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Despite conventional macroeconomic theory is based on the idea that demand shocks can only have temporary effects on unemployment, several European economies display highly persistent unemployment dynamics. The theory of hysteresis challenges this view and points out that, under certain conditions, demand disturbances can have permanent effects. In this paper, we find strong empirical evidence of unemployment hysteresis in advanced economies since the 1990s. Relying on an identification scheme instigated by an insider/outsider model, we study the effects of demand shocks allowing for cross-country heterogeneous dynamics, and exploit such heterogeneity to investigate what institutional settings have the potential to soften or amplify the effects of demand shocks. Our results indicate that strengthening labor market institutions that promote a faster adjustment of real wages, removing disincentives for firms to hire and for workers to be employed, and improving the matching between labor supply and labor demand can lessen the effects of adverse demand shocks and lead to a faster reversion of unemployment rates to pre-shock levels.
Despite conventional macroeconomic theory is based on the idea that demand shocks can only have temporary effects on unemployment, several European economies display highly persistent unemployment dynamics. The theory of hysteresis challenges this view and points out that, under certain conditions, demand disturbances can have permanent effects. In this paper, we find strong empirical evidence of unemployment hysteresis in advanced economies since the 1990s. Relying on an identification scheme instigated by an insider/outsider model, we study the effects of demand shocks allowing for cross-country heterogeneous dynamics, and exploit such heterogeneity to investigate what institutional settings have the potential to soften or amplify the effects of demand shocks. Our results indicate that strengthening labor market institutions that promote a faster adjustment of real wages, removing disincentives for firms to hire and for workers to be employed, and improving the matching between labor supply and labor demand can lessen the effects of adverse demand shocks and lead to a faster reversion of unemployment rates to pre-shock levels.
There is intense competition among emerging markets to capture their share of the global economy. This book addresses questions that are germane to accomplishing this goal. Most important to this end is the study and practice of international business and foreign trade.
Leveraging cultural diversity is an important element for competing in the global market. Understanding the overall macroeconomic landscape of emerging and frontier markets enables corporations and international business professionals to fully realize the potential for strategic globalization. Most transnational and multinational corporations have made substantial progress in their globalization efforts by establishing operations in several countries and offshoring certain processes to countries with capabilities and growth potential. However, while these recent globalization efforts have their roots in cost arbitrage, successful companies must understand that globalization can be a means for shoring up competitive advantage to diversify intellectual capabilities and growth and improve quality enhancement opportunities. This book looks at how one can move forward from the current situation. Most people still see cultural differences as a barrier to success. The authors demonstrate how one can, instead, leverage from the cultural diversity and create better, more competitive companies, better leaders, and hopefully a safer and more sustainable world.
Goncalves and Xia provide an excellent analysis and framework for understanding the impact emerging economies will have on the global economy. Great primer for those interested in understanding the opportunities and complexities arising from the emerging markets such as CIVETS and ASEAN and their influence on the advanced economies. I highly recommend this book to anyone looking to learn more about the interplay between emerging and advanced economies and what that means for political economic shifts in the global order. —Shaun Rein, Founder, China Market Research Group, Shanghai, China This book is a part of a series that recognizes that the intense competition among emerging markets and against advanced economies to capture their share of the global economy. Most important to this end is the study and practice of international business and foreign trade. Undertaking such a study raises many questions—What competitive advantages do these emerging economies enjoy in comparison to advanced economies, such as the G7, and what are the origins of those advantages? Why are emerging markets becoming the powerhouse of world economy growth and the firms doing business there internationalizing so aggressively? And why in the past decade has the pace of internationalization accelerated so rapidly and what are the challenges and possible solutions?
