Labor Market Issues in the Caribbean: Scope to Mobilize Employment Growth
July 1, 2014
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Summary
The paper examines the determinants of employment growth, drawing on data available across a sample of Caribbean countries. To that end, the paper analyzes estimates of the employment-output elasticity and the response of employment growth to major sources of labor market determinants, in the long and short run. The main determinants of employment include government investment and private sector credit, while the major determinants of external performance are real effective exchange rate, the price of major exporting commodities, the number of tourists, and growth in major trading partners. The paper concludes with a menu of policy recommendations and structural reforms towards sustaining high employment growth and higher living standards in the Caribbean.
Subject: Employment, Labor, Labor force, Labor markets, Unemployment, Unemployment rate
Keywords: business cycles, Caribbean, determination flexibility, elasticity estimate, Employment, employment growth, employment-output elasticity, Global, government employment program, job content, Labor force, labor market, Labor markets, macro policies, private sector, structural reforms, Unemployment, Unemployment rate, WP
Pages:
46
Volume:
2014
DOI:
Issue:
115
Series:
Working Paper No. 2014/115
Stock No:
WPIEA2014115
ISBN:
9781498387804
ISSN:
1018-5941
