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Making Labor Markets Work: Improving Productivity and Workers Welfare in Latin America and the Caribbean

Author

Listed:
  • González-Velosa, Carolina
  • Kaplan, David S.
  • Minaya, Auri Melissa
  • Silva Porto, María Teresa

Abstract

Making labor markets work, for both productivity and worker welfare, is among the most important and most neglected levers available to Latin America and the Caribbean. The region's labor market combines decades of stagnant productivity with a structure dominated by excessive levels of self-employment and employment in micro-enterprises, where most workers lack social security coverage and capture only a fraction of the value they produce. Drawing on three decades of harmonized household survey data, institutional analysis, empirical evidence, and country case studies, this book analyzes how labor market institutions shape productivity, employment, wages and formality across the region. It also shows that modernizing employment regulation, delinking the financing of social protection from formal jobs, strengthening enforcement, and investing in skills and active labor market policies can raise productivity while ensuring workers' share in its gains, contribute to expand social protection and improve labor market outcomes.

Suggested Citation

  • González-Velosa, Carolina & Kaplan, David S. & Minaya, Auri Melissa & Silva Porto, María Teresa, 2026. "Making Labor Markets Work: Improving Productivity and Workers Welfare in Latin America and the Caribbean," IDB Publications (Books), Inter-American Development Bank, number 14665, August.
    • Handle: RePEc:idb:idbbks:14665
    DOI: http://dx.doi.org/10.18235/0014415
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    Keywords

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    JEL classification:

    • J08 - Labor and Demographic Economics - - General - - - Labor Economics Policies
    • J21 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Labor Force and Employment, Size, and Structure
    • J24 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Human Capital; Skills; Occupational Choice; Labor Productivity
    • J32 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Nonwage Labor Costs and Benefits; Retirement Plans; Private Pensions
    • J38 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Public Policy
    • J46 - Labor and Demographic Economics - - Particular Labor Markets - - - Informal Labor Market
    • J65 - Labor and Demographic Economics - - Mobility, Unemployment, Vacancies, and Immigrant Workers - - - Unemployment Insurance; Severance Pay; Plant Closings
    • O54 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Latin America; Caribbean

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