred in existing studies on skill upgrading by exporters because these studies rely solely on the information about the qualifications of hired workers. Our findings are consistent with a framework in which firms become more productive and offer higher wages once they start to export, workers' qualifications and firms' productivity are complementary inputs, and search is costly.     

Is the skills mismatch important under skill-biased technological change and imperfect substitutability between immigrants and natives?

This paper contributes to the debate on the benefits and costs of immigration, by evaluating how the mismatch between educational attainment and occupations induced by immigration affects output per worker, the wage premium, and the economy's technological level in OECD host countries. To that end, we use an R&D growth model in which technological knowledge can be directed to either low- or high-skilled labour and thereby drives the dynamics of the key economic variables. There tends to be a significant economic impact of the skills mismatch due to immigration, which amplifies the effects of the mismatch in the native population. Nevertheless, countries with a higher contribution of immigration to the skills mismatch are not necessarily those with the higher contribution in terms of economic effects. Moreover, the size and sign of the latter may vary depending on the assessed economic indicator and from country to country. Cross-country differences regarding the initial level of the high-to low-skilled ratio and the size of its shift due to immigration play a crucial role.     

波兰和泰国汇率制度改革经验与启示

经济环境的变化决定着汇率制度的变迁。波兰转轨以来汇率制度相继选择了单一盯住美元、盯住一篮子货币、爬行区间浮动和自由浮动等形式。泰国二战至亚洲金融危机爆发前一直采用单一盯住美元的固定汇率制度。文章据此结合我国人民币汇率制度得出如下经验与启示：应牢牢把握汇率制度调整的主动权并渐进改革,协调好汇率制度与货币政策的关系,与汇率制度相配合有步骤地开放资本项目,加强金融监管尤其是加强对货币错配的审慎性监管等。     

中国工业资本回报率分析：1978—2018年

中国居高不下的投资率是否合理一直备受争议,而资本回报率的高低是评价投资率是否合理的重要标准。通过扣除消费者承担的间接税改进资本回报率的宏观测算模型,并对1978—2018年31个省区市的工业资本回报率进行测算,以探究中国工业资本回报率的演变趋势及区域差异,分析结果显示：改革开放以来,中国工业资本回报率经过三个演变阶段,1978—1998年保持下降态势,1999—2011年整体呈现上升态势,2012—2018年则呈现缓慢下降态势;工业资本回报率由东向西依次递减,东部地区最高,东北地区次之,西部地区最低,且2011年以来中部地区的工业资本回报率逐渐赶超东北地区;工业资本回报率的区域差异趋于收敛,且四个地区工业资本回报率的标准差和锡尔指数逐渐下降;工业资本回报率区域差异的收敛是资本区域错配程度减弱的反映。因此,应加快推进要素市场化配置改革,提高资本配置效率,进一步提升资本回报率并缩小区域差异。     

空间失配研究态势的文献计量分析

采用文献引文网络分析可视化软件Citcspacc Ⅱ对SSCI中有关“空间失配”主题的研究丈献进行分析,判明国外“空间失配”的研究热点和趋势。研究热点主要是空间失配带来的各种问题以及造成空间失配的原因。研究趋势是更加注重空间数据和实证研究。     

期限错配如何影响商业银行的稳健性——基于商业银行微观数据的实证分析

本文从理论层面梳理了我国商业银行期限错配与经营稳健性之间的内在传导机制。在此基础上,以2011—2018年间我国202家商业银行的非平衡面板数据为样本,实证分析了期限错配对银行稳健性的影响,并按照银行性质不同进行了异质性研究。研究发现:(1)期限错配显著弱化了银行经营的稳健性;(2)将影响程度进行分样本比较,全国性股份制银行高于城市商业银行,大型国有商业银行和农村商业银行结果不显著;(3)进一步分析期限错配影响银行稳健性的传导渠道,发现流动性风险在两者之间具有显著的中介效应,在样本分类比较中,全国性股份制银行流动性风险的相对贡献为10.3%,低于城市商业银行的22.6%,说明相较于城市商业银行,全国性股份制银行的融资渠道多、融资能力强,因而流动性风险对其稳健性的影响有限。