Why Do Real Wages Stagnate in Japan and Korea?

IF 5.3 3区经济学 Q1 ECONOMICS

Asian Economic Papers Pub Date : 2024-01-08 DOI:10.1162/asep_a_00882

Hyunbae Chun, K. Fukao, H. Kwon, Jungsoo Park

引用次数: 2

Abstract

This study investigates the reasons behind the slowdown in real wages for Japan and Korea based on the aggregate and industry-level data for the respective countries. The findings suggest the following. First, both at the aggregate and industry level, there is a significant slowdown in both countries in the post-1995 period regarding labor productivity, which explains the overall slowdown in real wages. Second, the main reason for the gap between the growths in real wages and labor productivity is found to be the changes in the labor's terms of trade, which is defined as the consumer price index to GDP deflator ratio. Thus, the wage–labor productivity gap is not systematically connected to changes in labor income shares. Finally, the fall in the labor's terms of trade may be potentially related to an emphasis on exports and strong technological upgrading toward higher productivity growth products in both countries’ economic development.

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日本和韩国的实际工资为何停滞不前？

本研究以日本和韩国的总体数据和行业数据为基础，探讨了两国实际工资增长放缓的原因。研究结果表明了以下几点。首先，从总量和行业层面来看，1995 年后两国的劳动生产率都显著放缓，这解释了实际工资整体放缓的原因。其次，实际工资增长与劳动生产率增长之间存在差距的主要原因是劳动力贸易条件的变化，即消费者价格指数与国内生产总值平减指数的比率。因此，工资与劳动生产率之间的差距与劳动收入份额的变化没有系统性联系。最后，劳动力贸易条件的下降可能与两国在经济发展中都重视出口和大力进行技术升级以生产出更高生产率的产品有关。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Asian Economic Papers ECONOMICS-

CiteScore

7.50

自引率

0.00%

发文量

期刊介绍： The journal Asian Economic Papers (AEP) is supported by several prominent institutions, including the Center for Sustainable Development at Columbia University in the United States. This shows that there is a strong emphasis on sustainable development within the journal's scope. Additionally, the Korea Institute for International Economic Policy in South Korea, the UN Sustainable Development Solutions Network (SDSN) in Malaysia, and the Economic Research Institute for ASEAN and East Asia in Indonesia also sponsor AEP. The articles published in AEP focus on conducting thorough and rigorous analyses of significant economic issues pertaining to specific Asian economies or the broader Asian region. The aim is to gain a deeper understanding of these issues and provide innovative solutions. By offering creative solutions to economic challenges, AEP contributes to the discourse and policymaking that impact the Asian economies and region as a whole.