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By Nancy Birdsall;Augusto de la Torre;Rachel Menezes

ISBN-10: 1933286164

ISBN-13: 9781933286167

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ECLAC (2006a). 49. Bertola (1990) finds for a sample of industrial countries that employment protection reduces job destruction but also inhibits job creation. Caballero and others (2004) shows that job security regulation hinders the creative destruction process, with negative effects on the annual speed of adjustment to shocks and productivity growth. Loayza, Oviedo, and Servén (2005), in an analysis of a large sample of industrial and developing countries, suggests that a heavier regulatory burden—particularly in labor and product markets—reduces growth and induces informality.

It is therefore not surprising that market reforms that focused on increasing efficiency and competitiveness failed, by themselves, to alter the perception that the region’s economies work unfairly. 9 That acceleration has raised economic uncertainty, especially for unskilled workers who feel at the mercy of global forces that they cannot control. The resulting sense of 7. For preliminary evidence that initial inequality may itself limit reform efforts (including but not necessarily reform of the labor market specifically), see Behrman, Birdsall, and Pettersson (2008, forthcoming).

At the same time, we have selected policies that do not sacrifice growth. What is known about the links among poverty, inequality, and growth in developing countries suggests that opportunities abound for win-win solutions—that is, solutions that can lead to simultaneous advances in growth and equity. 13 In effect, where financial and labor markets do not work well, the poor and the unskilled are more likely to be elbowed out of access to credit, jobs, and other opportunities to be 11. IDB (1999, p.

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Fair Growth: Economic Policies for Latin America's Poor and Middle-Income Majority by Nancy Birdsall;Augusto de la Torre;Rachel Menezes


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