scholarly journals The Distributional Impact of Recessions

2020 ◽  
Vol 20 (96) ◽  
Author(s):  
Ippei Shibata
Keyword(s):  
Financial Crisis ◽  
Low Income ◽  
Global Financial Crisis ◽  
Skilled Workers ◽  
Working At Home ◽  
Current Population Survey Data ◽  
Worker Characteristics ◽  
Wage Distributions ◽  
The Global Financial Crisis ◽  
Distributional Impact

Using the U.S. Current Population Survey data, this paper compares the distributional impacts of the Pandemic Crisis and those of the Global Financial Crisis in terms of (i) worker characteristics, (ii) job characteristics–“social” (where individuals interact to consume goods), “teleworkable” (where individuals have the option of working at home), and “essential” jobs (which were not subject to government mandated shut-downs during the recent recession), and (iii) wage distributions. We find that young and less educated workers have always been affected more in recessions, while women and Hispanics were more severely affected during the Pandemic Recession. Surprisingly, teleworkable, social and essential jobs have been historically less cyclical. This historical acyclicality of teleworkable occupations is attributable to its higher share of skilled workers. Unlike during the Global Financial Crisis, however, employment in social industries fell more whereas employment in teleworkable and essential jobs fell less during the Pandemic Crisis. Lastly, during both recessions, workers at low-income earnings have suffered more than top-income earners, suggesting a significant distributional impact of the two recessions.

Guidance Note on the Fund’s Transparency Policy

Policy Papers ◽  
2010 ◽  
Vol 2010 (2) ◽  
Author(s):  
Keyword(s):  
Financial Crisis ◽  
Low Income ◽  
Public Debt ◽  
Global Financial Crisis ◽  
Low Income Countries ◽  
Debt Sustainability ◽  
Guidance Note ◽  
Fiscal Revenue ◽  
Near Term ◽  
The Global Financial Crisis

The global financial crisis has had a significant impact on low-income countries (LICs)’ debt vulnerabilities. Recent debt sustainability analyses (DSAs) indicate that external and fiscal financing requirements have increased. In addition, standard measures of a country’s capacity to repay debt?GDP, exports, and fiscal revenue?are expected to be permanently lower. On average, debt ratios are therefore expected to deteriorate in the near term, particularly for public debt.

Guidance Note for Fund Staff on the Treatment and Use of SDR Allocations

Policy Papers ◽  
2009 ◽  
Vol 09 ◽  
Author(s):  
Keyword(s):  
Developing Countries ◽  
Financial Crisis ◽  
Low Income ◽  
Global Financial Crisis ◽  
Emerging Market ◽  
Low Income Countries ◽  
Guidance Note ◽  
Special Drawing ◽  
The Global Financial Crisis ◽  
Special Drawing Rights

Against the backdrop of the global financial crisis, the IMF has decided to implement a US$250 billion general allocation of special drawing rights (SDRs). In addition, the Fourth Amendment of the Fund’s Articles of Agreement has recently become effective, and will make available to SDR Department participants a special allocation of up to an additional SDR 21.5 billion (US$33 billion). Nearly US$115 billion of these combined allocations will go to emerging market and developing countries, including about US$20 billion to low-income countries (LICs), thereby providing an important boost to the reserves of countries with the greatest needs.

The Implications of the Global Financial Crisis for Low-Income Countries—An Update

Policy Papers ◽  
2009 ◽  
Vol 09 ◽  
Author(s):  
Keyword(s):  
Financial Crisis ◽  
Low Income ◽  
Global Financial Crisis ◽  
Low Income Countries ◽  
Medium Term ◽  
Fdi Inflows ◽  
Donor Support ◽  
World Demand ◽  
The Global Financial Crisis ◽  
Do So

Low-income countries are being hit hard by the global financial crisis. They are facing a sharp contraction in export growth, FDI inflows, and remittances, and lower-than-committed aid. But a marked recovery is in prospect for 2010 helped by rising world demand and supported by short-term domestic policies. Countries are using fiscal and other policies to respond to the crisis and should continue to do so, where appropriate, until the economic recovery is clearly underway. However, the risks to debt sustainability are rising and countries should begin preparing to realign policies toward medium-term sustainability once the recovery is clearly on the move. Additional highly concessional donor support is needed to ensure that countries are not forced to make these adjustments prematurely, and to facilitate a smooth return to a sustainable debt path, with strong growth, over the medium term.

