Explaining Unemployment in Spain: Structural Change, Cyclical Fluctuations, and Labor Market Rigidities
Spain has the most serious and persistent unemployment problem in Europe, with an unemployment rate that reached 24.6 percent in early 1994. This paper explores the characteristics of this unemployment problem, its causes, and provides a brief discussion of recent labor market reform measures and th...
Gespeichert in:
| 1. Verfasser: | |
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Washington, D.C
International Monetary Fund
1994
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| Schriftenreihe: | IMF Working Papers
Working Paper No. 94/102 |
| Online-Zugang: | UBW01 UEI01 LCO01 SBR01 UER01 SBG01 UBG01 FAN01 UBT01 FKE01 UBY01 UBA01 FLA01 UBM01 UPA01 UBR01 FHA01 FNU01 BSB01 TUM01 Volltext |
| Zusammenfassung: | Spain has the most serious and persistent unemployment problem in Europe, with an unemployment rate that reached 24.6 percent in early 1994. This paper explores the characteristics of this unemployment problem, its causes, and provides a brief discussion of recent labor market reform measures and their likely Impact. A demographic shift in recent years has produced a large rise in female labor force participation and a decrease in agricultural jobs to which the economy has been unable to adjust. The effects of generous unemployment benefits and the large underground economy may explain 6-12 percentage points of the resulting unemployment, but the remainder must be explained by failures and rigidities in the labor market. The paper presents econometric evidence that unemployment displays hysteresis, and that wages are not responsive to changes in the unemployment rate. This evidence supports the claim that insider-outsider factors and rigidities in the legal structure of the labor market are responsible for much of the high unemployment rate. Recent reforms have improved the functioning of the labor market, but they are unlikely to be sufficient to reduce unemployment to single digit rates without further action |
| Beschreibung: | 1 Online-Ressource (42 p) |
| ISBN: | 1451852576 9781451852578 |
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| index_date | 2024-07-03T20:13:20Z |
| indexdate | 2024-07-10T09:35:27Z |
| institution | BVB |
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| record_format | marc |
| series2 | IMF Working Papers |
| spelling | Franks, Jeffrey R. Verfasser aut Explaining Unemployment in Spain Structural Change, Cyclical Fluctuations, and Labor Market Rigidities Franks, Jeffrey R Washington, D.C International Monetary Fund 1994 1 Online-Ressource (42 p) txt rdacontent c rdamedia cr rdacarrier IMF Working Papers Working Paper No. 94/102 Spain has the most serious and persistent unemployment problem in Europe, with an unemployment rate that reached 24.6 percent in early 1994. This paper explores the characteristics of this unemployment problem, its causes, and provides a brief discussion of recent labor market reform measures and their likely Impact. A demographic shift in recent years has produced a large rise in female labor force participation and a decrease in agricultural jobs to which the economy has been unable to adjust. The effects of generous unemployment benefits and the large underground economy may explain 6-12 percentage points of the resulting unemployment, but the remainder must be explained by failures and rigidities in the labor market. The paper presents econometric evidence that unemployment displays hysteresis, and that wages are not responsive to changes in the unemployment rate. This evidence supports the claim that insider-outsider factors and rigidities in the legal structure of the labor market are responsible for much of the high unemployment rate. Recent reforms have improved the functioning of the labor market, but they are unlikely to be sufficient to reduce unemployment to single digit rates without further action Online-Ausg http://elibrary.imf.org/view/IMF001/02239-9781451852578/02239-9781451852578/02239-9781451852578.xml Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Franks, Jeffrey R. Explaining Unemployment in Spain Structural Change, Cyclical Fluctuations, and Labor Market Rigidities |
| title | Explaining Unemployment in Spain Structural Change, Cyclical Fluctuations, and Labor Market Rigidities |
| title_auth | Explaining Unemployment in Spain Structural Change, Cyclical Fluctuations, and Labor Market Rigidities |
| title_exact_search | Explaining Unemployment in Spain Structural Change, Cyclical Fluctuations, and Labor Market Rigidities |
| title_exact_search_txtP | Explaining Unemployment in Spain Structural Change, Cyclical Fluctuations, and Labor Market Rigidities |
| title_full | Explaining Unemployment in Spain Structural Change, Cyclical Fluctuations, and Labor Market Rigidities Franks, Jeffrey R |
| title_fullStr | Explaining Unemployment in Spain Structural Change, Cyclical Fluctuations, and Labor Market Rigidities Franks, Jeffrey R |
| title_full_unstemmed | Explaining Unemployment in Spain Structural Change, Cyclical Fluctuations, and Labor Market Rigidities Franks, Jeffrey R |
| title_short | Explaining Unemployment in Spain |
| title_sort | explaining unemployment in spain structural change cyclical fluctuations and labor market rigidities |
| title_sub | Structural Change, Cyclical Fluctuations, and Labor Market Rigidities |
| url | http://elibrary.imf.org/view/IMF001/02239-9781451852578/02239-9781451852578/02239-9781451852578.xml |
| work_keys_str_mv | AT franksjeffreyr explainingunemploymentinspainstructuralchangecyclicalfluctuationsandlabormarketrigidities |