Monday, March 16, 2015

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[IWS] World Bank: The Aftermath of the 2008 Global Financial Crisis in the Eastern Caribbean : The Impact on the St Lucia Labor Market [March 2015]

IWS Documented News Service

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Institute for Workplace Studies-----------------Professor Samuel B. Bacharach

School of Industrial & Labor Relations-------- Director, Institute for Workplace Studies

Cornell University

16 East 34th Street, 4th floor--------------------Stuart Basefsky

New York, NY 10016 -------------------------------Director, IWS News Bureau

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NOTE: Funding for this service ends on 31 March 2015. Postings will end on this date as well.

 

World Bank

 

The Aftermath of the 2008 Global Financial Crisis in the Eastern Caribbean : The Impact on the St Lucia Labor Market [March 2015]

by Gimenez, Lea; St. Catherine, Edwin; Karver, Jonathan; Odawara, Rei

https://openknowledge.worldbank.org/handle/10986/21602

or

https://openknowledge.worldbank.org/bitstream/handle/10986/21602/947660WP0P15110.0Lucia0Labor0Market.pdf?sequence=1

[full-text, 46 pages]

 

This brief expands the scarce literature on the impact of the global financial crisis on labor market outcomes

and welfare in the Organization of Eastern Caribbean States (OECS). The brief focuses on the economy of St.

Lucia, one of the OECS member states. The statistical information assembled here should help decision makers

and the public in the OECS to develop policy options that can sustain job creation and thereby enhance public

welfare. It also can help gauge the effectiveness of policies over time.

The evidence presented in this brief shows how the recent financial crisis had significant and long-lasting negative

impacts on the welfare of St. Lucians. The government of St. Lucia attempted to use fiscal policy to boost

growth and enhance labor market opportunities in the island. Still, unemployed and underemployed St. Lucians

together accounted for over 40 percent of the working-age employable population. They suffered a significant

decline in welfare in the aftermath of the crisis. They lost not only their income but also the collateral benefits

that are often associated with being fully employed in good quality jobs in the “formal” sector of the economy.

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This information is provided to subscribers, friends, faculty, students and alumni of the School of Industrial & Labor Relations (ILR). It is a service of the Institute for Workplace Studies (IWS) in New York City. Stuart Basefsky is responsible for the selection of the contents which is intended to keep researchers, companies, workers, and governments aware of the latest information related to ILR disciplines as it becomes available for the purposes of research, understanding and debate. The content does not reflect the opinions or positions of Cornell University, the School of Industrial & Labor Relations, or that of Mr. Basefsky and should not be construed as such. The service is unique in that it provides the original source documentation, via links, behind the news and research of the day. Use of the information provided is unrestricted. However, it is requested that users acknowledge that the information was found via the IWS Documented News Service.

 

 

 

 

 

 

 

 

 




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