Resumen

RUBIO UGALDE, Gema Jazmín; LARA GOMEZ, Graciela  y  DEMMLER, Michael. Subprime crisis and COVID-19: impacts for the workforce in Latin America and the Caribbean. Anál. econ. [online]. 2024, vol.39, n.102, pp.33-57.  Epub 29-Oct-2024. ISSN 2448-6655.  https://doi.org/10.24275/uam/azc/dcsh/ae/2024v39n102/rubio.

The research objective of the present study is to contrast two crises of different nature, the subprime crisis of 2008, and the health crisis of 2020, and its consequences on employment in twenty-four economies in Latin America and the Caribbean. The methodological design is based on a data panel with fixed effects considering the period from 2005 to 2021. Data is extracted from the World Bank. The explanatory variables are GDP, inflation, foreign direct investment, and the coverage of work and social protection programs. After realizing the tests of Breusch Pagan, Hausman, Wooldridge and Wald, an econometric model of Panel Corrected Standard Errors with fixed effects and dichotomous variables is implemented, to describe the effect of time. It was found that both periods, 2008 and 2020, were significant. Moreover, a greater impact on the increase in unemployment because of the health crisis 2020 is confirmed due to the decrease in production and the precariousness of the labour market in the area.

Palabras llave : Crisis; Social protection; Unemployment; Latin America and the Caribbean; Ifixed effects panel data.

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