Chonsei is a unique Korean lease contract in which the tenant pays an up-front deposit, typically about 40 to 80% of the value of the property, with no requirement for periodic rent payments. At the contract maturation, the landlord then returns the nominal value of the deposit. Since there is...

An overlapping generational model of educational investment in a dual labor markets is presented in which education serves both as a screening device and as investment in human capital. Labor market dualism arises not only via the conventional technology (productivity) differential between a...

Private tutoring in South Korea is quite pervasive. In 2006, the household sector spent 2.57% of the nation's GDP on private tutoring for primary and secondary school students. Government spending on those students was about 3.5% of GDP, which is about the average level among OECD countries....