The Great Recession was one of the most traumatic global events of the first decade of the twenty-first century. This book showcases research undertaken by leading experts on the macroeconomic and labour market dimensions of the financial crisis of 2007-2009. It provides a global overview, interpreting the causes, consequences and policy responses to the Great Recession from the perspective of both developing and developed countries.
Cover; The International Labour Organization; Title page; Copyright information; CONTENTS; Foreword; Notes on the Contributors; Acknowledgements; List of Abbreviations; 1 Introduction - I. Islam and S. Verick; Introduction; The global financial and economic crisis of 2007-09; The chapters: a reader's guide; Part I; 2 The Great Recession of 2008-09:Causes, Consequences and Policy Responses - I. Islam and S. Verick; Introduction; Rates, risk, regulations and global imbalances: factors behind the global financial crisis
The global economic and jobs crisis: the diverse nature of its impact on national economiesMitigating the effects of the crisis and securing a sustainablerecovery: the effectiveness of policy responses; From recession to recovery; Concluding remarks; 3 The Global Recession of 2008-09and Developing Countries - N. Majid; Introduction; The impact of the crisis on growth in developing countries; Responding to the slowdown in growth; Concluding remarks; 4 The Employment Challenge in Developing Countries during Economic Downturn and Recovery - R. Islam; Introduction
Economic downturns and labour market adjustment: ananalytical frameworkLabour market adjustment during downturn and recovery and the social consequences: some case studies; Observations on the debate on labour market adjustment; The global financial crisis of 2008-09 and its impact on labour markets in developing countries; Policy responses at the national level and their possible implications for labour market recovery; Concluding remarks; 5 The Impact of the Global Financial Crisis on Labour Markets in OECD Countries: Why Youth and Other Vulnerable Groups Have Been Hit Hard - S. Verick
IntroductionThe overall impact of the crisis on OECD labour markets; How the global financial crisis has affected employment levels of different segments of the population; Why youth have been hard hit by the crisis; Explaining the impact of the global financial crisis on youth unemployment rates; Concluding remarks; Appendix; Part II; 6 The Rise and Fall of Orthodox Macroeconomic Policy: Pre- and Post-Crisis Perspectives - M. Muqtada; Introduction; A brief empirical account; Macroeconomics of stabilization: static gains vs dynamic efficiency
Resurgence of growth, 2002-07: What lessons for macroeconomic policy?Crises and macroeconomic policies; Towards an employment-focused macroeconomic policy; Concluding remarks; Appendix; 7 The Perennial Quest for Fiscaland Policy Space in Developing Countries - I. Islam; Introduction; Principles of good policy design; Dealing with the crisis and securing sustainable recovery:the issue of fiscal and policy space; Dealing with the crisis and securing sustainable recovery:the role of regional and global cooperation to augment fiscal and policy space at the national level; Concluding remarks
8 Labour Market Policies in Times of Crisis - S. Cazes, C. Heuer and S. Verick