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Skills for the 21st Century in Latin America and the Caribbean (Paperback, New)
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Skills for the 21st Century in Latin America and the Caribbean (Paperback, New)
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This report contributes to the debate about the quality of
education and returns to education investment in Latin America and
the Caribbean (LCR). It aims to improve our understanding of the
links from investment in education and training to labor market
outcomes and to provide a basis for policy choices that will
strengthen future outcomes. The report is organized in four main
chapters. Chapter 2 documents the recent downturn in education
earnings premia using standard 'mincerian' regressions based on
household survey data. Chapter 3 explores the underlying
supply-side and demand-side drivers of the trends in premia. It
documents the recent expansion of education coverage in LCR,
benchmarks it against other regions, and presents an in-depth
analysis of the relative importance of shifts in the supply and
demand for skills in generating declining earnings premia. Using a
methodological approach first developed by Katz and Murphy, it
concludes that demand-side changes appear to be the critical
factor. It also analyzes the role of institutional factors, finding
that minimum wages also have likely played an important role in the
compression of labor earnings. Chapter 4 focuses on trends in
student achievement and the cost-effectiveness of secondary
education. It analyzes trends data from the OECDs PISA survey of
15-year-old children in secondary education which covered nine LCR
countries in 2009. It shows that achievement is improving slowly,
but remains well behind the OECD. It presents benchmarking evidence
suggesting that LCR may be both under-resourcing secondary
education and also getting poor returns per dollar invested -- a
classic low-quality equilibrium. Chapter 5 presents evidence on the
fit between the skill set of LCR workers and the needs of the
economy, applying an approach first developed by Levy and Murnane
in the U.S.A. Analysis of the industrial composition of employment
in four countries suggests that LCR is lagging in those industries
that require relatively sophisticated new economy skills in the
U.S.A. Further evidence that cutting-edge firms in LCR might be
facing skill constraints comes from the hiring lags registered in
enterprise surveys."
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