Social Consequences of the Global Financial Crisis in Latin America : Some Preliminary, and Surprisingly Optimistic, Conjectures

Surprisingly, the most severe economic crisis the world has seen since the great depression does not appear to have had as dramatic an impact on poverty in Latin America as might have been expected. The exceptions to this heartening assessment are...

Full description

Bibliographic Details
Main Authors:	Ferreira, Francisco H.G., Schady, Norbert
Format:	Brief
Language:	English
Published:	World Bank, Washington, DC 2012
Subjects:	AGGREGATE DEMAND ANTI-POVERTY BENEFICIARY CASH TRANSFERS CHANGES IN POVERTY CURRENCY CURRENCY CRISES DEBT DECLINE IN POVERTY DEVELOPING COUNTRIES DEVELOPMENT BANK DEVELOPMENT ECONOMICS DEVELOPMENT INDICATORS DIVERSIFICATION ECONOMIC CONTRACTIONS ECONOMIC CRISES ECONOMIC GROWTH ECONOMIC SHOCKS EMPLOYMENT PROGRAM EMPLOYMENT SUBSIDY EQUIPMENT EXPENDITURE EXPENDITURES EXTERNAL SHOCKS EXTERNAL TRADE EXTREME POVERTY FINANCIAL CRISIS FISCAL POLICIES GOVERNMENT INVESTMENT GROSS DOMESTIC PRODUCT GROWTH ELASTICITY GROWTH PROSPECTS GROWTH RATE HEALTH INSURANCE HIGH INFLATION HOUSEHOLD INCOMES HOUSEHOLD SURVEY INCIDENCE OF POVERTY INCOME INCOME DISTRIBUTION INCOME POVERTY INFLATION INFLATION RATES INFORMAL SECTOR INFORMAL SECTOR WORKERS JOBS LABOR ABSORPTION LABOR DEMAND LABOR MARKET LABOR MARKETS LABOUR LABOUR COST LEVY MANUFACTURING WAGES MICROFINANCE MONETARY POLICY OPEN UNEMPLOYMENT PAYMENT SYSTEMS PAYROLL TAXES PENSION POLICY RESEARCH POLICY RESPONSE POLICY RESPONSES POVERTY CHANGES POVERTY DATA POVERTY DYNAMICS POVERTY IMPACT POVERTY INCREASES POVERTY LINE POVERTY PROGRAMS POVERTY REDUCTION PRO-POOR PUBLIC EMPLOYMENT PUBLIC SPENDING PUBLIC WORKS REAL WAGE REAL WAGE DECLINES REAL WAGES REMITTANCE REMITTANCES RETRAINING PROGRAM SAFETY SAFETY NETS SCHOOLING SEVERANCE PAYMENTS SOCIAL PROTECTION SOCIAL SPENDING SUBSTITUTION EFFECT TAX TEMPORARY EMPLOYMENT TEMPORARY EMPLOYMENT SCHEMES TRADING UNEMPLOYED UNEMPLOYED WORKERS UNEMPLOYMENT UNEMPLOYMENT INSURANCE UNEMPLOYMENT RATE URBAN WORKERS VOLATILE REGION VULNERABLE HOUSEHOLDS WAGE SUBSIDY WORKER WORKERS YOUNG WORKERS
Online Access:	http://documents.worldbank.org/curated/en/2009/11/11953778/social-consequences-global-financial-crisis-latin-america-some-preliminary-surprisingly-optimistic-conjectures http://hdl.handle.net/10986/10957

id	okr-10986-10957
recordtype	oai_dc
spelling	okr-10986-109572021-04-23T14:02:53Z Social Consequences of the Global Financial Crisis in Latin America : Some Preliminary, and Surprisingly Optimistic, Conjectures Ferreira, Francisco H.G. Schady, Norbert AGGREGATE DEMAND ANTI-POVERTY BENEFICIARY CASH TRANSFERS CHANGES IN POVERTY CURRENCY CURRENCY CRISES DEBT DECLINE IN POVERTY DEVELOPING COUNTRIES DEVELOPMENT BANK DEVELOPMENT ECONOMICS DEVELOPMENT INDICATORS DIVERSIFICATION ECONOMIC CONTRACTIONS ECONOMIC CRISES ECONOMIC GROWTH ECONOMIC SHOCKS EMPLOYMENT PROGRAM EMPLOYMENT SUBSIDY EQUIPMENT EXPENDITURE EXPENDITURES EXTERNAL SHOCKS EXTERNAL TRADE EXTREME POVERTY FINANCIAL CRISIS FISCAL POLICIES GOVERNMENT INVESTMENT GROSS