Securing Our Future in a Global EconomyIn the 1990s Latin America and the Caribbean (LAC) began to resurface from the lost decade of the 1980s after a sustained reform effort by the countries to enhance the role of market forces and increase the region's real and financial integration into the global economy. In spite of this, perceptions of economic insecurity run high in the region. This report assesses the extent, causes, and effects of economic insecurity in LAC and identifies policies and institutions that can help reduce the degree of insecurity faced by workers and households in the region, while allowing them to take advantage of the enhanced economic opportunities brought about by the recent reforms. After stating the facts concerning economic insecurity in Chapter 2, the report then sets out a general analytical framework to help organize the various options available to individuals and governments for dealing with economic insecurity (Chapter 3). With this framework, the remaining chapters focus on measures to deal with risks. First, they suggest the causes of macroeconomic or aggregate volatility and some remedies (Chapter 4). Then this report examines how these risks affect individuals and households, and their responses to economic shocks (Chapter 5). Next the report discusses the risk of becoming unemployed, and the public responses to help workers deal with this risk (Chapter 6). Appropriate social insurance and social protection is considered in the final chapter. |
Contents
Economic Insecurity in Latin America and the Caribbean The Stylized Facts | 13 |
Bibliography 127 | 14 |
20 Expected Tenure in Current Job Interior Uruguay Months | 30 |
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adjust aggregate volatility Argentina Asia and Pacific assets average become unemployed Brazil capital flows Caribbean Chapter Chile Colombia costs countercyclical crises crisis decades declined demand developing diversification downturns East Asia economic insecurity economic volatility Economies East Asia Ecuador effects El Salvador employers example exchange rate external factors FIGURE firms fluctuations GDP growth volatility global higher households impact income support programs increase individual Industrial Economies East informal sector labor force labor market LAC countries LAC economies LAC's Latin America losses macroeconomic Maloney market insurance measures ment Mexico monetary moral hazard nomic panel percent Peru poor poverty procyclical quintile real wages recessions reduce reforms Regional Medians relative role Salvador self-insurance severance pay social spending standard deviation Table terms of trade tion trade shocks trend turnover unem unemployment insurance Uruguay variables Venezuela Volatility in Latin Wodon workers World Bank