This study explores long-term consequences of unexpected job displacement among middle-aged male workers during the 1997 Asian Financial Crisis in Korea. Utilizing datasets from the Korean Labor and Income Panel Study (KLIPS) and Korean Longitudinal Study of Aging (KLoSA), the research examines this cohort's work trajectories, socioeconomic status, and health implications. The study further investigates the intergenerational impacts of job displacement, with a spotlight on education expenditure, education attainment, and labor market outcomes of the children of the affected workers.

The findings reveal that these workers could not regain their pre-crisis employment levels, and their job quality declined due to repeated cycles of unemployment and reemployment. This trend shortened their active years in the workforce, leading to decreased pension contributions and reduced income levels in their later years. Moreover, job displacement adversely influenced their mental well-being, with a marked increase in depression rates within this group. Lastly, children of displaced fathers are observed to spend less on education. They display lower enrollment rates in higher educational institutions and often lean towards majors with more direct employment prospects. Economically, these children's annual earnings are roughly 9.4% beneath those of their peers whose fathers remained insulated from job displacement during the crisis.

Preface
Executive Summary

Chapter 1 Introduction

Chapter 2 The Asian Financial Crisis and the Definition of Involuntary Job Displacement
　Section 1 Period of the Asian Financial Crisis and the Definition of Involuntary Job Displacement
　Section 2 Data for Analysis

Chapter 3 Involuntary Job Displacement and Employment Transitions
　Section 1 Introduction
　Section 2 Employment Changes Following Involuntary Job Displacement
　Section 3 Analysis Methods and Results
　Section 4 Conclusion

Chapter 4 Involuntary Job Displacement and Income Changes
　Section 1 Introduction
　Section 2 Analysis Methods and Data
　Section 3 Analysis Results
　Section 4 Conclusion

Chapter 5 The Experience of Involuntary Job Displacement and Its Health Impacts
　Section 1 Introduction
　Section 2 Analysis Methods and Data
　Section 3 Analysis Results
　Section 4 Conclusion

Chapter 6 Intergenerational Impacts of Involuntary Job Displacement
　Section 1 Introduction
　Section 2 Analysis Methods and Data
　Section 3 Analysis Results
　Section 4 Conclusion

Chapter 7 Summary and Policy Implications

References
Appendix
ABSTRACT