Assessing the flexibility of the labor market in Chile: An international perspective

The unemployment rate in Chile averaged slightly over 6.5 percent throughout a ten-year period of high economic growth that ended in 1997. Unemployment then rose significantly at the outset of the Asian crisis, reaching levels near 11 percent. This broadly coincided with the implementation of a set...

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Autores principales:	Albagli, Elías, García Silva, Pablo, Restrepo L., Jorge E.
Formato:	Artículo
Lenguaje:	eng
Publicado:	Banco Central de Chile 2019
Materias:	MERCADO LABORAL FLEXIBILIDAD LABORAL DESEMPLEO DESARROLLO ECONÓMICO
Acceso en línea:	https://hdl.handle.net/20.500.12580/3687
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spelling	oai-20.500.12580-36872021-04-24T10:29:16Z Assessing the flexibility of the labor market in Chile: An international perspective Albagli, Elías García Silva, Pablo Restrepo L., Jorge E. MERCADO LABORAL FLEXIBILIDAD LABORAL DESEMPLEO DESARROLLO ECONÓMICO The unemployment rate in Chile averaged slightly over 6.5 percent throughout a ten-year period of high economic growth that ended in 1997. Unemployment then rose significantly at the outset of the Asian crisis, reaching levels near 11 percent. This broadly coincided with the implementation of a set of legal initiatives that increased protection standards in labor regulation. After the end of the military government in 1990, labor codes began to revert to their previous trend of high levels of regulation, with reforms approved in congress in 1990, 1993 and 2001. These introduced higher costs of dismissal, sanctions against firms that fire without just cause, extended provisions for and broader coverage of union bargaining, and a significant increase in the minimum wage (which was implemented in three stages beginning in 1998). These regulations are closer to the European-style labor market protection than to the Anglo-American tradition, which relies more on market forces. A quick look at the relative performance of unemployment rates under these two approaches can help clarify the controversy generated among economists and policymakers during this period. 2019-11-01T00:02:52Z 2019-11-01T00:02:52Z 2005 Artículo 956-7421-20-X https://hdl.handle.net/20.500.12580/3687 eng Series on Central Banking, Analysis, and Economic Policies, no. 8 Attribution-NonCommercial-NoDerivs 3.0 Chile http://creativecommons.org/licenses/by-nc-nd/3.0/cl/ .pdf Sección o Parte de un Documento p. 301-328 application/pdf CHILE Banco Central de Chile
institution	Banco Central
collection	Banco Central
language	eng
topic	MERCADO LABORAL FLEXIBILIDAD LABORAL DESEMPLEO DESARROLLO ECONÓMICO
spellingShingle	MERCADO LABORAL FLEXIBILIDAD LABORAL DESEMPLEO DESARROLLO ECONÓMICO Albagli, Elías García Silva, Pablo Restrepo L., Jorge E. Assessing the flexibility of the labor market in Chile: An international perspective
description	The unemployment rate in Chile averaged slightly over 6.5 percent throughout a ten-year period of high economic growth that ended in 1997. Unemployment then rose significantly at the outset of the Asian crisis, reaching levels near 11 percent. This broadly coincided with the implementation of a set of legal initiatives that increased protection standards in labor regulation. After the end of the military government in 1990, labor codes began to revert to their previous trend of high levels of regulation, with reforms approved in congress in 1990, 1993 and 2001. These introduced higher costs of dismissal, sanctions against firms that fire without just cause, extended provisions for and broader coverage of union bargaining, and a significant increase in the minimum wage (which was implemented in three stages beginning in 1998). These regulations are closer to the European-style labor market protection than to the Anglo-American tradition, which relies more on market forces. A quick look at the relative performance of unemployment rates under these two approaches can help clarify the controversy generated among economists and policymakers during this period.
format	Artículo
author	Albagli, Elías García Silva, Pablo Restrepo L., Jorge E.
author_facet	Albagli, Elías García Silva, Pablo Restrepo L., Jorge E.
author_sort	Albagli, Elías
title	Assessing the flexibility of the labor market in Chile: An international perspective
title_short	Assessing the flexibility of the labor market in Chile: An international perspective
title_full	Assessing the flexibility of the labor market in Chile: An international perspective
title_fullStr	Assessing the flexibility of the labor market in Chile: An international perspective
title_full_unstemmed	Assessing the flexibility of the labor market in Chile: An international perspective
title_sort	assessing the flexibility of the labor market in chile: an international perspective
publisher	Banco Central de Chile
publishDate	2019
url	https://hdl.handle.net/20.500.12580/3687
work_keys_str_mv	AT albaglielias assessingtheflexibilityofthelabormarketinchileaninternationalperspective AT garciasilvapablo assessingtheflexibilityofthelabormarketinchileaninternationalperspective AT restrepoljorgee assessingtheflexibilityofthelabormarketinchileaninternationalperspective
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Assessing the flexibility of the labor market in Chile: An international perspective

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