교육투자 성과에 관한 성별/고용형태별/세대별/시대별 비교분석

Abstract

Abstract

Comparing Rewards from Educational Investment between Genders, Employment Types, Cohorts and Decades

Park, Mi Sun Dept. of Economics and Finance The Graduate School Hanyang University

We compare returns to education between genders, employment types, age cohorts, and decades, using the Korean Labor and Income Panel Study (KLIPS) 2001 (the 4th wave) and KLIPS 2010 (the 13th wave). In search for the best specification for the self-employed and the wage earners separately, we found that differences in returns between distinctive groups of genders, those of age cohorts, and those of grade classes are not present in the self-employed sample while they are present in the wage earner sample. Overall returns to education of the self-employed are found to be approximately 7 percent, whereas those of wage earners are 2 to 5 percent. In the case of the wage earners, from both KLIPS 2001 and KLIPS 2010 returns to education of the females in the age cohorts of 25 to 34 and 35 to 44 are higher than those of the male counterparts in the same age cohorts. However, differences in returns between the genders are found to be the opposite in the age cohorts of 45 to 54 and 55 to 64. From both 2001 KLIPS and 2010 KLIPS we found that the male returns to education of increase with age while the female returns to education decrease except for the group of females holding master’s degree or higher. Wage gap across grade levels widens with age for the male wage earners, which is more evident in KLIPS 2010. Female wage earners experience wage decline as they move up age cohorts from ‘25 to 34’ to ‘35 to 44’, possibly reflecting career discontinuity apparent in the typical female life-cycle pattern. Comparing individuals in the same age groups in 2001 and 2010, returns to education in 2010 are higher than those in 2001 for both males and females, even though this trend stands out more distinctively for males We can come up with the cohort effect on wage by tracing the same cohort over the two survey years. For males the cohort effect on wage is found to be higher than the wage increase of the same age group between the two survey years. However, it is not evident for females. Graduates of top-ranked universities in Seoul Metropolitan Area are found to receive wage premium as large as 28.7% in 2001 and 31.5% in 2010 in comparison to those who did not complete their university education. In contrast, the wage premium of graduation from private universities outside Seoul Metropolitan Area turns out to be insignificant.

Keywords: Returns to Education, Sheepskin Effect, Cohort, WMLE, KLIPS.