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Business Environment and Labor Market Outcomes in ECA Countries

Author: Paloma Lopez-Garcia

Publisher:

Published: 2006

Total Pages: 44

ISBN-13:

New firm entry has been fundamental for job creation in the transition economies. Hence, the urge to reform the framework in which firms operate. This paper aims to improve our understanding of the business environment of the Europe and Central Asia (ECA) countries, as well as to assess which of the institutions that shape it are most important for labor market performance. To achieve that aim, the author groups the institutions into those affecting firm entry and those affecting business survival and growth, and proceeds to construct indicators to summarize them. Next, she analyzes the impact of the business environment institutions on the employment generated by the private sector of the countries, proxied by the service employment rate. The regression analysis uses an unbalanced panel of 28 ECA countries over 14 years-from 1988 to 2002. Recent literature on the labor market performance of the OECD countries argues that what matters for employment is the interaction between institutions and shocks. Accordingly, the explanatory variables used in the regression are the interactions between the transition shock suffered by the ECA countries and each of the business environment institutions previously defined. The author finds that access to finance is the most important institution across all ECA countries. The development of the financial sector can explain about 40 percent of private employment creation in the European transition economies according to the model. On the other hand, the poor access to finance in Bulgaria, Croatia, and above all, Romania, is the main factor behind their poor development of the private sector. Market regulation (credit and labor regulation), start-up costs, and the tax burden are all found to significantly affect employment as well.

Business Environment and Labor Market Outcomes in Europe and Central Asia Countries

Author: Paloma Lopez-Garcia

Publisher:

Published: 2012

Total Pages:

ISBN-13:

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Labor Market Developments During Economic Transition

Author: Jan J. Rutkowski

Publisher: World Bank Publications

Published: 2006

Total Pages: 52

ISBN-13:

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"The paper reviews labor market developments in the transition economies of Europe and Central Asia. It argues that the scarcity of productive job opportunities and the growing labor market segmentation are the two main labor market problems facing the transition economies. In the European transition economies the lack of jobs has led to persistent open unemployment. In the Commonwealth of Independent States (CIS) it has led to hidden unemployment (underemployment and low productivity employment). Unemployment in the European transition economies is supported by the developed social safety net. In contrast, in the CIS for most workers unemployment is not an affordable option. They either stick to their old, unproductive jobs in unrestructured enterprises, or work in the informal sector, or resort to subsistence agriculture. Thus, underemployment in the CIS is a mirror image of unemployment in the European transition economies. Accordingly, the high employment-to-population ratios in many CIS countries do not necessarily signify favorable labor market performance. Instead they often indicate delayed enterprise restructuring, the maintenance of unsustainable jobs in uncompetitive firms, and the existence of a large informal sector as an employer of last resort. Labor market segmentation has been caused by a sharp increase in earnings differentials and the attendant increase in the incidence of low-paid jobs, by the polarization of regional labor market conditions, and finally by the growth of the informal sector offering casual, low-productivity jobs. Labor market segmentation and accompanying inequalities are more pronounced in the CIS than in the European transition economies. "--World Bank web site.

Toward a New Social Contract

Author: Maurizio Bussolo

Publisher: World Bank Publications

Published: 2018-10-24

Total Pages: 248

ISBN-13: 146481354X

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The growing economic fissures in the societies of Europe and Central Asia between generations, between insiders and outsiders in the labor market, between rural and urban communities, and between the super-rich and everyone else, are threatening the sustainability of the social contract. The institutions that helped achieving a remarkable degree of equity and prosperity over the course of several decades now face considerable difficulties in coping with the challenges presented by these emerging forms of inequality. Public surveys reveal rising concerns over inequality of opportunity, while electoral results show a marked shift to populist parties that offer radical solutions to voters dissatisfied with the status quo. There is no single solution to relieve these tensions, and attempts to address them will vary considerably across the region. However, this publication proposes three broad policy principles: (1) promote labor market flexibility while maintaining protection for all types of labor contracts; (2) seek universality in the provision of social assistance, social insurance, and basic quality services; and (3) expand the tax base by complementing progressive labor-income taxation with taxation of capital. These principles could guide the rethinking of the social contract and fulfil European citizens’ aspirations for growth and equity.

Back to Work

Author: Omar Arias

Publisher: World Bank Publications

Published: 2014-01-15

Total Pages: 443

ISBN-13: 0821399101

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What can be done to create more and better jobs in Europe and Central Asia? And should there be specific policies to help workers access those jobs? The authors of this book examine these questions through the lens of two contextual factors: the legacy of centralized planned economies and the mounting demographic pressures associated with rapid aging in some countries and soaring numbers of youth entering the workforce in others. The authors find the following: Market reforms pay off, albeit with a lag, in terms of jobs and productivity. A small fraction of superstar high-growth firms accounts for most of the new jobs created in the region. Skills gaps hinder employment prospects, especially of youth and older workers, because of the inadequate response by the education and training systems to changes in the demand for skills. Employment is hindered by high implicit taxes on formal work and barriers that affect especially women, minorities, youth, and older workers. Low internal labor mobility prevents labor relocation to places with greater job creation potential. Back to Work: Growing with Jobs in Europe and Central Asia asserts that to get more people back to work and to grow with jobs, countries, especially late reformers, need to regain the momentum for economic and institutional reforms that existed before the economic crisis. They should lay the fundamentals to create jobs for all workers, by pushing reforms to create the enabling environment for existing firms to grow, become more productive, or exit the market and let new firms emerge and succeed (or fail fast and cheap). They should also implement policies to support workers so that those workers are prepared to take on the new jobs being created, by having the right skills and incentives, unhindered access to work, and being ready to relocate.

