Episodes of Unemployment Reduction in Rich, Middle-Income, and Transition Economies
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World Bank, Washington, DC
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This paper studies the incidence and
determinants of episodes of drastic unemployment reduction,
defined as swift, substantial, and sustained declines in
unemployment. Forty-three episodes are identified over a
period of nearly three decades in 94 rich, middle-income,
and transition countries. Unemployment reductions often
coincide with an acceleration of growth and an improvement
in macroeconomic conditions. Episodes are much more
prevalent in countries with higher levels of unemployment
and, given unemployment, are more likely in countries with
better regulation. An efficient legal system that enforces
contracts expeditiously is particularly important for
reducing unemployment. The results imply that while
employment is largely related to the business cycle, better
regulation reduces the likelihood of high unemployment and
facilitates a more rapid recovery in the event unemployment
builds up.
Palabras clave
ACCOUNTING, AVERAGE UNEMPLOYMENT, BANKRUPTCY, BUSINESS CYCLE, COLLECTIVE BARGAINING, COMPARATIVE ECONOMICS, CONTRACT ENFORCEMENT, CRISES, CYCLICAL UNEMPLOYMENT, DEBT, DEMOCRACY, DEVELOPING COUNTRIES, DEVELOPMENT ECONOMICS, DEVELOPMENT POLICY, DISMISSAL, DOMESTIC VIOLENCE, DRIVERS, ECONOMIC CONDITIONS, ECONOMIC FREEDOM, ECONOMIC GROWTH, ECONOMICS, EMPLOYMENT CREATION, EMPLOYMENT GROWTH, EXCESSIVE REGULATION, EXCHANGE RATES, EXPECTED VALUE, EXPORTS, FIRM SIZE, FLEXIBLE LABOR MARKETS, FOREIGN DIRECT INVESTMENT, FREE TRADE, GDP, GDP PER CAPITA, GROSS FIXED CAPITAL FORMATION, GROSS REPLACEMENT RATE, HIGH UNEMPLOYMENT, INCOME, INCOME GROUPS, INFLATION, INITIAL UNEMPLOYMENT, JOB CREATION, JOBS, LABOR ADJUSTMENT, LABOR FORCE, LABOR FORCE PARTICIPATION, LABOR LAWS, LABOR MARKET, LABOR MARKET REGULATIONS, LABOR MARKETS, LABOR REGULATION, LABOR REGULATIONS, LABOUR, LABOUR MARKET, LABOUR MARKET RIGIDITIES, LEGAL RIGHTS, LICENSING RESTRICTIONS, LIFE EXPECTANCY, LOW UNEMPLOYMENT, LOW-INCOME COUNTRIES, MACROECONOMIC CONDITIONS, MACROECONOMIC MANAGEMENT, MACROECONOMICS, MEDIUM OF EXCHANGE, MINIMUM WAGES, MONETARY POLICY, MORTALITY, NATURAL RATE OF UNEMPLOYMENT, NET JOB CREATION, POLICY DISCUSSIONS, POLICY RESEARCH, POLICY RESEARCH WORKING PAPER, POLITICAL PROCESS, PREVIOUS RESULTS, PREVIOUS SECTION, PRICE CONTROLS, PRIVATE GAIN, PRIVATE SECTOR, PROGRESS, PROPERTY RIGHTS, PURCHASING POWER, PURCHASING POWER PARITY, REAL GDP, REAL INTEREST RATES, REGULATORY FRAMEWORK, REGULATORY FRAMEWORKS, RULE OF LAW, SECURE PROPERTY RIGHTS, SEVERANCE PAY, SEVERANCE PAYMENTS, SOCIAL RESEARCH, TRADE BARRIERS, TRADE REFORMS, TRANSITION ECONOMIES, UNEMPLOYED, UNEMPLOYMENT, UNEMPLOYMENT BENEFITS, UNEMPLOYMENT DECLINES, UNEMPLOYMENT INSURANCE, UNEMPLOYMENT INSURANCE BENEFITS, UNEMPLOYMENT LEVELS, UNEMPLOYMENT RATE, UNEMPLOYMENT RATES, UNEMPLOYMENT REDUCTION, WAR, WELL-FUNCTIONING LABOR MARKETS, WORKER, WORKERS, WORKING HOURS, WTO