an article by Helena Lopes and Sérgio Lagoa (University Institute of Lisbon, Portugal) and Ana C Santos (University of Coimbra, Portugal) published in The Economic and Labour Relations Review Volume 30 Issue 1 (March 2019)
Abstract
This article critically examines the relation between work and utility and challenges the mainstream economic view of well-being as a hedonic state for which work is a less pleasurable trade-off.
It proposes a conception of work as a potential source of eudaimonic well-being, providing meaning and contributing to human flourishing and self-realisation.
Based on micro-level data, the article shows the relevance of distinguishing between hedonic and eudaimonic well-being by way of comparing the effects of increased financial difficulties and deteriorated work conditions on these two types of well-being in five European Union countries – Germany, Poland, Portugal, Sweden and the UK – in the post global financial crisis years between 2009 and 2014.
The article concludes by underlining the political importance of addressing aspects pertaining to the quality of working life and of creating jobs that serve to improve the eudaimonic well-being of citizens.
JEL Classification: I31, J28, J81
Showing posts with label global_financial_crisis. Show all posts
Showing posts with label global_financial_crisis. Show all posts
Friday, 15 March 2019
Tuesday, 15 January 2019
Bailing out the people: The public cost of excess private debt
a column by Samba Mbaye, Marialuz Moreno Badia and Kyungla Chae for VOX: CEPR’s Policy Portal
Since the financial crisis researchers have extensively explored the dangers of excessive public debt, but excessive private debt has received less attention.
This column documents a common form of indirect private sector bailout that goes largely unnoticed. Whenever households and firms are caught in a debt overhang and need to deleverage, governments come to the rescue through a countercyclical rise in public debt. This indirect substitution takes place even in the absence of a crisis.
Continue reading
Since the financial crisis researchers have extensively explored the dangers of excessive public debt, but excessive private debt has received less attention.
This column documents a common form of indirect private sector bailout that goes largely unnoticed. Whenever households and firms are caught in a debt overhang and need to deleverage, governments come to the rescue through a countercyclical rise in public debt. This indirect substitution takes place even in the absence of a crisis.
Continue reading
Monday, 17 December 2018
Labour market flexibility during financial crises: Firm-level evidence from Spain
a column by Luc Laeven, Peter McAdam and Alexander Popov for VOX: CEPR’s Policy Portal
There are good arguments both in favour and against the idea that more labour market flexibility will deliver benefits to an economy during a downturn.
This column presents novel evidence on this question, using data from Spain during the 2008–09 credit crunch.
The results show that credit-constrained firms grow faster if they are subject to less strict firing and hiring restrictions, as long as they are technologically able to substitute labour for capital. The findings provide an argument in favour of more flexible labour laws.
Continue reading
There are good arguments both in favour and against the idea that more labour market flexibility will deliver benefits to an economy during a downturn.
This column presents novel evidence on this question, using data from Spain during the 2008–09 credit crunch.
The results show that credit-constrained firms grow faster if they are subject to less strict firing and hiring restrictions, as long as they are technologically able to substitute labour for capital. The findings provide an argument in favour of more flexible labour laws.
Continue reading
Wednesday, 28 November 2018
Pockets of risk in European housing markets
a column by Jane Kelly, Julia Le Blanc and Reamonn Lydon for VOX: CEPR’s Policy Portal
Loan-to-value limits and other borrower-based macroprudential measures are now used in two-thirds of advanced economies.
This column uses survey data to document changes in credit standards in a cross-section of countries in the run-up to, and aftermath of, the financial crisis.
There is clear evidence of laxer credit standards in countries that experienced a real estate boom-bust, and a significant tightening after the bust. The results imply that compared to earlier years, younger and lower-income borrowers have to save for longer before buying.
Continue reading
Loan-to-value limits and other borrower-based macroprudential measures are now used in two-thirds of advanced economies.
This column uses survey data to document changes in credit standards in a cross-section of countries in the run-up to, and aftermath of, the financial crisis.
