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Global financial crisis and perceptions of job insecurity: The China case

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  • Voon, Jan P.
  • Ma, Yiu C.

Abstract

Studies on perception of job insecurity (PJI) in relation to financial crises and on China have been extremely scant. Regression analysis of Chinese household survey (N=6681) was performed in order to assess the relationship between PJI and the 2008 global financial crisis. To address the possible endogeneity between PJI and the crisis indicator, we use relevant instrumental variables and compute the results using two stage least square (2SLS). We found that PJI in China were significantly correlated with the 2008 global financial crisis despite its high economic growth and frequent government interventions. Income and wealth reductions emanating from the crisis were also significantly correlated with PJI. Government's expansionary policies appear to be effective in ameliorating the workers’ PJI. Social developments such as provisions of social security and income protection measures could also be used to reduce Chinese workers’ job insecurity perception.

Suggested Citation

  • Voon, Jan P. & Ma, Yiu C., 2014. "Global financial crisis and perceptions of job insecurity: The China case," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 53(C), pages 138-148.
    • Handle: RePEc:eee:soceco:v:53:y:2014:i:c:p:138-148
    DOI: 10.1016/j.socec.2014.09.002
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    References listed on IDEAS

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    5. Nele De Cuyper & Hans De Witte & Ulla Kinnunen & Jouko Nätti, 2010. "The Relationship Between Job Insecurity and Employability and Well-Being Among Finnish Temporary and Permanent Employees," International Studies of Management & Organization, Taylor & Francis Journals, vol. 40(1), pages 57-73, January.
    6. Schmidt, Stefanie R, 1999. "Long-Run Trends in Workers' Beliefs about Their Own Job Security: Evidence from the General Social Survey," Journal of Labor Economics, University of Chicago Press, vol. 17(4), pages 127-141, October.
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    Cited by:

    1. Fayyaz Ahmad & Muhammad Umar Draz & Su-Chang Yang, 2016. "Do External and Internal Crises Affect Foreign Portfolio Inflows? The Case of China and India," International Journal of Economics and Finance, Canadian Center of Science and Education, vol. 8(7), pages 149-149, July.

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