Determinants of Youth Unemployment: Empirical Analysis of OECD and EU Member Countries

Yoo-Duk Kang ()
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Yoo-Duk Kang: Hankuk University of Foreign Studies, South Korea

Journal of Economic Development, 2021, vol. 46, issue 3, 111-133

Abstract: This article examines the high youth unemployment rate of developed countries after the financial crisis of 2008 and examines various factors that affect the youth labor market. Persistently high unemployment, particularly among the youth, is a concern in many countries. Against this background, this article conducts empirical tests on youth employment and unemployment in OECD countries and EU Member States for the period 2000-2017. This article shows that high rates of youth unemployment in many developed countries can be attributed to the structural and institutional factors of youth labor markets as well as the economic crisis. Countries with less duality in labor market and more work–study programs display relatively higher levels of youth employment and lower unemployment in unfavorable economic conditions. This finding suggests that a high youth unemployment rate does not have to be attributed exclusively to the economic crisis and that there is room for improvement by designing a more effective youth labor policy.

Keywords: Youth Employment; Unemployment; Business Cycle; Labor Market; Dual Education (search for similar items in EconPapers)
JEL-codes: E24 F66 (search for similar items in EconPapers)
Date: 2021
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