Crises, labor market policy, and unemployment

Lorenzo E. Bernal-Verdugo, Davide Furceri, and Dominique Guillaume

Using a sample of 97 countries spanning the period 1980?2008, we estimate that financial crises have a large negative impact on unemployment in the short term, but that this effect rapidly disappears in the medium term in countries with flexible labor market institutions, whereas the impact of financial crises is less pronounced but more persistent in countries with more rigid labor market institutions. These effects are even larger for youth unemployment in the short term and long-term unemployment in the medium term. Conversely, large upfront, or gradual but significant, comprehensive labor

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Year of publication:	2012
Authors:	Bernal Verdugo, Lorenzo Ernesto ; Furceri, Davide ; Guillaume, Dominique M.
Publisher:	Washington, DC : Internat. Monetary Fund
Subject:	Finanzkrise \| Financial crisis \| Beschäftigungseffekt \| Employment effect \| Arbeitslosigkeit \| Unemployment \| Arbeitsmarktflexibilität \| Labour market flexibility \| Welt \| World \| 1980-2008

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Extent:	Online-Ressource (PDF-Datei: 28 S., 1,170 KB) graph. Darst.
Series:	IMF working papers. - Washington, DC : IMF, ZDB-ID 2108494-4. - Vol. 12/65 IMF Working Papers
Type of publication:	Book / Working Paper
Type of publication (narrower categories):	Arbeitspapier ; Working Paper ; Graue Literatur ; Non-commercial literature
Language:	English
Notes:	"March 2012 At head of title: Middle East and Central Asia Department Includes bibliographical references Systemvoraussetzungen: Acrobat Reader Cover; Contents; I. Introduction; Figures; 1. The Evolution of Unemployment Across the Regions; II. Data and Descriptive Statistics; 2. Increase in Unemployment Following a Crisis vs. Labor Market Flexibility; III. The Impact of Financial Crises on Unemployment; A. Methodology; B. Results; 3. The Effect of Financial Crises on Unemployment Outcomes; C. Robustness Tests; 4. The Effect of Financial Crises on Unemployment Outcomes: Robustness Check; IV. Labor Market Flexibility and the Response of Unemployment to Financial Crises 5. The Role of Labor Market Flexibility in Shaping the Effect of Financial Crises on UnemploymentV. Labor Market Policies and Unemployment Outcomes; A. The Impact of Large-Scale Changes in Labor Market Institutions; 6. The Static Role of Hiring and Firing Regulation in Shaping the Effect of Financial Crises on Youth and Long-Term Unemployment; 7. The Effects of Reforms on Unemployment-OLS; 8. The Effects of Reforms vs. Crises on Unemployment-OLS; B. Endogeneity; 9. The Effects of Labor Market Policies on Unemployment-OLS; C. Gradual Changes in Labor Market Instituions 10. The Effects of Labor Market Policies on Unemployment-IV11. The Effects of Gradual Labor Market Policies on Unemployment; VI. Conclusions; Tables; 1. Summary Statistics for Labor Market Outcomes and Flexibility Indicators; 2. Correlation Matrix of Labor Market Outcomes and Flexibility Indicators; 3. Short- and Medium-Term Effects of Financial Crises on Unemployment: Flexible vs. Rigid Labor Markets; 4. Medium-Term Effect of Labor Market Policies-OLS; 5. Probability of Large-Scale Changes in Labor Market Institutions; 6. Medium-Term Effect of Labor Market Policies-IV Robustness Checks 7. Medium-Term Effect of Labor Market Policies-Expected vs. Non-ExpectedReferences; Annex-Data Electronic reproduction; Available via World Wide Web
ISBN:	978-1-4639-3842-0 ; 978-1-4639-4893-1 ; 978-1-4639-3842-0
Source:	ECONIS - Online Catalogue of the ZBW

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