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The Determinants of the Unemployment Rate in Mongolia and South Korea

초록/요약

There are many factors causing unemployment in both industrialized and underdeveloped countries. Unemployment is one of the important macroeconomic indicators in the economy. South Korea and Mongolia are different in terms of the development of the economy, population, and geographical location. But this study is not focusing on comparing the development of the countries but it is comparing the macroeconomic indicators. This study analyzes the determinants of unemployment in Mongolia and South Korea, the time period between 1988 and 2017 by analyzing the empirical relationship of unemployment, the gross domestic product, foreign direct investment, inflation rate,　life expectancy, and school enrollment. Stepwise multiple regression analysis has been applied to analyze the determinants of unemployment, especially which indicator is significant for one country and which one is not significant to another country or vice-versa. From the empirical results, the GDP growth rate was a negatively significant effect of the unemployment rate in both countries. The inflation rate has 90 percent significant effect on the unemployment rate in Mongolia while inflation rate has an insignificant effect on the unemployment rate in South Korea. FDI has a significant effect on the unemployment rate in South Korea while the insignificant effect on Mongolian unemployment rate.

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목차

I. Introduction 1
II. Literature Review 3
2.1. Theory of Unemployment 3
2.2. Previous Studies on Unemployment 3
III. General Background 7
3.1. Mongolia 8
3.2. South Korea 10
3.3. Unemployment rate 12
IV. Data and Methodology 16
V. Empirical results 21
VI. Conclusion 31
References 33

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