From the Great Recession to Labour Market Recovery: Issues, Evidence and Policy Options

Cover......Page 1
Contents......Page 6
List of Tables, Figures and Boxes......Page 9
Foreword......Page 14
Notes on the Contributors......Page 16
Acknowledgements......Page 19
List of Abbreviations......Page 20
Introduction......Page 24
Interpreting the pre-crisis period: alternative views......Page 27
The global financial and economic crisis of 2007–09......Page 32
The chapters: a reader's guide......Page 33
Part I......Page 40
Introduction......Page 42
Rates, risk, regulations and global imbalances: factors behind the global financial crisis......Page 43
The global economic and jobs crisis: the diverse nature of its impact on national economies......Page 48
Mitigating the effects of the crisis and securing a sustainable recovery: the effectiveness of policy responses......Page 54
From recession to recovery......Page 65
Concluding remarks......Page 72
Introduction......Page 76
The impact of the crisis on growth in developing countries......Page 78
Responding to the slowdown in growth......Page 93
Concluding remarks......Page 96
Introduction......Page 101
Economic downturns and labour market adjustment: an analytical framework......Page 103
Labour market adjustment during downturn and recovery and the social consequences: some case studies......Page 109
Observations on the debate on labour market adjustment......Page 117
The global financial crisis of 2008–09 and its impact on labour markets in developing countries......Page 124
Policy responses at the national level and their possible implications for labour market recovery......Page 134
Concluding remarks......Page 137
Introduction......Page 142
The overall impact of the crisis on OECD labour markets......Page 143
How the global financial crisis has affected employment levels of different segments of the population......Page 148
Why youth have been hard hit by the crisis......Page 153
Explaining the impact of the global financial crisis on youth unemployment rates......Page 158
Concluding remarks......Page 163
Appendix......Page 167
Introduction......Page 172
A brief empirical account......Page 174
Macroeconomics of stabilization: static gains vs dynamic efficiency......Page 176
Resurgence of growth, 2002–07: What lessons for macroeconomic policy?......Page 179
Crises and macroeconomic policies......Page 184
Towards an employment-focused macroeconomic policy......Page 189
Concluding remarks......Page 192
Appendix......Page 196
Introduction......Page 198
Principles of good policy design......Page 199
Dealing with the crisis and securing sustainable recovery: the issue of fiscal and policy space......Page 201
Dealing with the crisis and securing sustainable recovery: the role of regional and global cooperation to augment fiscal and policy space at the national level......Page 210
Concluding remarks......Page 215
Introduction......Page 219
The role of labour market policies over the business cycle......Page 221
Labour market policy response to the global financial crisis of 2007–09......Page 226
Concluding remarks......Page 239
Appendix......Page 244
Social dialogue during the global financial crisis......Page 250
Concluding remarks......Page 266
Summary of key findings......Page 275
Delineating a post-crisis future: from short-term management to a long-term, strategic approach......Page 278
Concluding remarks......Page 291
Bibliography......Page 295
Index......Page 313