DOMESTIC PRODUCT GROWTH ELASTICITY GROWTH PROSPECTS GROWTH RATE HEALTH INSURANCE HIGH INFLATION HOUSEHOLD INCOMES HOUSEHOLD SURVEY INCIDENCE OF POVERTY INCOME INCOME DISTRIBUTION INCOME POVERTY INFLATION INFLATION RATES INFORMAL SECTOR INFORMAL SECTOR WORKERS JOBS LABOR ABSORPTION LABOR DEMAND LABOR MARKET LABOR MARKETS LABOUR LABOUR COST LEVY MANUFACTURING WAGES MICROFINANCE MONETARY POLICY OPEN UNEMPLOYMENT PAYMENT SYSTEMS PAYROLL TAXES PENSION POLICY RESEARCH POLICY RESPONSE POLICY RESPONSES POVERTY CHANGES POVERTY DATA POVERTY DYNAMICS POVERTY IMPACT POVERTY INCREASES POVERTY LINE POVERTY PROGRAMS POVERTY REDUCTION PRO-POOR PUBLIC EMPLOYMENT PUBLIC SPENDING PUBLIC WORKS REAL WAGE REAL WAGE DECLINES REAL WAGES REMITTANCE REMITTANCES RETRAINING PROGRAM SAFETY SAFETY NETS SCHOOLING SEVERANCE PAYMENTS SOCIAL PROTECTION SOCIAL SPENDING SUBSTITUTION EFFECT TAX TEMPORARY EMPLOYMENT TEMPORARY EMPLOYMENT SCHEMES TRADING UNEMPLOYED UNEMPLOYED WORKERS UNEMPLOYMENT UNEMPLOYMENT INSURANCE UNEMPLOYMENT RATE URBAN WORKERS VOLATILE REGION VULNERABLE HOUSEHOLDS WAGE SUBSIDY WORKER WORKERS YOUNG WORKERS Surprisingly, the most severe economic crisis the world has seen since the great depression does not appear to have had as dramatic an impact on poverty in Latin America as might have been expected. The exceptions to this heartening assessment are the countries geographically and economically closest to the United States, chiefly Mexico. Elsewhere, although poverty statistics for 2008-09 are not yet available, the data on output, unemployment and real wages suggest relatively modest changes in poverty. There are two candidate explanations for the smaller-than-expected increases in poverty in Latin America: lower output declines, deriving from enhanced protection against external shocks; and a lower output elasticity of poverty. If the latter is indeed observed when the required data becomes available, the report conjecture that it may reflect both the lower inflation rates now prevalent in the region, and recent reforms in the social protection system. For all their faults, the social protection systems in many Latin America and Caribbean (LAC) countries now reach the poor rather than only the middle-classes. The note concludes arguing against complacency, and pointing to areas where further research; and greater policy reform and experimentation are needed. 2012-08-13T13:41:22Z 2012-08-13T13:41:22Z 2009-11 http://documents.worldbank.org/curated/en/2009/11/11953778/social-consequences-global-financial-crisis-latin-america-some-preliminary-surprisingly-optimistic-conjectures http://hdl.handle.net/10986/10957 English Latin America and the Caribbean Region (LCR) Crisis Briefs CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank World Bank, Washington, DC Publications & Research :: Brief Publications & Research Latin America & Caribbean
repository_type	Digital Repository
institution_category	Foreign Institution
institution	Digital Repositories
building	World Bank Open Knowledge Repository
collection	World Bank
language	English
