Labor Income Share Consequences Of Global Financial Crisis
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Labor Income Share Consequences Of Global Financial Crisis
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Author : Sinem Tansever
language : en
Publisher:
Release Date : 2017
Labor Income Share Consequences Of Global Financial Crisis written by Sinem Tansever and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017 with categories.
Purpose: The aim of this study is to examine the effects of the 2008 financial crisis on the labor share in Turkey, by conducting a comparative analysis of various labor share measures using both micro survey and aggregate data. Design/Methodology/Approach: By adopting aggregate data- based labor share measures to micro survey data, four different labor share measures in the total market income were calculated using micro data from the 2006 to 2014 Income and Living Conditions Survey of Turkey. Two additional labor share measures were calculated using aggregated data obtained from World Input Output Database's Socio Economics Accounts. Findings: The results of the micro-data calculations indicated a substantial and permanent increase during the crisis due to the labor hoarding in the labor market leading to an increase in skilled employee labor income share at the expense of unskilled employee labor income share. The results obtained from aggregate data-based labor share calculations with two different measures were relatively smaller than micro data-based labor shares due to the large share of informal employment in Turkey. Further, the labor shares obtained from aggregate data decreased during the 2008 financial crisis, in contrast to the labor shares from micro data. Research limitations/implications: Due to the lack of the applicable aggregated data, four labor share measures adopted to micro data could not be used for aggregated data-based labor share calculations. Therefore, a straightforward comparison between the micro and macro data based results of the labor share measures could not be made. Originality/Value: As the first attempt using micro survey data for calculation of Turkey's factor shares, this study reveals the labor market consequences of global financial crisis in Turkey in search of the evolution of labor share in the market income and provide a comparison between micro and macro data-based results.
Who Loses In The Downturn
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Author : Herwig Immervoll
language : en
Publisher: Emerald Group Publishing
Release Date : 2011-04-15
Who Loses In The Downturn written by Herwig Immervoll and has been published by Emerald Group Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-04-15 with Business & Economics categories.
Contains fresh knowledge on the effects of the economic downturn on employment and income distribution. This title also contains research papers offering fresh insights into issues such as how wages, employment and incomes are affected by the crisis, which demographic groups are most vulnerable in the recession, and more.
The Distributional Impact Of Recessions The Global Financial Crisis And The Pandemic Recession
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Author : Mr.Ippei Shibata
language : en
Publisher: International Monetary Fund
Release Date : 2020-06-19
The Distributional Impact Of Recessions The Global Financial Crisis And The Pandemic Recession written by Mr.Ippei Shibata and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-06-19 with Business & Economics categories.
Using the U.S. Current Population Survey data, this paper compares the distributional impacts of the Pandemic Crisis and those of the Global Financial Crisis in terms of (i) worker characteristics, (ii) job characteristics–“social” (where individuals interact to consume goods), “teleworkable” (where individuals have the option of working at home), and “essential” jobs (which were not subject to government mandated shut-downs during the recent recession), and (iii) wage distributions. We find that young and less educated workers have always been affected more in recessions, while women and Hispanics were more severely affected during the Pandemic Recession. Surprisingly, teleworkable, social and essential jobs have been historically less cyclical. This historical acyclicality of teleworkable occupations is attributable to its higher share of skilled workers. Unlike during the Global Financial Crisis, however, employment in social industries fell more whereas employment in teleworkable and essential jobs fell less during the Pandemic Crisis. Lastly, during both recessions, workers at low-income earnings have suffered more than top-income earners, suggesting a significant distributional impact of the two recessions.
Inequality Leverage And Crises
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Author : Mr.Michael Kumhof
language : en
Publisher: International Monetary Fund
Release Date : 2010-11-01
Inequality Leverage And Crises written by Mr.Michael Kumhof and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-11-01 with Business & Economics categories.
The paper studies how high leverage and crises can arise as a result of changes in the income distribution. Empirically, the periods 1920-1929 and 1983-2008 both exhibited a large increase in the income share of the rich, a large increase in leverage for the remainder, and an eventual financial and real crisis. The paper presents a theoretical model where these features arise endogenously as a result of a shift in bargaining powers over incomes. A financial crisis can reduce leverage if it is very large and not accompanied by a real contraction. But restoration of the lower income group's bargaining power is more effective.
From The Great Recession To Labour Market Recovery
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Author : I. Islam
language : en
Publisher: Springer
Release Date : 2010-12-14
From The Great Recession To Labour Market Recovery written by I. Islam and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-12-14 with Business & Economics categories.
This book sheds light on the impact of the Great Recession from the perspective of both developing and developed countries. It traces the complex and multiple causes of the Great Recession, delineates the diversity in the macroeconomic and labour market consequences, and highlights the effectiveness of policy responses undertaken so far.
Knowing When You Do Not Know
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Author : Ambar Narayan
language : en
Publisher: World Bank Publications
Release Date : 2012-01-12
Knowing When You Do Not Know written by Ambar Narayan and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-01-12 with Business & Economics categories.
