The Impact of Institutional Change on Compensating Wage Differentials for Accident Risk: South Korea, 1984-1990

Seung Wook Kim, Price V. Fishback

Research output: Contribution to journalArticle

17 Scopus citations

Abstract

Institutional change can lead to substantial changes in the size of compensating differentials for workplace accident risk. The South Korean labor market experienced two major institutional changes between 1984 and 1990. First, a relaxation of restrictions on Korean labor unions in 1987 led to a sharp jump in the extent of strike activity and bargaining rounds which was associated with a reduction in the size of compensating differences. Second, reform of Korean workers' compensation in 1989 led to a substantial rise in benefits that also served to reduce the extent of compensating differentials.

Original languageEnglish (US)
Pages (from-to)231-248
Number of pages18
JournalJournal of Risk and Uncertainty
Volume18
Issue number3
DOIs
StatePublished - 1999

Keywords

  • Compensating differentials
  • Institutional change
  • Unions
  • Workers' compensation
  • Workplace accident risk

ASJC Scopus subject areas

  • Accounting
  • Finance
  • Economics and Econometrics

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