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From the Great Recession to Labour Market Recovery. Issues, evidence and policy options

The Great Recession was one of the most traumatic global events of the first decade of the twenty-first century. This book showcases research undertaken by leading experts on the macroeconomic and labour market dimensions of the financial crisis of 2007-2009. It provides a global overview, interpreting the causes, consequences and policy responses to the Great Recession from the perspective of both developing and developed countries.

Type: Book
Date issued: 06 January 2011
Reference: 978-92-2-124031-0[ISBN]
Authors: Iyanatul Islam and Sher Verick (eds.)
Format available: xxii+308 pp. (16 x 24 cm)
Prices: CHF 110; USD 105; GBP 65; EUR 75
Support medium: Hard cover

Edited by Iyanatul Islam and Sher Verick

The Great Recession was one of the most traumatic global events of the first decade of the twenty-first century. This book showcases research undertaken by leading experts on the macroeconomic and labour market dimensions of the financial crisis of 2007–2009. It provides a global overview, interpreting the causes, consequences and policy responses to the Great Recession from the perspective of both developing and developed countries.

The contributions trace the Great Recession’s complex and multiple causes, ranging from market, policy and regulatory failures to global imbalances. Since different countries – particularly the developing ones – have been affected variously, the authors delineate the diversity in the macroeconomic and labour market consequences. The impacts on specific population groups are also analysed, for instance youth, which has been especially hard hit in the OECD countries. Noting particularly the need for a combination of sound macroeconomic and labour market policies, the authors explore policy options for a post-crisis future. The volume argues that such a future would entail a renewed commitment to full employment and global collective action to advance the cause of ‘fair globalization’.

This book is essential reading for all interested in labour economics, employment studies, social policy and macroeconomics.

Co-published with Palgrave Macmillan.

Table of contents

Foreword

About the authors

Acknowledgements

Abbreviations

1 Introduction

I. Islam and S. Verick

Introduction

Interpreting the pre-crisis period: Alternative views

The global financial crisis of 2007–09

The chapters: A reader’s guide

References

Part I

2 The Great Recession of 2008–09: Causes, consequences and policy responses

I. Islam and S. Verick

Introduction

Rates, risk, and regulation: factors behind the global financial crisis

The global economic and jobs crisis: diverse nature of its impact on national economies

Mitigating the effects of the crisis and securing a sustainable recovery: the effectiveness of policy responses

From recession to recovery

Concluding remarks

3 The global recession of 2008–09 and developing countries

N. Majid

Introduction

The impact of the crisis on growth in developing countries

Responding to the growth slowdown

Concluding remarks

4 The employment challenge in developing countries during economic downturn and recovery

R. Islam

Introduction

Economic downturns and labour market adjustment: An analytical framework

Labour market adjustment during donwturns and recoveries and the social consequences: Some case studies

Observations on the debate on labour market adjustment

The global financial crisis of 2008–09 and its impact on labour markets in developing countries

Policy responses at the national level and their possible implications for labour market recovery

Concluding remarks

5 The impact of the global financial crisis on labour markets in OECD countries: Why youth and other vulnerable groups have been hit hard

S. Verick

Introduction

The overall impact of the crisis on OECD labour markets

Adjusting to a labour demand shock

How the global financial crisis has affected employment levels of different segments of the population

Why youth have been hard hit by the crisis

Explaining the impact of the global financial crisis on youth unemployment rates

Concluding remarks

Appendix

Part II

6 The rise and fall of orthodox macroeconomic policy: Pre- and post-crises perspectives

M. Muqtada

Introduction

A brief empirical account

Macroeconomics of stabilization: Static gains vs. dynamic efficiency

Resurgence of growth 2002–07: What lessons for macroeconomic policy?

Crises and macroeconomic policies

Towards an employment-focused macroeconomic policy

Concluding remarks

Appendix

7 The perennial quest for fiscal and policy space in developing countries

I. Islam

Introduction

Principles of good policy design

Dealing with the crisis and securing sustainable recovery: The issue of fiscal and policy space

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

Concluding remarks

8 Labour market policies in times of crisis

S. Cazes, C. Heuer and S. Verick

Introduction

The role of labour market policies over the business cycle

Labour market policy response to the global financial crisis of 2007–09

What has been working during the Great Recession of 2008–09?

Concluding remarks

Appendix

9 Coping with crises: easing the burden of macroeconomic and structural adjustments through social dialogue

L. Rychly

Introduction

Social dialogue during the global financial crisis

Concluding remarks

10 The way forward

I. Islam and S. Verick

Summary of key findings

Delineating post-crisis future: From short-term management to a long-term strategic approach

Concluding remarks

Bibliography

Index

List of Tables, Figures and Boxes

Tags: labour economics, employment, social protection

Regions and countries covered: Global

Unit responsible: Publications

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