Labor Market Issues in the Caribbean: Scope to Mobilize Employment Growth

47 Pages Posted: 1 Aug 2014

See all articles by Magda Kandil

Magda Kandil

International Monetary Fund (IMF)

Qiaoe Chen

affiliation not provided to SSRN

Xin Li

International Monetary Fund (IMF)

Genevieve Lindow

International Monetary Fund (IMF)

Mario Mansilla

International Monetary Fund (IMF)

Joel Chiedu Okwuokei

International Monetary Fund (IMF)

Marika Santoro

Government of the United States of America - Congressional Budget Office (CBO)

Jochen Schmittmann

International Monetary Fund (IMF)

Date Written: July 2014

Abstract

The paper examines the determinants of employment growth, drawing on data available across a sample of Caribbean countries. To that end, the paper analyzes estimates of the employment-output elasticity and the response of employment growth to major sources of labor market determinants, in the long and short run. The main determinants of employment include government investment and private sector credit, while the major determinants of external performance are real effective exchange rate, the price of major exporting commodities, the number of tourists, and growth in major trading partners. The paper concludes with a menu of policy recommendations and structural reforms towards sustaining high employment growth and higher living standards in the Caribbean.

Keywords: Employment, Labor market characteristics, Gross domestic product, Business cycles, Economic reforms, Economic growth, Economic indicators, Unemployment, Job creation, Exports, Caribbean, labor market, macro policies, structural reforms, employment growth, unemployment rate, labor force, high unemployment, effect on employment, average employment, rising unemployment, private employment, unemployed, unemployment rates, public employment, youth unemployment, high unemployment rate, labor force growth, employment adjustment, formal employment, aggregate unemployment, employment relation, high employment, growth of employment, informal employment, public sector employment, high youth unemploymen

JEL Classification: E24, E32, J21, J23, J31, J38

Suggested Citation

Kandil, Magda and Chen, Qiaoe and Li, Xin and Lindow, Genevieve and Mansilla, Mario and Chiedu Okwuokei, Joel and Santoro, Marika and Schmittmann, Jochen, Labor Market Issues in the Caribbean: Scope to Mobilize Employment Growth (July 2014). IMF Working Paper No. 14/115. Available at SSRN: https://ssrn.com/abstract=2475013

Magda Kandil (Contact Author)

International Monetary Fund (IMF) ( email )

700 19th Street NW
Washington, DC 20431
United States

Qiaoe Chen

affiliation not provided to SSRN

Xin Li

International Monetary Fund (IMF) ( email )

700 19th Street, N.W.
Washington, DC 20431
United States

Genevieve Lindow

International Monetary Fund (IMF)

700 19th Street, N.W.
Washington, DC 20431
United States

Mario Mansilla

International Monetary Fund (IMF) ( email )

700 19th Street, N.W.
Washington, DC 20431
United States

Joel Chiedu Okwuokei

International Monetary Fund (IMF) ( email )

700 19th Street, N.W.
Washington, DC 20431
United States

Marika Santoro

Government of the United States of America - Congressional Budget Office (CBO) ( email )

Ford House Office Building
2nd & D Streets, SW
Washington, DC 20515-6925
United States

Jochen Schmittmann

International Monetary Fund (IMF) ( email )

700 19th Street, N.W.
Washington, DC 20431
United States

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