The Global Financial Crisis: The Victims of the Recession

20 Pages Posted: 24 Jan 2010

See all articles by P. N. Raja Junankar

P. N. Raja Junankar

Western Sydney University - Department of Economics & Finance; University of New South Wales (UNSW) - Industrial Relations Centre; IZA Institute of Labor Economics

Date Written: November 26, 2009

Abstract

The aim of this paper is to study the likely impacts of the Global Financial and Economic Crisis on the Australian labour market. We argue that the impact of the global crisis on the Australian economy is likely to be a continuing increase in unemployment and long term unemployment. The impact of the recession leads to a significant fall in GDP and GDP growth that would lead to a worsening of conditions of living for a large number of people. This increase in unemployment is likely to have significant long term impacts on the well being of Australian people in terms of prospects for employment in the future, on wages subsequent to finding work, on health, and on family relationships. We argue that besides the policies introduced to date in terms of loosening of monetary policy and the fiscal stimulus, we need to target policies towards the unemployed, especially the long term unemployed.

Keywords: Global financial crisis, unemployment, long term unemployment, stimulus package

JEL Classification: J64, J68, E32

Suggested Citation

Junankar, P. N. Raja, The Global Financial Crisis: The Victims of the Recession (November 26, 2009). Available at SSRN: https://ssrn.com/abstract=1514184 or http://dx.doi.org/10.2139/ssrn.1514184

P. N. Raja Junankar (Contact Author)

Western Sydney University - Department of Economics & Finance ( email )

Sydney, NSW 1797
Australia

University of New South Wales (UNSW) - Industrial Relations Centre

Kensington
High St
Sydney, NSW 2052
Australia

IZA Institute of Labor Economics

P.O. Box 7240
Bonn, D-53072
Germany

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