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Labor market distortions, employment and grwth: the recent chilean experience
From 1984 to 1998, the Chilean economy grew at a rate of 5.4 percent per capita, putting it among the world’s most successful economies in the past twenty years. This performance can undoubtedly be attributed to the market-oriented structural reforms that took place in the 1970s, 1980s, and early ...
Assessing the flexibility of the labor market in Chile: An international perspective
The unemployment rate in Chile averaged slightly over 6.5 percent throughout a ten-year period of high economic growth that ended in 1997. Unemployment then rose significantly at the outset of the Asian crisis, reaching levels near 11 percent. This broadly coincided with the implementation of a set ...
Designing labor market institutions
There is fairly wide agreement among economists on what constitutes optimal—or at least good—product market and financial market institutions. There is much less agreement on what constitutes optimal—or at least good—labor market institutions. As a result, the public debate is too often dominated by ...
Labor markets and institutions
The importance of the labor market is indisputable. The countries' economic outcomes rely to a significant extent on its performance, as production, economic growth, and prices are all intimately linked with it. Moreover, the functioning of the labor market is a key determinant of social welfare. ...
Microeconomic flexibility in Latin America
Latin American economies have begun to leave behind some of the most primitive sources of macroeconomic fluctuations. Policy concern is gradually shifting toward increasing microeconomic flexibility. This is a welcome trend since microeconomic flexibility, which facilitates the ongoing process of ...