How Resilient Is the Labor Market After a Crisis? A Comparative Analysis of the Effects Generated by the Financial Crisis vs. the COVID-19 Crisis

Valentina Vasile, Raluca Mazilescu and Marius Surugiu
Additional contact information
Valentina Vasile: Institute of National Economy
Marius Surugiu: Institute of National Economy

Chapter Chapter 24 in Crisis after the Crisis: Economic Development in the New Normal, 2023, pp 335-366 from Springer

Abstract: Abstract The crises of the last decades, regardless of their nature, have influenced the labor market, with delayed and prolonged effects. The impact of the financial crisis of 2008–2009 and the COVID-19 one not only affected the level of employment but also generated major changes in the structure of employment, in the content of jobs, and in the dynamics of labor market reforms, the effects being delayed, amplified, and prolonged. Moreover, they reconfigured the balances, deepened gaps, and generated new inequities. Various countries and industries saw diverse outcomes from the post-crisis recovery, as well as differences in the recovery length and consequences from the different policy instruments and measures used. In some situations, the recovery was only partially successful. Using the unemployment rate as a balance indicator and the NEETs rate and job vacancy rate as indicators for a strong recovery, we examined some of the consequences of the crisis on the labor market in this chapter. We focused on the effects of the labor market changes during and after the crisis on economic development measured by gross domestic product (GDP)/capita. The results of the comparative analysis identified to what extent the economic recovery is dependent on the resilience of the labor market.

Keywords: Crisis; Labor market resilience; Comparative analysis (search for similar items in EconPapers)
Date: 2023
References: Add references at CitEc
Citations:

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:spr:prbchp:978-3-031-30996-0_24

Ordering information: This item can be ordered from
http://www.springer.com/9783031309960

DOI: 10.1007/978-3-031-30996-0_24

Access Statistics for this chapter

More chapters in Springer Proceedings in Business and Economics from Springer
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().