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Caribbean Economics Quarterly: Volume 13, Issue 2: Building Resilient Safety Nets in the Caribbean: Future-proofing Retirement Incomes
No full textCaribbean nations, like their peers in Latin America, are gradually observing the effects of a rapidly aging population. National pension schemes will face increasing budgetary demands to support a growing pool of pensioners. However, these schemes are supported by a gradually diminishing pool of workers, of which only a fraction will be contributing. This demographic trend is driven by several factors including high emigration, diminishing fertility rates and increasing life expectancies. Therefore, reforms will be necessary to safeguard the sustainability of these schemes for future generations. The regional chapter provides an overview of the key drivers of this demographic trend, its implications for national pension schemes, and possible policy responses. Furthermore, country circumstances vary substantially, as noted in the country sections of this report
Nudging Self-employed Women to Contribute to Social Security
Get PDFOver 30 percent of female workers are self-employed across Latin America, relying on this mode of work for subsistence. Self-employment in the region is regularly marked by the absence of health insurance and lack of pension benefits. Despite the aspirations of many women to gain access to these benefits, they are persistently overrepresented among the socially unprotected part of the workforce. To address this issue and explore potential solutions, we conducted a laboratory experiment in Bolivia to assess the efficacy of nudges to influence the behavior of self-employed women. Participants were randomly assigned to one of six groups, each receiving either an informative message highlighting the benefits of contributing to a long-term pension system, a message emphasizing the advantages of health insurance, or a nudge aimed at reducing the effort and costs associated with enrolling in a savings or retirement plan. Our findings indicate that informative messages alone were effective in increasing voluntary contributions to experimental pension and health insurance schemes. Reductions in time and effort required for enrollment did not lead to a significant increase of voluntary contributions. Moreover, we found that the effectiveness of these interventions varied depending on the type of worker, with high-effort workers being the most responsive
Arepas are not Tacos: On the Labor Markets of Latin America (Discussion Paper)
Get PDFThis paper examines labor markets across Latin American countries, revealing substantial differences in unemployment, informality, and worker transitions. Using surveys from eight countries, we construct comparable statistics on employment stocks and mobility patterns. Notable cross-country differences emerge, with economies mostly clustered into high unemployment-low informality or low unemployment-high informality groups. Transition probabilities and directional flows also vary significantly. We highlight the importance of using country-specific parameters when simulating labor market and aggregate outcomes. Finally, we compare our main results with those by sex and education groups
Peril and Promise: Tackling Climate Change in Latin America and the Caribbean: Executive Summary
Get PDFClimate change presents both a critical threat and a unique opportunity for progress in Latin America and the Caribbean. This book delves into this dual reality, showing that climate action is fundamentally development action, as it helps countries achieve crucial development goals in the short to medium term. Reaching net zero is feasible, brings tangible economic benefits, and hinges particularly on agriculture, forestry, and other land uses. Successful climate action will also require widespread public support, grounded in a shared perception that policies are fair and effective. This volume can serve as a resource for governments, the private sector, and citizens in their quest to navigate these perils while seizing the promise that climate action can offer
Better Governments for Better Lives: Strengthening State Capacities for Strategic, Meritocratic, and Inclusive Management of Civil Service in Latin America and the Caribbean: Executive Summary
No full textIn a context of fiscal constraints, citizen distrust, and accelerating technological change, the third edition of the regional civil service study, Better Governments for Better Lives, assesses the state of public service in Latin America and the Caribbean, highlighting progress and challenges over the past decade. The report focuses on three key questions What capacity do countries have to manage their civil service effectively? What are the main challenges and how can they be addressed? And what best practices can be adapted to promote an effective civil service? Despite some progress, such as gradual professionalization and the adoption of new technologies, regional progress has been slow and uneven, with modest growth in the global average index. The study underscores the importance of strategic, merit-based and inclusive human resource management as a key pillar for strengthening state capacity, improving public service delivery and enhancing citizen trust. It also proposes a roadmap with specific recommendations to consolidate a more efficient and equitable civil service capable of addressing the region\u27s structural challenges
Equal Compensation. Guide to Promote Gender Equality in Latin American and Caribbean Companies: Dimension 4
No full textEqual compensation is one of the eight dimensions of the Guide to promote gender equality in Latin American and Caribbean companies. This guide aims to provide direction to the business sector in designing and implementing measures that promote equal opportunities for men and women in workplace environments. It includes evidence, supporting tools, and both regional and international case studies. Additionally, it offers clear roadmaps with flexible recommendations adaptable to diverse business contexts and needs
Do Longer School Days Improve Learning? The Case of the Dominican Republic
Get PDFThis paper examines the possible impact of a longer school day on student learning. We specifically analyze the Jornada Escolar Extendida program (JEE), which significantly increased the school-day length of public schools in the Dominican Republic from 4 to 8 hours, and exploit its gradual implementation over time and by geographical area. For this purpose, we apply an event study approach using national tests scores data for secondary students during the 2010-2019 period, which is matched with the administrative data of the JEE implementation at the school level. Although we find a relatively low and not so stable pattern of the JEE impact on secondary students tests scores, the evidence suggests that the program generated relevant changes on learning gender gaps. In particular and consistent with the previous literature, the program seems to have favored girls learning in the low-stakes evaluation and improved boys relative scores in the high-stakes exams. However, we do not find such a clear heterogeneity impact between subjects where girls or boys have a typical relative learning advantage
Research Insights: How Do Aggregate Shocks Impact Firm Entry and Exit, Affecting Macroeconomic Outcomes During Recessions?
Get PDFCredit shocks and COVID-19 lockdown effects significantly impact firm entry and exit rates, more so than traditional productivity shocks. These shocks lead to substantial reductions in firm entry and increases in exits, concentrated among young and small firms. During the Great Recession, credit constraints particularly affected young firms, reducing their entry and increasing exit rates, which contributed to slower economic recovery by limiting new business formation. Changes in firm entry and exit accounted for 1020% of the decline in output and hours worked during recessions, highlighting the critical role of firm dynamics in shaping macroeconomic outcomes during downturns
Not Just Taxes: Revenue, Economic Growth and Inequality in the Caribbean
No full textThis book explains why in the effective tax burden is generally low in many Caribbean countries despite their high statutory tax rates. The narrow tax bases are due to a complex system of tax expenditures (exemptions, incentives, deductions, preferential rates, tax holidays, allowances, and discretionary waivers, etc.) and the presence of a large informal sector, which in turn contribute to low economic growth and income inequality. Reform implies enlarging the tax base by reducing tax expenditures, including the informal sector, changing statutory rates, and strengthening tax administrations and customs. The book places heavy emphasis on the pernicious effects of tax expenditures a common feature of tax policy throughout the region that degrades the horizontal and vertical equity of the tax system, erodes the tax base, adds complexity, and decreases transparency, making tax administration more difficult. Therefore, one of the most important messages of this book is the need to carry out a process of rationalization of the use of tax expenditures, considering their combined and simultaneous effects in all sectors. This is central to any tax reform process in the region, which should also include measures to broaden the tax base, reduce statutory rates and tariffs, and strengthen tax administration
Research Insights: How Can Behavioral Nudges Be Leveraged to Boost Student Effort and Achievement?
Get PDFHighlighting streaks of consecutive activity significantly increased students engagement with an online math platform, particularly by encouraging frequent use by students who use the platform at least once. Students whose streaks were highlighted showed measurable improvements in math achievement, demonstrating the potential of gamified behavioral interventions to enhance educational outcomes. Nudges that involve highlighting streaks could be used more broadly in education and other areas to promote desirable behaviors