Global Economic Prospects, June 2021

Author: World Bank

Publisher: World Bank Publications

Published: 2021-08-03

Total Pages: 339

ISBN-13: 1464816662

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The world economy is experiencing a very strong but uneven recovery, with many emerging market and developing economies facing obstacles to vaccination. The global outlook remains uncertain, with major risks around the path of the pandemic and the possibility of financial stress amid large debt loads. Policy makers face a difficult balancing act as they seek to nurture the recovery while safeguarding price stability and fiscal sustainability. A comprehensive set of policies will be required to promote a strong recovery that mitigates inequality and enhances environmental sustainability, ultimately putting economies on a path of green, resilient, and inclusive development. Prominent among the necessary policies are efforts to lower trade costs so that trade can once again become a robust engine of growth. This year marks the 30th anniversary of the Global Economic Prospects. The Global Economic Prospects is a World Bank Group Flagship Report that examines global economic developments and prospects, with a special focus on emerging market and developing economies, on a semiannual basis (in January and June). Each edition includes analytical pieces on topical policy challenges faced by these economies.

Critical Connections

Author: David Michael Gould

Publisher: World Bank Publications

Published: 2018-09-25

Total Pages: 342

ISBN-13: 146481158X

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Critical Connections examines how trade, investment, migration, and other linkages among countries drive economic growth in the Europe and Central Asia region. The study breaks new ground by using a multidimensional approach that recognizes how each connectivity channel for growth is likely to be affected by the strength of other channels. This multidimensional view makes it easier to see that diversity in country connections and balance in all channels of connectivity are critical for achieving the greatest impact on growth. Europe and Central Asia provides a great laboratory for observing the role of multidimensional connectivity in action. The region’s 30 countries vary widely in the openness of their economies. Its collective experience shows how the various elements of cross-border connectivity work together to accelerate progrowth knowledge transfers, which in turn boost productivity through participation in today’s global value chains. A country’s economic partner might be just as important as the type of connection. Being well connected to highly connected countries can provide benefits beyond being well connected to comparatively isolated countries. Although greater connectivity can expose countries to external shocks, the report presents fact-based argument for policies that seek to build deeper and more diverse connections within the Europe and Central Asia region and globally. The message is timely. Europe’s once-confident march toward economic integration has slowed over the past decade, with voices in many countries questioning the wisdom of opening to the global economy. Critical Connections serves as a reminder to citizens and policy makers that greater regional and global connectivity has been a tremendous “convergence machine,†? raising living standards of lower-income countries toward those of wealthier middle- to high-income countries.

Global Economic Prospects, January 2019

Author: World Bank Group

Publisher: World Bank Publications

Published: 2019-02-12

Total Pages: 470

ISBN-13: 1464813868

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The outlook for the global economy has darkened. Global financing conditions have tightened, industrial production has moderated, trade tensions have intensified, and some large emerging market and developing economies have experienced significant financial market stress. Faced with these headwinds, the recovery in emerging market and developing economies has lost momentum. Downside risks have become more acute and include the possibility of disorderly financial market movements and an escalation of trade disputes. Debt vulnerabilities in emerging market and developing economies, particularly low-income countries, have increased. More frequent severe weather events would raise the possibility of large swings in international food prices, which could deepen poverty. In this difficult environment, it is of paramount importance for emerging market and developing economies to rebuild policy buffers while laying a stronger foundation for future growth by boosting human capital, promoting trade integration, and addressing the challenges associated with informality,

Reaping Digital Dividends

Author: Tim Kelly

Publisher: World Bank Publications

Published: 2017-04-14

Total Pages: 386

ISBN-13: 1464810273

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From East to West, the economies of Europe and Central Asia (ECA) are not taking full advantage of the internet to foster economic growth and job creation. The residents of Central Asia and the South Caucasus pay some of the highest prices in the world for internet connections that are slow and unreliable. In contrast, Europe enjoys some of the world’s fastest and affordable internet services. However, its firms and individuals are not fully exploiting the internet to achieve higher productivity growth as well as more and better jobs. Reaping Digital Dividends investigates the barriers that are holding back the broader adoption of the internet in ECA. The report identifies the main bottlenecks and provides policy recommendations tailored to economies at varying levels of digital development. It concludes that policies to increase internet access are necessary but not sufficient. Policies to foster competition, international trade and skills supply, as well as adapting regulations to the changing business environment and labor markets, will also be necessary. In other words, Reaping Digital Dividends not only requires better connectivity, but also complementary factors that allow governments, firms and individuals to make the most out of it.

Looking Beyond the Horizon

Author: William R. Sutton

Publisher: World Bank Publications

Published: 2013-04-04

Total Pages: 201

ISBN-13: 0821397699

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The risks and opportunities of climate change for agriculture can be effectively dealt only by aligning policies, developing institutional capabilities, and investing in infrastructure and farms, as per the experiences of Albania, FYR Macedonia, Moldova, and Uzbekistan.