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A better policy framework for preventing, managing, and helping
people recover from crises is crucial to lifting long-term growth
and livelihoods in Latin America and the Caribbean (LAC). The need
for this policy framework has never been more urgent as the region
faces the monumental task of recovery from the worldwide COVID-19
pandemic. Whether specific policy responses will deliver the
expected growth dividends will depend on the underlying vision of
how labor markets adjust to crises and the quality of the policies
enacted. This report estimates how crises change labor market
flows, assesses how these changes affect people, and discusses the
key policy responses. The key findings are threefold. First, crises
have significant impacts on employment dynamics and structure in
Latin America. Different labor market dynamics hide behind similar
reductions in labor demand. Crises increase unemployment. This is
the principal margin of adjustment despite highly informal labor
markets. Across the region, the biggest employment losses are in
the formal sector, driven by a reduction in job-finding rates
rather than higher job-loss rates. Adjustment through reduction in
hours worked does not seem to be an important factor in most
countries' formal or informal sectors. Crises do not just shape
worker flows temporarily-they have significant after-crisis effects
on the structure of employment that last for several years. These
effects are such that good job opportunities are gradually
shrinking. Whereas in some countries the whole economy shrinks, in
others informality serves as a partial buffer. Second, crises leave
scars. Some workers recover from displacement and other livelihood
shocks, while others are permanently scarred. For lower-skilled
workers, earnings losses are persistent. Workers with higher
education suffer no impacts of the crisis on their wages and very
short-lived impacts on their employment. The responses are similar
across male and female workers and workers with high and low
previous participation in the formal labor market. New entrants to
the labor market during a crisis face a worse career start - one
from which it is difficult to recover. Yet, crises also bring
efficiency gains, as detailed in this report. This study finds that
both the structure of product markets and the conditions in local
labor markets matter for the severity of crisis-induced employment
and earnings losses across localities and sectors. Workers in more
protected sectors that enjoy rents are sheltered from adjustment,
while workers in localities with more informality cope better. This
suggests the need for integrated responses at the worker, sector,
and locality levels. Third, this study considers how the region's
policy frameworks can more effectively respond to crises-mitigating
scarring, speeding adjustment, and promoting long-term growth. It
proposes a three-pronged strategy, including (i) creating a more
stable macroeconomic environment at the aggregate level to smooth
the impacts of crises, including "automatic stabilizers" such as
countercyclical, publicly-financed income support that is lacking
in LAC; (ii) increasing the capacity of social protection and labor
policies to provide income support as well prepare workers for
change through reemployment assistance; and (iii) tackling
structural issues, including addressing product market competition,
contestability issues, and the spatial dimension behind poor labor
market adjustment.
This book aims to help provide an understanding of the relationship
between the elderly generation and the multigenerational families
they belong to through an analysis of family and individual
development in later life and a study of the structural and
functional complexion of the multigenerational family (the basic
unit of analysis). The increase of life expectancy and the
consequent later ageing of the population is making Western
families undergo considerable changes. The demographic ageing of
societies is increasing the number of living generations and
decreasing the number of living relatives within these generations.
These ageing societies are also seeing a changing of some
traditional life-transitions, such as individuals delaying economic
independence from parents, marriage or long-term cohabitation, as
well as parenting. Themes discussed in this book are: 1.
multigenerational families are now commonplace in the western
countries; 2. legacies and inheritance are an important theme for
the integrity of families in later lives (since the increase of
welfare-states, the economic importance of inheritance decreases);
3. a substantial proportion of elderly persons and their families
live in poverty, having to deal with the diminishing of their
sensorial and physical capacities, as well as lower income and
higher medical expenses; 4. families have to combine the
care-giving of elderly relatives with the care-taking of their own
children and a professional career; 5. counselling becomes an
important factor for older adults since many families issue then
arise.
