EC-IILS Joint Discussion Paper Series No. 2

Case study of past crises: Lessons learned from the Republic of Korea

This paper examines the effects and implications of a number of measures and reforms undertaken by the Republic of Korea during the 1997 crisis. In particular, in some cases reforms and programme introductions laid the groundwork for the government’s current response to mitigating the labour market effects of the crisis. In other instances, reforms while initially successful have created distributional considerations where risks of job loss are unevenly distributed.