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Effects of pro-growth policies on employment: evidence of regional disparities

机译:促进增长的政策对就业的影响:区域差异的证据

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The main objective of our research is to study the direct impact of pro-growth economic policies on employment creation globally and regionally, as evidence has countered policy-makers' expectation that output growth leads automatically to job creation. We innovate by using the ratio of employment to the population above 25 years as dependent variable instead of the customary employment elasticity. We apply generalized methods of moments' econometrics on dynamic panel data models and find that growth stimulates employment creation on average across 76 countries. The policies promoting private sector credit, investments, openness, services, education spending, tertiary enrollment, and a fixed exchange rate are the ones that create employment. Larger government size undermines job creation, while policies promoting FDI and industrial development fail to stimulate employment. However, we establish that the effect of pro-growth policies on employment varies significantly across regions, with evidence of weaker links between economic policies and employment in Sub-Saharan Africa and the Middle East.
机译:我们研究的主要目的是研究促进增长的经济政策对全球和区域就业的直接影响,因为有证据反驳了决策者的预期,即产出增长会自动导致创造就业。我们通过将就业人口与25岁以上人口的比率作为因变量而不是惯常的就业弹性来进行创新。我们在动态面板数据模型上应用矩量计量经济学的广义方法,发现增长平均刺激了76个国家/地区的就业。促进私营部门信贷,投资,开放性,服务,教育支出,高等教育入学率和固定汇率的政策是创造就业的政策。政府规模扩大会损害创造就业机会,而促进外国直接投资和工业发展的政策却无法刺激就业。但是,我们确定,促进增长的政策对就业的影响在各个地区之间差异很大,有证据表明撒哈拉以南非洲和中东的经济政策与就业之间的联系较弱。

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