A better policy framework for preventing, managing, and helping
people recover from crises is crucial to lifting long-term growth
and livelihoods in Latin America and the Caribbean (LAC). The need
for this policy framework has never been more urgent as the region
faces the monumental task of recovery from the worldwide COVID-19
pandemic. Whether specific policy responses will deliver the
expected growth dividends will depend on the underlying vision of
how labor markets adjust to crises and the quality of the policies
enacted. This report estimates how crises change labor market
flows, assesses how these changes affect people, and discusses the
key policy responses.The key findings are threefold. First, crises
have significant impacts on employment dynamics and structure in
Latin America. Different labor market dynamics hide behind similar
reductions in labor demand. Crises increase unemployment. This is
the principal margin of adjustment despite highly informal labor
markets. Across the region, the biggest employment losses are in
the formal sector, driven by a reduction in job-finding rates
rather than higher job-loss rates. Adjustment through reduction in
hours worked does not seem to be an important factor in most
countries' formal or informal sectors. Crises do not just shape
worker flows temporarily-they have significant after-crisis effects
on the structure of employment that last for several years. These
effects are such that good job opportunities are gradually
shrinking. Whereas in some countries the whole economy shrinks, in
others informality serves as a partial buffer.Second, crises leave
scars. Some workers recover from displacement and other livelihood
shocks, while others are permanently scarred. For lower-skilled
workers, earnings losses are persistent. Workers with higher
education suffer no impacts of the crisis on their wages and very
short-lived impacts on their employment. The responses are similar
across male and female workers and workers with high and low
previous participation in the formal labor market. New entrants to
the labor market during a crisis face a worse career start - one
from which it is difficult to recover. Yet, crises also bring
efficiency gains, as detailed in this report.This study finds that
both the structure of product markets and the conditions in local
labor markets matter for the severity of crisis-induced employment
and earnings losses across localities and sectors. Workers in more
protected sectors that enjoy rents are sheltered from adjustment,
while workers in localities with more informality cope better. This
suggests the need for integrated responses at the worker, sector,
and locality levels.Third, this study considers how the region's
policy frameworks can more effectively respond to crises-mitigating
scarring, speeding adjustment, and promoting long-term growth. It
proposes a three-pronged strategy, including (i) creating a more
stable macroeconomic environment at the aggregate level to smooth
the impacts of crises, including "automatic stabilizers" such as
countercyclical, publicly-financed income support that is lacking
in LAC; (ii) increasing the capacity of social protection and labor
policies to provide income support as well prepare workers for
change through reemployment assistance; and (iii) tackling
structural issues, including addressing product market competition,
contestability issues, and the spatial dimension behind poor labor
market adjustment.
A better policy framework for preventing, managing, and helping
people recover from crises is crucial to lifting long-term growth
and livelihoods in Latin America and the Caribbean (LAC). The need
for this policy framework has never been more urgent as the region
faces the monumental task of recovery from the worldwide COVID-19
pandemic. Whether specific policy responses will deliver the
expected growth dividends will depend on the underlying vision of
how labor markets adjust to crises and the quality of the policies
enacted. This report estimates how crises change labor market
flows, assesses how these changes affect people, and discusses the
key policy responses.The key findings are threefold. First, crises
have significant impacts on employment dynamics and structure in
Latin America. Different labor market dynamics hide behind similar
reductions in labor demand. Crises increase unemployment. This is
the principal margin of adjustment despite highly informal labor
markets. Across the region, the biggest employment losses are in
the formal sector, driven by a reduction in job-finding rates
rather than higher job-loss rates. Adjustment through reduction in
hours worked does not seem to be an important factor in most
countries' formal or informal sectors. Crises do not just shape
worker flows temporarily-they have significant after-crisis effects
on the structure of employment that last for several years. These
effects are such that good job opportunities are gradually
shrinking. Whereas in some countries the whole economy shrinks, in
others informality serves as a partial buffer.Second, crises leave
scars. Some workers recover from displacement and other livelihood
shocks, while others are permanently scarred. For lower-skilled
workers, earnings losses are persistent. Workers with higher
education suffer no impacts of the crisis on their wages and very
short-lived impacts on their employment. The responses are similar
across male and female workers and workers with high and low
previous participation in the formal labor market. New entrants to
the labor market during a crisis face a worse career start - one
from which it is difficult to recover. Yet, crises also bring
efficiency gains, as detailed in this report.This study finds that
both the structure of product markets and the conditions in local
labor markets matter for the severity of crisis-induced employment
and earnings losses across localities and sectors. Workers in more
protected sectors that enjoy rents are sheltered from adjustment,
while workers in localities with more informality cope better. This
suggests the need for integrated responses at the worker, sector,
and locality levels.Third, this study considers how the region's
policy frameworks can more effectively respond to crises-mitigating
scarring, speeding adjustment, and promoting long-term growth. It
proposes a three-pronged strategy, including (i) creating a more
stable macroeconomic environment at the aggregate level to smooth
the impacts of crises, including "automatic stabilizers" such as
countercyclical, publicly-financed income support that is lacking
in LAC; (ii) increasing the capacity of social protection and labor
policies to provide income support as well prepare workers for
change through reemployment assistance; and (iii) tackling
structural issues, including addressing product market competition,
contestability issues, and the spatial dimension behind poor labor
market adjustment.
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