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Understanding the poverty impact of the global financial crisis in Latin America and the Caribbean (Inglês)

Any time there is an economic crisis; there is the very real potential that its consequences for human welfare will be severe. Thus when the developed world plunged into such a crisis in 2008 and growth rates in Latin America and the Caribbean (LAC) began to plummet, fears rose that the region will suffer rising unemployment, poverty, malnutrition, and infant mortality, among other things. This study confirms and quantifies many of the sobering links between crisis and poverty, but it also shows how powerful good policy in stable times is in attenuating those links. It thus underscores the need for sound growth policies, good macro prudential care, fiscal balance, low debt, reasonably flexible exchange rates, and the like to help prevent and manage crises. It equally shows how effective social protection responses built on adequate existing programs can be. This study documents the effects of the 2008-09 global financial crisis on poverty in 12 countries in the LAC region, and it comes away with six big picture messages, each with much nuance and many caveats that are explained briefly in this overview.

Detalhes

  • Autor

    Bussolo,Maurizio, Dixon,Peter B., Freije-Rodriguez,Samuel, Fruttero,Anna, Grosh,Margaret Ellen, Oliveri,Maria Laura, Rimmer, Maureen, Savescu,Cristina, Verikios, George, De Hoyos Navarro,Rafael E.

  • Data do documento

    2014/06/12

  • TIpo de documento

    Publicação

  • No. do relatório

    88887

  • Nº do volume

    1

  • Total Volume(s)

    1

  • País

    América Latina,

  • Região

    América Latina e Caribe,

  • Data de divulgação

    2014/06/20

  • Disclosure Status

    Disclosed

  • Nome do documento

    Understanding the poverty impact of the global financial crisis in Latin America and the Caribbean

  • Palavras-chave

    global financial crisis;computable general equilibrium model;conditional cash transfer program;poverty does;constant elasticity of substitution;constant elasticity of transformation;temporary income support;data collection and analysis;active labor market;active labor market policy;Active Labor Market Policies;social protection program;flexible exchange rate;labor market adjustment;living in poverty;equality of opportunity;income from capital;social protection policy;social protection expenditure;fiscal stimulus package;decline in poverty;household sample survey;permanent employment;integrated household survey;linear expenditure system;loss of income;human development indicator;purchasing power parity;Poverty & Inequality;factor of production;reduction in employment;privileges and immunity;total factor productivity;change in poverty;household budget survey;labor force survey;bundle of goods;degree of competition;effects on income;series of seminars;social assistance program;social protection system;social protection sector;household survey data;labor market program;Junior Professional Associate;conceptual framework;national account;labor income;factor income;average earning;employment rate;macro level;monetary policy;administrative datum;household welfare;good policy;million people;real wage;household income;fiscal balance;economic shock;capital income;labor survey;savings account;human welfare;welfare effect;unemployment insurance;observed change;research fellow;financial investment;consumption aggregate;affected country;school feeding;welfare impact;education indicator;income inequality;Social Welfare;causal chain;macro shocks;Fiscal policies;fiscal policy;labor demand;trade pattern;monetary measure;crisis affected;middle class;child nutrition;children's nutrition;transmission channel;counterfactual analysis;populous country;household level;poverty headcount;capital demand;financial asset;consumer confidence;external demand;macro model;micro simulation;social insurance;average consumption;suicide rate;poverty increase;labor economics;wages rise;social pension;social transfer;labor earning;earnings distribution;bottom quintile;Infant Mortality;rising unemployment;economic crisis;unemployment compensation;food crisis;continuous benefit;peer-reviewed journal;Document Formatting;empirical analysis;Regional Studies;labor supply;improved health;influenza pandemic;infrastructure industry;international economics;model development;growth policy;participation rate;linear regression;inequality measure;job destruction;average age;monthly wage;hourly wage;government balance;net export;poverty consequences;Macro Prudential;macroeconomic variable;national budget;financial collapse;crisis episode;copyright owner;original work;commercial purpose;fixed investment;government consumption;output gap;external factor;poverty impact;aggregate variable;incidence curve;aggregate output;horizontal axis;compensatory measure;counterfactual simulations;social impact;working-age population;aggregate employment;trade shock;investment demand;females age;Wage Bill;unemployment rate;adjustment mechanism;capital return;private consumption;public consumption;price level;individual sectors;sound financial;fiscal space;income reduction;

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