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The Impact of the Economic Crisis on Labour and Education in Europe

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Author Info

  • Bilal Barakat
  • Johannes Holler
  • Klaus Prettner
  • Julia Schuster

Abstract

In summer 2007, the US subprime crisis emerged and economic growth in industrialised countries started to slow down. The situation deteriorated after the default of Lehman Brothers in September 2008 and despite massive government interventions, the United States and most European countries slid into recession. We investigate the influence of the recent economic and financial crisis on European labour market perspectives and educational attainment decisions. Furthermore we disentangle the differential impacts of the crisis on various demographic subgroups. We find that young male workers have been hit hardest, while older workers and women have been partially protected by non-redeemable contracts and the fact that they work in sectors which have been less severely hit by the crisis. Focusing on the education sector, it seems that the demand for education increases because individuals try to circumvent the tight labour market, while the supply of education suffers because of the increased pressures on federal budgets in most European countries. However, we conclude that it is too early to make a definite statement because the full impact of the crisis on the education sector is still to come.

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File URL: http://www.oeaw.ac.at/vid/download/WP2010_06.pdf
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Bibliographic Info

Paper provided by Vienna Institute of Demography (VID) of the Austrian Academy of Sciences in Vienna in its series Working Papers with number 1006.

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Length: 16 pages
Date of creation: Jul 2010
Date of revision:
Handle: RePEc:vid:wpaper:1006

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Web page: http://www.oeaw.ac.at/vid/

Related research

Keywords: Economic crisis; labour market; education;

This paper has been announced in the following NEP Reports:

References

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  1. Klaus Prettner & Alexia Prskawetz, 2010. "Decreasing fertility, economic growth and the intergenerational wage gap," Empirica, Springer, vol. 37(2), pages 197-214, May.
  2. Kuhn, Michael & Wrzaczek, Stefan & Prskawetz, Alexia & Feichtinger, Gustav, 2011. "Externalities in a life cycle model with endogenous survival," Journal of Mathematical Economics, Elsevier, vol. 47(4-5), pages 627-641.
  3. Stefan Wrzaczek & Michael Kuhn & Alexia Prskawetz & Gustav Feichtinger, 2009. "The Reproductive Value in Distributed Optimal Control Models," Working Papers 0906, Vienna Institute of Demography (VID) of the Austrian Academy of Sciences in Vienna.
  4. Theresa Grafeneder-Weissteiner & Klaus Prettner, 2010. "Agglomeration processes in ageing societies," Working Papers 1005, Vienna Institute of Demography (VID) of the Austrian Academy of Sciences in Vienna.
  5. Klaus Prettner, 2013. "Population aging and endogenous economic growth," Journal of Population Economics, Springer, vol. 26(2), pages 811-834, April.
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Citations

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Cited by:
  1. Thomas Fent & Belinda Aparicio Diaz & Alexia Prskawetz, 2010. "Family Policies in the Context of Low Fertility and Social Structure," Working Papers 1102, Vienna Institute of Demography (VID) of the Austrian Academy of Sciences in Vienna.
  2. Cho, Yoonyoung & Newhouse, David, 2011. "How did the great recession affect different types of workers ? evidence from 17 middle-income countries," Policy Research Working Paper Series 5636, The World Bank.
  3. Schwalje, Wes, 2011. "Knowledge-based Economic Development as a Unifying Vision in a Post-awakening Arab World," MPRA Paper 30305, University Library of Munich, Germany.
  4. Strulik, Holger & Prettner, Klaus & Prskawetz, Alexia, 2011. "R&D-based growth in the post-modern era," ECON WPS - Vienna University of Technology Working Papers in Economic Theory and Policy 04/2011, Vienna University of Technology, Institute for Mathematical Methods in Economics, Research Group Economics (ECON).
  5. Klaus Prettner & Alexia Prskawetz, 2010. "Demographic Change in Models of Endogenous Economic Growth. A Survey," Working Papers 1008, Vienna Institute of Demography (VID) of the Austrian Academy of Sciences in Vienna.
  6. Chrysanthi Balomenou & Konstantinos kolovos, 2013. "Universities´ funding in the the current global financial crisis: Threat or opportunity for the implementation of Triple Helix Theory?," ERSA conference papers ersa13p839, European Regional Science Association.
  7. Schwalje, Wes, 2011. "A Conceptual Model of National Skills Formation for Knowledge-based Economic Development," MPRA Paper 30302, University Library of Munich, Germany.

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