Korea and the World Economy

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Articles

Vol . Minimum Wage Effects on the Wage Distribution in South Korea JUNG HOON KIM·YOUNG CHEOL JUNG 22, No .

Increasing the Effectiveness of the Study Migrants’ Acceptance Policy AKIRA SHIMADA 1 April 202

Aggregate Energy Demand in Korea: An Empirical Model with Total Factor Productivity SUKHA SHIN·HANWOOK YOO AKES Korea and the World Economy President and Members of Council The Association of Korean Economic Studies The Association of Korean Economic Studies http://www.akes.or.kr http://www.akes.or.kr

EDITOR YOUNG SE KIM, Sungkyunkwan University, Korea President EDITORIAL ADVISORY BOARD YOUNG-JAE KIM, Pusan National University JOSHUA AIZENMAN, University of Southern California, USA ALICE H. AMSDEN, Massachusetts Institute of Technology, USA YONGSUNG CHANG, Seoul National University, Korea Honorary Presidents KYONGWOOK CHOI, University of Seoul, Korea KI TAE KIM, Sungkyunkwan University SUN EAE CHUN, Chung-Ang University, Korea CHARLES HARVIE, University of Wollongong, Australia HEE YHON SONG, Korea Development Institute HYEON-SEUNG HUH, Yonsei University, Korea JONG WON LEE, Sungkyunkwan University HIROMITSU ISHI, Hitotsubashi University, Japan EONG AE O JINILL KIM, Korea University, Korea S T R , Woori Bank FUKUNARI KIMURA, Keio University, Japan CHUNG MO KOO, Kangwon National University JONGWON LEE, Sungkyunkwan University, Korea EUI-SOON SHIN, Yonsei University KEUN LEE, Seoul National University, Korea YEONHO LEE, Chungbuk National University, Korea JEONG HO HAHM, Incheon National University PETER J. LLOYD, University of Melbourne, Australia WOONG KI BAEK, Sangmyung University M. HASHEM PESARAN, University of Cambridge, UK JEFFREY D. SACHS, Harvard University, USA YOUNG SOO SHIN, Seoul Women’s University DONGGYU SUL, University of Texas at Dallas, USA IN SILL YI, Sogang University Graduate School of Economics TOSHIO WATANABE, Tokyo Institute of Technology, Japan KAR-YIU WONG, University of Washington, USA KEUN YEONG LEE, Sungkyunkwan University BOARD OF ASSOCIATE EDITORS KI HEUNG KIM, Kyonggi University TAEHYUN AHN, Sogang University, Korea CHANG HYUN YOON, University of Seoul DOOYOEN CHO, Sungkyunkwan University, Korea YONG HA KIM, Soonchunhyang University MEEJIN CHO, Myongji University, Korea SEOK-JU CHO, Kyunghee University, Korea SUNG JIN KANG, Korea University XIAODONG DU, University of Wisconsin-Madison, USA HYUN-HOON LEE, Kangwon National University YUNJONG EO, Korea University, Korea SANGYEON HWANG, Incheon National University, Korea CHONG-GAK SHIN, Korea Employment Information Service BIUNG-GHI JU, Seoul National University, Korea BEOMSOO KIM, Korea University, Korea DONGHEON KIM, Korea University, Korea Vice Presidents HYEONGWOO KIM, Auburn University, Korea GEUN-HO BAE, Dong-Eui University HYNCHEOL BRYANT KIM, Cornell University, USA HYUNGSEOK KIM, Korea Advanced Institute of Science and Technology, Korea DONGHEON KIM, Korea University JAEBEOM KIM, Oklahoma State University, USA WON JOONG KIM, Konkuk University WONJOONG KIM, Konkuk University, Korea YONG JIN KIM, Yonsei University, Korea WON SOON KWON, Hankuk University of Foreign Studies DONGRYUL LEE, Sungshin Women’s University, Korea KIYOUN SOHN, Incheon National University DONG WON LEE, Sungkyunkwan University, Korea HONGSHIK LEE, Korea University, Korea JAERANG LEE, Bank of Korea JAEWON LEE, University of Virginia, USA SANG DON LEE, Korea Research Institute for Vocational Education & Training JINHYUK LEE, Korea University, Korea ANG O EE JINHYUNG LEE, Sungkyunkwan University, Korea S -H L , Chonnam National University JUNGMIN LEE, Seoul National University, Korea BYUNG-IN LIM, Chungbuk National University YOONSOO LEE, Sogang University, Korea YOUNG-KYU MOH, Sookmyung Women’s University, Korea JAE NAHM, Korea University, Korea Auditors EIJI OGAWA, Hitotsubashi University, Japan SEONG HO KANG, Korea Insurance Research Institute HYUNGNA OH, Kyunghee University, Korea DONGHYUN PARK, Asian Development Bank, Philippines JUNSANG LEE, Sungkyunkwan University YASUYUKI SAWADA, University of Tokyo, Japan, and ADB, Philippines SUKHA SHIN, Sookmyung Women’s University, Korea DOO YONG YANG, Kyunghee University, Korea Secretary General ILSEOK YANG, Kyonggi University, Korea HAN SUNG KIM, Ajou University EDITORIAL ASSISTANT SANGCHOON KIM, Yeungnam University EU-JOON CHANG, Sungkyunkwan University, Korea SANGHWA MOON, Sungkyunkwan University, Korea Korea and the World Economy aims to be a high quality journal of global standing. The Journal will provide a worldwide forum for the Deputy Secretary General dissemination of policy-related research on the Korean economy within the context of the world economy. Although the Journal’s MEEJIN CHO, Myongji University primary focus will be the Korean economy, it will also explore regional and global issues relevant to the Korean economy. SEONGMAN MOON, Jeonbuk National University ▲ The former title of this journal (The Journal of the Korean Economy) was changed to Korea and the World Economy since Vol. 11, No. 2 (August 2010) to reflect the Journal’s plans to publish more articles on regional and global issues which impinge upon the KUK-HYUN NAM, Pusan National University Korean economy. CHUL-HI PARK, Chonnam National University ▲ To encourage excellence in research published in Korea and the World Economy, the Association of Korean Economic Studies will EUN-YUB PARK, Hoseo University annually award the US$ 1,000 Prize to the author(s) of the best paper carried in the journal during the proceeding year. JAEYOUN ROH, Yeungnam University ▲ Korea and the World Economy is a peer-refereed journal and is indexed in the Journal of Economic Literature. Vol. 22, No. 1 April 2021 Korea and the World Economy

Contents

1 Minimum Wage Effects on the Wage Distribution in South Korea JUNG HOON KIM·YOUNG CHEOL JUNG

37 Increasing the Effectiveness of the Study Migrants’ Acceptance Policy AKIRA SHIMADA

63 Aggregate Energy Demand in Korea: An Empirical Model with Total Factor Productivity SUKHA SHIN·HANWOOK YOO Korea and the World Economy Vol. 22, No. 1 April 2021

ISSN 2765-6136

Publisher YOUNG-JAE KIM Editor-in-Chief YOUNG SE KIM Publishing Office The Association of Korean Economic Studies