Understanding the Poverty Impact of the Global Financial Crisis in Latin America and the Caribbean : Vietnam's Remarkable Progress on Poverty Reduction and Emerging Challenges.
Title:
Understanding the Poverty Impact of the Global Financial Crisis in Latin America and the Caribbean : Vietnam's Remarkable Progress on Poverty Reduction and Emerging Challenges.
Author:
Grosh, Margaret.
ISBN:
9781464802430
Personal Author:
Physical Description:
1 online resource (291 pages)
Series:
Directions in Development - Human Development
Contents:
Front Cover -- Title Page -- Copyright Page -- Contents -- Foreword -- Acknowledgments -- About the Authors -- Abbreviations -- Chapter 1 Overview -- Analytic Framework -- Applying the Framework to This Study -- Messages -- Notes -- References -- Chapter 2 Highlights of the Macro Effects of the 2008-09 Global Financial Crisis -- Key Transmission Channels to Developing Countries -- The 2008-09 Crisis: A Break with the Past -- Effects of the Crisis on the LAC Countries -- Policy Responses during the Crisis -- Notes -- References -- Chapter 3 Changes in Poverty and Inequality in Latin America during the Great Recession -- Tools of the Trade for Measuring Poverty -- How Much Poverty Was There and among Whom? -- Sources of Changes in Poverty -- The Poverty Reduction That Could Have Been -- Conclusion -- Notes -- References -- Chapter 4 Labor Market Adjustment in Latin America during the Great Recession -- Stylized Facts about Labor Markets in Latin America during the Crisis -- Adjustment through Employment or through Labor Productivity? -- What Happened to Earnings? -- Conclusion -- Notes -- References -- Chapter 5 Brazil and Mexico Facing the 2008-09 Financial Crisis: Still Fragile or Becoming Stronger? -- Setting the Problem -- Conceptual Framework and the Macro-Micro Model -- Explaining the Welfare Effects of the Crisis -- Conclusion -- Annex A: Decomposition of the Global Financial Crisis Shock -- Annex B: Decomposition of the Global Financial Crisis Shock Using the CGE Model -- Notes -- References -- Chapter 6 The Role of Social Protection in the Crisis in Latin America and the Caribbean -- Social Assistance, Unemployment Insurance, and Active Labor Market Programming in the LAC Region in the 2000s: An Overview -- Labor Market Programs -- Social Assistance -- Reflections -- Notes -- References -- Boxes -- Figures -- Map -- Tables -- Back Cover.
Abstract:
This study documents the effects of the 2008-09 global financial crisis on poverty in Latin America and the Caribbean (LAC). In doing so, it describes and decomposes the effects of the crisis on poverty using data from comparable household budget surveys for Argentina, Brazil, Chile, Colombia, Costa Rica, Dominican Republic, Ecuador, El Salvador, Mexico, Paraguay, Peru, and Uruguay, and labor force surveys for Argentina, Brazil, Chile, Colombia, Ecuador, Mexico, Peru, and Uruguay. The study also provides macro-micro modeling of crisis and no-crisis scenarios for Mexico and Brazil, as well as the big picture and program-specific details of the social protection policy responses for these countries and more. Among the findings are the following. First, the effects of the global financial crisis on those living in poverty were not trivial: more than 3 million people fell into or remained mired in poverty in 2009 as a result of the crisis. Of these, 2.5 million were Mexican. Second, the changes in poverty were driven by changes in labor incomes caused by a variable combination of changes in employment rates and real wages. Third, the macro-micro modeling revealed different adjustment mechanisms but similar final incidence results for Brazil and Mexico. The results were regressive overall, with the middle of the income distribution hit even a bit more than the poor. According to the descriptive results from the larger set of countries, changes in inequality accounted for a tenth to a third of changes in poverty. Fourth, countries were quite active in their social protection policy responses, largely taking advantage of programs built in precrisis years. Social transfers partially offset the lower labor earnings of the poor, although income protection for the unemployed was weak. Finally, overall the policy messages are that good policy helps attenuate
the links between a global crisis and poverty in the LAC countries, and many of the important things need to be done ex ante such as dealing with the macro fundamentals and building social protection programs.
Local Note:
Electronic reproduction. Ann Arbor, Michigan : ProQuest Ebook Central, 2017. Available via World Wide Web. Access may be limited to ProQuest Ebook Central affiliated libraries.
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