topic	AGGREGATE DEMAND ANTI-POVERTY BENEFICIARY CASH TRANSFERS CHANGES IN POVERTY CURRENCY CURRENCY CRISES DEBT DECLINE IN POVERTY DEVELOPING COUNTRIES DEVELOPMENT BANK DEVELOPMENT ECONOMICS DEVELOPMENT INDICATORS DIVERSIFICATION ECONOMIC CONTRACTIONS ECONOMIC CRISES ECONOMIC GROWTH ECONOMIC SHOCKS EMPLOYMENT PROGRAM EMPLOYMENT SUBSIDY EQUIPMENT EXPENDITURE EXPENDITURES EXTERNAL SHOCKS EXTERNAL TRADE EXTREME POVERTY FINANCIAL CRISIS FISCAL POLICIES GOVERNMENT INVESTMENT GROSS DOMESTIC PRODUCT GROWTH ELASTICITY GROWTH PROSPECTS GROWTH RATE HEALTH INSURANCE HIGH INFLATION HOUSEHOLD INCOMES HOUSEHOLD SURVEY INCIDENCE OF POVERTY INCOME INCOME DISTRIBUTION INCOME POVERTY INFLATION INFLATION RATES INFORMAL SECTOR INFORMAL SECTOR WORKERS JOBS LABOR ABSORPTION LABOR DEMAND LABOR MARKET LABOR MARKETS LABOUR LABOUR COST LEVY MANUFACTURING WAGES MICROFINANCE MONETARY POLICY OPEN UNEMPLOYMENT PAYMENT SYSTEMS PAYROLL TAXES PENSION POLICY RESEARCH POLICY RESPONSE POLICY RESPONSES POVERTY CHANGES POVERTY DATA POVERTY DYNAMICS POVERTY IMPACT POVERTY INCREASES POVERTY LINE POVERTY PROGRAMS POVERTY REDUCTION PRO-POOR PUBLIC EMPLOYMENT PUBLIC SPENDING PUBLIC WORKS REAL WAGE REAL WAGE DECLINES REAL WAGES REMITTANCE REMITTANCES RETRAINING PROGRAM SAFETY SAFETY NETS SCHOOLING SEVERANCE PAYMENTS SOCIAL PROTECTION SOCIAL SPENDING SUBSTITUTION EFFECT TAX TEMPORARY EMPLOYMENT TEMPORARY EMPLOYMENT SCHEMES TRADING UNEMPLOYED UNEMPLOYED WORKERS UNEMPLOYMENT UNEMPLOYMENT INSURANCE UNEMPLOYMENT RATE URBAN WORKERS VOLATILE REGION VULNERABLE HOUSEHOLDS WAGE SUBSIDY WORKER WORKERS YOUNG WORKERS
spellingShingle	AGGREGATE DEMAND ANTI-POVERTY BENEFICIARY CASH TRANSFERS CHANGES IN POVERTY CURRENCY CURRENCY CRISES DEBT DECLINE IN POVERTY DEVELOPING COUNTRIES DEVELOPMENT BANK DEVELOPMENT ECONOMICS DEVELOPMENT INDICATORS DIVERSIFICATION ECONOMIC CONTRACTIONS ECONOMIC CRISES ECONOMIC GROWTH ECONOMIC SHOCKS EMPLOYMENT PROGRAM EMPLOYMENT SUBSIDY EQUIPMENT EXPENDITURE EXPENDITURES EXTERNAL SHOCKS EXTERNAL TRADE EXTREME POVERTY FINANCIAL CRISIS FISCAL POLICIES GOVERNMENT INVESTMENT GROSS DOMESTIC PRODUCT GROWTH ELASTICITY GROWTH PROSPECTS GROWTH RATE HEALTH INSURANCE HIGH INFLATION HOUSEHOLD INCOMES HOUSEHOLD SURVEY INCIDENCE OF POVERTY INCOME INCOME DISTRIBUTION INCOME POVERTY INFLATION INFLATION RATES INFORMAL SECTOR INFORMAL SECTOR WORKERS JOBS LABOR ABSORPTION LABOR DEMAND LABOR MARKET LABOR MARKETS LABOUR LABOUR COST LEVY MANUFACTURING WAGES MICROFINANCE MONETARY POLICY OPEN UNEMPLOYMENT PAYMENT SYSTEMS PAYROLL TAXES PENSION POLICY RESEARCH POLICY RESPONSE POLICY RESPONSES POVERTY CHANGES POVERTY DATA POVERTY DYNAMICS POVERTY IMPACT POVERTY INCREASES POVERTY LINE POVERTY PROGRAMS POVERTY REDUCTION PRO-POOR PUBLIC EMPLOYMENT PUBLIC SPENDING PUBLIC WORKS REAL WAGE REAL WAGE DECLINES REAL WAGES REMITTANCE REMITTANCES RETRAINING PROGRAM SAFETY SAFETY NETS SCHOOLING SEVERANCE PAYMENTS SOCIAL PROTECTION SOCIAL SPENDING SUBSTITUTION EFFECT TAX TEMPORARY EMPLOYMENT TEMPORARY EMPLOYMENT SCHEMES TRADING UNEMPLOYED UNEMPLOYED WORKERS UNEMPLOYMENT UNEMPLOYMENT INSURANCE UNEMPLOYMENT RATE URBAN WORKERS VOLATILE REGION VULNERABLE HOUSEHOLDS WAGE SUBSIDY WORKER WORKERS YOUNG WORKERS Ferreira, Francisco H.G. Schady, Norbert Social Consequences of the Global Financial Crisis in Latin America : Some Preliminary, and Surprisingly Optimistic, Conjectures