Governments and central banks across the developed world have tried every policy tool imaginable, yet our economies remain sluggish or worse. How did we get here, and how can we compete and prosper once more? Daniel Alpert argues that a global labor glut, excess productive capacity, and a rising ocean of cheap capital have kept the Western economies mired in underemployment and anemic growth. We failed to anticipate the impact of the torrent of labor and capital unleashed by formerly socialist economies. Many policymakers miss the connection between global oversupply and the lack of domestic investment and growth. But Alpert shows how they are intertwined and offers a bold, fresh approach to fixing our economic woes. Twitter: @DanielAlpert
Latin America and the Caribbean was hit hard by the Covid-19 pandemic, which arrived on the back of years of disappointing economic growth and limited social progress, and after a wave of social unrest. This report reviews the impacts of the crisis as well as the policy responses by countries, which often involved sizeable social transfers. It also presents growth forecasts, and quarterly growth estimates based on satellite imagery. With countries experiencing a diverse mix of health costs and economic costs, the report analyzes how the effectiveness of containment policies, and their impact on economic activity, differ between richer and poorer countries. It also assesses the cost of staying healthy in normal times, showing how it is affected by the structure of the domestic pharmaceutical sector and by the effectiveness of public procurement of medicines. As the region may have to live with the virus for a while, four policy directions are proposed for discussion.
In this book, the author builds on decades of complex research to examine the gender pay gap and the unequal distribution of labor between couples in the home. The author argues that although public and private discourse has brought these concerns to light, the actions taken - such as a single company slapped on the wrist or a few progressive leaders going on paternity leave - are the economic equivalent of tossing a band-aid to someone with cancer. These solutions, the author writes, treat the symptoms and not the disease of gender inequality in the workplace and economy. Here, the author points to data that reveals how the pay gap widens further down the line in women's careers, about 10 to 15 years out, as opposed to those beginning careers after college. She examines five distinct groups of women over the course of the twentieth century: cohorts of women who differ in terms of career, job, marriage, and children, in approximated years of graduation - 1900s, 1920s, 1950s, 1970s, and 1990s - based on various demographic, labor force, and occupational outcomes. The book argues that our entire economy is trapped in an old way of doing business; work structures have not adapted as more women enter the workforce. Gender equality in pay and equity in home and childcare labor are flip sides of the same issue, and the author frames both in the context of a serious empirical exploration that has not yet been put in a long-run historical context. This book offers a deep look into census data, rich information about individual college graduates over their lifetimes, and various records and sources of material to offer a new model to restructure the home and school systems that contribute to the gender pay gap and the quest for both family and career. --
The proposed SDN discusses the specific macro-critical aspects of women’s participation in the labor market and the constraints that prevent women from developing their full economic potential. Building on earlier Fund analysis, work undertaken by other organizations and academic research, the SDN presents possible policies to overcome these obstacles in different types of countries.
The 1996 Supplement of Political Science Abstracts contains 10,000 carefully prepared abstracts of materials from public affairs magazines, major newspapers, professional journals, and books devoted to politics and political analysis. The organization of the proceeding volumes has been retained intact, as has the recently added list of subdisciplinary descriptors. Users of earlier volumes will be on familiar ground, while those new to Political Science Abstracts will find the instructions on page ix easy to master. CONTENTS Volume 1 (This Volume) How to Use This Supplement . ix Political Science Subdisciplinary Descriptors xi Index of Terms ............... . xiii Abstracts of Documents in This Supplement. Volume 2 Bibliographic Index to the Abstracts (ABILITY-MINNESOTA) . 821 Volume 3 Bibliographic Index to the Abstracts (MINORITY-ZULU) 1565 Author Index. . . . . . . . . . . . . . . . . . . . . 2119 List of Periodicals Abstracted in This Supplement. 2121 HOW TO USE THIS SUPPLEMENT Three simple steps are all that are needed to introduce the user to this easily accessible indexing system. STEP 1: Turn to the Index of Terms and locate as many terms as possible that deal with your subject. If you are interested in coverage of a more generic nature, you may instead turn to the next page, where key descriptors are listed that are associated with the major subject areas in political science and with their subdivisions. Note that the index includes methodological as well as topical terms. Numerical listings (e.g., 24TH/PAR/C) are located at the end of the alphabetical listing.