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Labor Flexibility, Inequality, and Financial Crisis

Author

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  • Jesus Ferreiro
  • Felipe Serrano

Abstract

The most striking feature of the current economic situation in Spain is the huge unemployment rate, above 25 percent. From an orthodox perspective, we suggest that this unemployment is the result of a highly inflexible labor market, which needs to be reformed by introducing flexibility measures. The paper argues, however, that labor market reforms introduced since the early 1980s, allowing an excessive use of temporary employment contracts, have had perverse effects on the Spanish economy. They have affected negatively not only aggregate demand and supply, but also income distribution. The emergence of these market reforms helps explain the current rate of unemployment as well as the deep impact of the global financial crisis on overall Spanish economic activity.

Suggested Citation

  • Jesus Ferreiro & Felipe Serrano, 2013. "Labor Flexibility, Inequality, and Financial Crisis," Journal of Economic Issues, Taylor & Francis Journals, vol. 47(2), pages 567-574.
    • Handle: RePEc:mes:jeciss:v:47:y:2013:i:2:p:567-574
    DOI: 10.2753/JEI0021-3624470231
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    Cited by:

    1. Jesus Ferreiro & Carmen Gomez, 2022. "Employment protection, employment and unemployment rates in European Union countries during the Great Recession," Journal of Economic Policy Reform, Taylor & Francis Journals, vol. 25(3), pages 240-258, July.
    2. Jesus Ferreiro & Carmen Gómez, 2018. "Employment protection and labour market performance in European Union countries during the Great Recession," FMM Working Paper 31-2018, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
    3. Giorgio Liotti & Marco Musella, 2021. "Flessibilit? e soddisfazione per il lavoro: Una riflessione generale," QUADERNI DI ECONOMIA DEL LAVORO, FrancoAngeli Editore, vol. 0(113), pages 13-27.
    4. Liotti, Giorgio, 2020. "Labour market flexibility, economic crisis and youth unemployment in Italy," Structural Change and Economic Dynamics, Elsevier, vol. 54(C), pages 150-162.
    5. Jesus Ferreiro & Carmen Gomez, 2020. "Employment protection and labor market results in Europe," Journal of Evolutionary Economics, Springer, vol. 30(2), pages 401-449, April.
    6. Giorgio Liotti, 2022. "Labour Market Regulation and Youth Unemployment in the EU-28," Italian Economic Journal: A Continuation of Rivista Italiana degli Economisti and Giornale degli Economisti, Springer;Società Italiana degli Economisti (Italian Economic Association), vol. 8(1), pages 77-103, March.

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