Abstract:The Impact of the Crisis on Employment and the Role of Labour Market InstitutionsThe paper takes a comparative perspective on the labour market impact on G20 and EU countries of the financial and economic crisis that began in 2008. It starts from the observation that the decline in employment and rise in unemployment in relation to output or GDP reductions varies significantly across countries. It examines the impacts from an institutional perspective taking into account different channels of external, interna… Show more
“…The global financial crisis of 2008 and the subsequent European Union (EU) sovereign debt crisis increased unemployment and temporary absences from the labour market. A comparative study of the impact on employment explained country variation in terms of relative labour market flexibility: greater flexibility was associated with more opportunities for re-employment, but the financial and economic crises exacerbated labour market polarisation (Eichhorst et al , 2010), as has the COVID-19 pandemic.…”
Section: Employment and Employability Challengesmentioning
“…The global financial crisis of 2008 and the subsequent European Union (EU) sovereign debt crisis increased unemployment and temporary absences from the labour market. A comparative study of the impact on employment explained country variation in terms of relative labour market flexibility: greater flexibility was associated with more opportunities for re-employment, but the financial and economic crises exacerbated labour market polarisation (Eichhorst et al , 2010), as has the COVID-19 pandemic.…”
Section: Employment and Employability Challengesmentioning
“…Given the imbalance between employees' earnings and productivity even before the 2009 recession (Eichhorst et al, 2010), these employees have suffered a further decline in their negotiated wages and incomes (ECB, 2014). To tackle this problem, governments addressed labor costs (McKee-Ryan & Harvey, 2011) and regulated inactivity and employment through unemployment and wage loss support programs and staffed retraining programs to meet the new demands of the labor market (Eichhorst et al, 2010).…”
Section: Overprotective Labor Legislation and Oq Occurrencementioning
We build on the configurational approach to identify patterns of macro contextual factors leading to high country-level employee overqualification. We differentiate between subjective and objective employee overqualification and establish that each is caused by different configurations of macro factors. We also identify country-level overqualification archetypes and link specific countries with respective archetypes. We find that a country's non-vocational education system is a necessary condition for high objective overqualification, while objective overqualification itself is not a necessary condition for perceived overqualification. We discuss theoretical implications and offer policy implications.
“…Although many countries are recovering, the impact of the recent global economic and financial crisis on the capacities of economies to create jobs still reverberates. By all indications, it will take more time for labour markets to return to their pre-crisis levels that it will take for the prodiuctive sector to recover (Eichhorst et al, 2010). For example, in 2009 global GDP fell by 0.6 per cent and unemployment increased from 5.7 per cent to 6.3 per cent.…”
Section: Labour Market Trends and Demandsmentioning
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