Review of Facilities for Low-Income Countries

Policy Papers ◽  
2012 ◽  
Vol 2012 (58) ◽  
pp. 1
Author(s):  
Keyword(s):  
Financial Crisis ◽  
Low Income ◽  
Global Financial Crisis ◽  
Low Income Countries ◽  
Effective Response ◽  
The Global Financial Crisis

The 2009 reforms have broadly achieved their objective of closing gaps and creating a streamlined architecture of facilities that is better tailored to the diverse needs of LICs. Supported by the financing package to boost the PRGT’s lending capacity for 2009–14 and the accompanying doubling of access, the Fund was able to mount an effective response to LICs’ needs during the global financial crisis.

scholarly journals Insurance demand in emerging Asian and OECD countries: a comparative perspective

2020 ◽  
Vol 47 (3) ◽  
pp. 350-364
Author(s):  
Waheed Akhter ◽  
Vasileios Pappas ◽  
Saad Ullah Khan
Keyword(s):  
Financial Crisis ◽  
Peer Review ◽  
Low Income ◽  
Global Financial Crisis ◽  
Oecd Countries ◽  
Data Sets ◽  
Insurance Demand ◽  
Content Type ◽  
General Insurance ◽  
The Global Financial Crisis

PurposeIn this paper, we aim to assess insurance demand across selected Asian and OECD countries during the period of the global financial crisis.Design/methodology/approachWe collected data from 55 emerging Asian and OECD countries during the period of the global financial crisis. Our methodology relies on panel regressions. Separate models are run for the Asia/OECD economies and a follow-up distinction between high/low-income regions is also made.FindingsWe find that global financial crisis affects negatively the general insurance demand particularly in high-income region. Higher dependency ratio in Asia tends to decrease insurance demand, whereas education in case of Asia positively influences insurance demand indicating that higher literacy rate can be helpful to capture the potential customers. Our results further reveal that life insurance is an important driver for insurance demand in OECD countries, whereas general insurance demand is higher in the Asian economies.Research limitations/implicationsA limitation of this study is that data sets employed do not differentiate between different life and general insurance products.Practical implicationsThis study is helpful for regulators, policymakers and insurance providers to evaluate, assess and monitor insurance demand in relevant countries.Originality/valueThis is one of the pioneering studies that have assessed insurance demand among emerging Asian and OECD countries during the period of the global financial crisis.Peer reviewThe peer review history for this article is available at: https://publons.com/publon/10.1108/IJSE-08-2019-0523

scholarly journals Global Shocks and Their Impact on Low-Income Countries: Lessons from the global Financial Crisis

2011 ◽  
Author(s):  
Andrew Berg ◽  
Chris Papageorgiou ◽  
Catherine A. Pattillo ◽  
Martin Schindler ◽  
Nikola Spatafora ◽  
...  
Keyword(s):  
Financial Crisis ◽  
Low Income ◽  
Global Financial Crisis ◽  
Low Income Countries ◽  
Global Shocks ◽  
The Global Financial Crisis

scholarly journals The Global Financial Crisis and Healthcare Inequality in Japan

2021 ◽  
Author(s):  
Sayaka Sakoda ◽  
Masaoki Tamura ◽  
Naohiko Wakutsu
Keyword(s):  
Health Care ◽  
Financial Crisis ◽  
Low Income ◽  
Global Financial Crisis ◽  
Health Care Expenditure ◽  
Care Needs ◽  
Middle Income ◽  
Income Class ◽  
The Rich ◽  
The Global Financial Crisis

AbstractThe aim of this study is to clarify whether health-care inequality in Japan widens during a depression, even though Japan has a universal health-care system. To this end, we investigate the time-series fluctuations in health-care expenditure inequalities in Japan for the period 2008–2017, which includes the period during which the global financial crisis affected Japan. We construct an economy-wide inequality index comparing the actual health-care expenditure at various income levels (low, middle and high) against the estimated health-care needs. The findings of the study are as follows. First, the rich (the top 20% income class) spend far more than their estimated needs on health care, whereas the poor (bottom 20%) spend far less. Second, during the global financial crisis, health-care inequality especially among the working generation became greater in Japan, mainly because not only the low-income class but also the middle-income class (the bottom 30–60%) was unable to pay for health care.

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