There is clear evidence of laxer credit standards in countries that experienced a real estate boom-bust, and a significant tightening after the bust. The results imply that compared to earlier years, younger and lower-income borrowers have to save for longer before buying.
Continue reading
Wednesday, 16 September 2015
The impact of the Global Financial Crisis on youth unemployment
an article by PN (Raja) Junankar (UNSW Australia, Australia; University of Western Sydney, Australia; IZA, Germany) published in The Economic and Labour Relations Review Volume 26 Number 2 (June 2015)
Abstract
Australia was one of the few OECD countries to emerge from the Global Financial Crisis (GFC) without facing a recession, usually defined as negative GDP growth for two consecutive quarters. However, the (overall) unemployment rate did increase following the GFC and has still not returned to pre–GFC levels.
Unemployment rates for young people went up much more dramatically and remain high. This article investigates the impact of the GFC on youth unemployment and long-term unemployment.
To anticipate our results, we find that the youth unemployment rates increased significantly owing to a fall in aggregate demand, although youth wages had been falling relative to adult wages. These findings do not support the commonly heard claim that youth wages are pricing young people out of the market.
Abstract
Australia was one of the few OECD countries to emerge from the Global Financial Crisis (GFC) without facing a recession, usually defined as negative GDP growth for two consecutive quarters. However, the (overall) unemployment rate did increase following the GFC and has still not returned to pre–GFC levels.
Unemployment rates for young people went up much more dramatically and remain high. This article investigates the impact of the GFC on youth unemployment and long-term unemployment.
To anticipate our results, we find that the youth unemployment rates increased significantly owing to a fall in aggregate demand, although youth wages had been falling relative to adult wages. These findings do not support the commonly heard claim that youth wages are pricing young people out of the market.
Tuesday, 30 April 2013
The role of short-time work schemes during the global financial crisis and early recovery: a cross-country analysis
an article by Alexander Hijzen (OECD and IZA, Paris, France ) and Sebastien Martin (OECD, Paris, France) published in IZA Journal of Labor Policy Volume 2 Number 5 (2013)
Abstract
There has been a strong interest in short-time work (STW) schemes during the global financial crisis. Using data for 23 OECD countries for the period 2004 Q1 to 2010 Q4, this paper analyses the quantitative effects of STW programmes on labour market outcomes. Special attention is given to the dynamic aspects of the relationship between output shocks and labour market outcomes.
The results indicate the STW raises hours flexibility by increasing the output elasticity of working time and helps to preserve jobs in the context of a recession by making employment and unemployment less elastic with respect to output.
A key finding is that the timing of STW is crucial.
While STW helped preserving a significant number of jobs during the crisis, its continued use during the recovery may have slowed the job-content of the recovery. By the end of 2010, the net effect of STW on employment was negligible or may even have become negative.
However, the gross impact of STW on the number of jobs saved per quarter remains large and positive in the majority of countries.
JEL classification: J23, J65, J68
Full text (PDF 32pp)
Abstract
There has been a strong interest in short-time work (STW) schemes during the global financial crisis. Using data for 23 OECD countries for the period 2004 Q1 to 2010 Q4, this paper analyses the quantitative effects of STW programmes on labour market outcomes. Special attention is given to the dynamic aspects of the relationship between output shocks and labour market outcomes.
The results indicate the STW raises hours flexibility by increasing the output elasticity of working time and helps to preserve jobs in the context of a recession by making employment and unemployment less elastic with respect to output.
A key finding is that the timing of STW is crucial.
While STW helped preserving a significant number of jobs during the crisis, its continued use during the recovery may have slowed the job-content of the recovery. By the end of 2010, the net effect of STW on employment was negligible or may even have become negative.
However, the gross impact of STW on the number of jobs saved per quarter remains large and positive in the majority of countries.
JEL classification: J23, J65, J68
Full text (PDF 32pp)
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