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Research output: Contribution to Journal/Magazine › Journal article › peer-review
Research output: Contribution to Journal/Magazine › Journal article › peer-review
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TY - JOUR
T1 - COVID-19, The Great Recession and Economic Recovery
T2 - A Tale of Two Crises
AU - Ingham, Hilary
PY - 2022/7/7
Y1 - 2022/7/7
N2 - COVID-19 caused a major economic downturn, the like of which had not been seen since the Great Recession although the underlying causes of the two crises were very different; systemic risk versus a virus. Here we look at how flexible work practices, allied with adequate supports and lifelong learning opportunities, aided economic recovery following the earlier crisis in order to see if there are any lessons to be learnt for post-pandemic recovery. Overall, the result indicated that flexicurity provided a modest growth dividend during the Great Recession, typically no more than one percentage point. Of the individual components, the short-run results indicated that security along with life-long learning and part-time work proved the most beneficial, although flexible work practices also boosted growth, albeit to a lesser extent. For flexible labour markets, the long-run results indicated that the growth gains were highest in trusting economies with, or without, social partner engagement.
AB - COVID-19 caused a major economic downturn, the like of which had not been seen since the Great Recession although the underlying causes of the two crises were very different; systemic risk versus a virus. Here we look at how flexible work practices, allied with adequate supports and lifelong learning opportunities, aided economic recovery following the earlier crisis in order to see if there are any lessons to be learnt for post-pandemic recovery. Overall, the result indicated that flexicurity provided a modest growth dividend during the Great Recession, typically no more than one percentage point. Of the individual components, the short-run results indicated that security along with life-long learning and part-time work proved the most beneficial, although flexible work practices also boosted growth, albeit to a lesser extent. For flexible labour markets, the long-run results indicated that the growth gains were highest in trusting economies with, or without, social partner engagement.
KW - COVID-19
KW - the Great Recession
KW - labour market support
KW - flexible working
U2 - 10.1111/jcms.13383
DO - 10.1111/jcms.13383
M3 - Journal article
JO - Journal of Common Market Studies
JF - Journal of Common Market Studies
SN - 0021-9886
ER -