Economists have long sought to predict how macroeconomic shocks will affect individual welfare. Macroeconomic data and forecasts are easily available when crises strike. But policy action requires not only understanding the magnitude of a macro shock, but also identifying which households or individuals are being hurt by (or benefit from) the crisis. A popular solution is to extrapolate the welfare impact of a shock from the historical response of income or consumption poverty to changes in output, by estimating an 'elasticity' of poverty to growth. Although this method provides an estimate for the aggregate poverty impact of a macro shock, it has limited value for analysts and policymakers alike. Aggregate numbers are useful to capture the attention of policymakers and the international community, but in the absence of any information on who is affected and to what extent, provide little guidance on what actions need to be taken. This volume outlines a more comprehensive approach to the problem, showcasing a microsimulation model, developed in response to demand from World Bank staff working in countries and country governments in the wake of the global financial crisis of 2008-09. Starting with the idea of using simple macroeconomic projections as the 'macro linkages' to a micro behavioral model built from household data, the model was conceptualized, refined and tested in a diverse mix of countries: Bangladesh, Philippines, Mexico, Poland and Mongolia. The results fed into country policy dialogue and lending operations of Bank teams, as well as various reports, research papers and briefs.
The State Of Labour
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Author : Sharit K. Bhowmik
language : en
Publisher: Routledge
Release Date : 2014-08-07
The State Of Labour written by Sharit K. Bhowmik and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-08-07 with Business & Economics categories.
This book analyzes the adverse effects of globalization and liberalization — acutely manifest in the increased financialization of capital and the concomitant global financial crisis of 2008–09 — on the labour force, especially in the developing countries. Drawing upon case studies from several countries including India, Columbia, Malawi, Brazil and Thailand, it highlights the worsening plight of working class as a whole and informal labour in particular. The essays examine issues such as down-sizing, lowering of wages, insecurity and erosion of labour rights, and show how labour is grappling with the situation. The volume critically re-assesses varied aspects of the growing informal sector: its dubious credential as an employment provider during crises; its non-adherence to internationally recognized standards of decent work; the problems and potential of workers' unions; and the need for a regulatory regime. It also discusses changes in the Indian labour market induced by business environment and technology as well as its future dynamics. Presenting a historical review of labour markets, the work explores the deregulation wave under the globalization of 1980s and the interactions between existing unstable asset markets and labour markets. The book will prove especially useful to students and scholars in economics, labour studies and sociology, and those engaged in public policy and governance.
After Effects Of The Covid 19 Pandemic Prospects For Medium Term Economic Damage
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Author : Mr. Philip Barrett
language : en
Publisher: International Monetary Fund
Release Date : 2021-07-30
After Effects Of The Covid 19 Pandemic Prospects For Medium Term Economic Damage written by Mr. Philip Barrett and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-07-30 with Business & Economics categories.
The COVID-19 pandemic has led to a severe global recession with differential impacts within and across countries. This paper examines the possible persistent effects (scarring) of the pandemic on the economy and the channels through which they may occur. History suggests that deep recessions often leave long-lived scars, particularly to productivity. Importantly, financial instabilities—typically associated with worse scarring—have been largely avoided in the current crisis so far. While medium-term output losses are anticipated to be lower than after the global financial crisis, they are still expected to be substantial. The degree of expected scarring varies across countries, depending on the structure of economies and the size of the policy response. Emerging market and developing economies are expected to suffer more scarring than advanced economies.
Economic Policies Since The Global Financial Crisis
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Author : Philip Arestis
language : en
Publisher: Springer
Release Date : 2017-10-04
Economic Policies Since The Global Financial Crisis written by Philip Arestis and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-10-04 with Business & Economics categories.
This book investigates the changing nature of economic policies following the Global Financial Crisis of 2007–9. Well-respected, international scholars come together to discuss the level of economic growth following the crisis, concerns over inequality in industrialised countries, and labour market policies.
The Global Financial Crisis And Its Aftermath
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Author : A. G. Malliaris
language : en
Publisher: Oxford University Press
Release Date : 2016
The Global Financial Crisis And Its Aftermath written by A. G. Malliaris and has been published by Oxford University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016 with Business & Economics categories.
Introduction -- The global financial crisis of 2007-09 : an overview of neglected ideas from economics, psychology, and values / A.G. Malliaris, Leslie Shaw, and Hersh Shefrin -- The global financial crisis of 2007-09 and economics -- From asset price bubbles to liquidity traps / A.G. Malliaris -- A minsky meltdown: lessons for central bankers / Janet Yellen -- Modeling financial instability / Steve Keen -- Assessing the contribution of hyman minsky's perspective to our understanding of economic instability / Hersh Shefrin -- The Great Recession of 2008-09 and its impact on unemployment / John Silvia -- Mathematical definition, mapping, and detection of (anti)fragility / Nassim Taleb and Rafael Douady -- The global financial crisis of 2007-09 and psychology -- The varieties of incentive experience / Robert Kolb -- Goals and the organization of choice under risk in both the long run and the short run / Lola Lopes -- Topology of greed and fear / Graciela Chichilnisky -- A sustainable understanding of instability in minds and in markets / Leslie Shaw -- Existence of monopoly in the stock market : a model of information-based manipulation / Viktoria Dalko, Lawrence R. Klein, S. Prakash Sethi, and Michael Wang -- Crisis of authority / Werner DeBondt -- Social structure, power, and financial fraud / Brooke Harrington -- The global financial crisis of 2007-09 and values -- Economics, self psychology, and ethics : why modern economic persons cheat and how self psychology can provide the basis for a trustworthy economic world / John Riker -- Finance professionals in the market for status / Meir Statman -- Why risk management failed: ethical and behavioral explanations / John Boatright -- The global financial crisis and social justice : the crisis seen through the lens of Catholic social doctrine / Paul Fitzgerald, S.J -- The moral benefits of financial crises: a virtue ethics perspective / John Dobson -- Three ethical dimensions of the financial crisis / Antonio Argandonan -- Epilogue -- Lessons for future financial stability / A.G. Malliaris, Leslie Shaw, and Hersh Shefrin