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

By Magda E. Kandil, Genevieve M Lindow, Mario Mansilla, Joel Chiedu Okwuokei, Jochen M. Schmittmann, Qiaoe Chen, Xin Li, Marika Santoro, Solomon Stavis

July 1, 2014

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Magda E. Kandil, Genevieve M Lindow, Mario Mansilla, Joel Chiedu Okwuokei, Jochen M. Schmittmann, Qiaoe Chen, Xin Li, Marika Santoro, and Solomon Stavis. Labor Market Issues in the Caribbean: Scope to Mobilize Employment Growth, (USA: International Monetary Fund, 2014) accessed December 22, 2024

Disclaimer: This Working Paper should not be reported as representing the views of the IMF.The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate

Summary

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.

Subject: Employment, Labor, Labor force, Labor markets, Unemployment, Unemployment rate

Keywords: Business cycles, Caribbean, Determination flexibility, Elasticity estimate, Employment, Employment growth, Employment-output elasticity, Global, Government employment program, Job content, Labor force, Labor market, Labor markets, Macro policies, Private sector, Structural reforms, Unemployment, Unemployment rate, WP

Publication Details

Pages:

46
Volume:

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DOI:

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Issue:

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Series:

Working Paper No. 2014/115
Stock No:

WPIEA2014115
ISBN:

9781498387804
ISSN:

1018-5941

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