geographic_facet	Latin America & Caribbean
relation	Latin America and the Caribbean Region (LCR) Crisis Briefs
description	Surprisingly, the most severe economic crisis the world has seen since the great depression does not appear to have had as dramatic an impact on poverty in Latin America as might have been expected. The exceptions to this heartening assessment are the countries geographically and economically closest to the United States, chiefly Mexico. Elsewhere, although poverty statistics for 2008-09 are not yet available, the data on output, unemployment and real wages suggest relatively modest changes in poverty. There are two candidate explanations for the smaller-than-expected increases in poverty in Latin America: lower output declines, deriving from enhanced protection against external shocks; and a lower output elasticity of poverty. If the latter is indeed observed when the required data becomes available, the report conjecture that it may reflect both the lower inflation rates now prevalent in the region, and recent reforms in the social protection system. For all their faults, the social protection systems in many Latin America and Caribbean (LAC) countries now reach the poor rather than only the middle-classes. The note concludes arguing against complacency, and pointing to areas where further research; and greater policy reform and experimentation are needed.
format	Publications & Research :: Brief
author	Ferreira, Francisco H.G. Schady, Norbert
author_facet	Ferreira, Francisco H.G. Schady, Norbert
author_sort	Ferreira, Francisco H.G.
title	Social Consequences of the Global Financial Crisis in Latin America : Some Preliminary, and Surprisingly Optimistic, Conjectures
title_short	Social Consequences of the Global Financial Crisis in Latin America : Some Preliminary, and Surprisingly Optimistic, Conjectures
title_full	Social Consequences of the Global Financial Crisis in Latin America : Some Preliminary, and Surprisingly Optimistic, Conjectures
title_fullStr	Social Consequences of the Global Financial Crisis in Latin America : Some Preliminary, and Surprisingly Optimistic, Conjectures
title_full_unstemmed	Social Consequences of the Global Financial Crisis in Latin America : Some Preliminary, and Surprisingly Optimistic, Conjectures
title_sort	social consequences of the global financial crisis in latin america : some preliminary, and surprisingly optimistic, conjectures
publisher	World Bank, Washington, DC
publishDate	2012
url	http://documents.worldbank.org/curated/en/2009/11/11953778/social-consequences-global-financial-crisis-latin-america-some-preliminary-surprisingly-optimistic-conjectures http://hdl.handle.net/10986/10957
_version_	1764414995695665152

Social Consequences of the Global Financial Crisis in Latin America : Some Preliminary, and Surprisingly Optimistic, Conjectures

Similar Items