Description: Export Shocks and the Volatility of Returns to Schooling : Evidence from Twelve Latin American Economies

Export Shocks and the Volatility of Returns to Schooling : Evidence from Twelve Latin American Economies

This paper builds on previous studies to uncover evidence suggesting that cyclical fluctuations in returns to schooling are determined by fluctuations in foreign demand, which tend to be positively correlated with returns to schooling. The effect o...

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Bibliographic Details
Main Authors:	Lederman, Daniel, Rojas, Diego
Language:	English en_US
Published:	World Bank Group, Washington, DC 2015
Subjects:	ACCOUNTING AGGREGATE UNEMPLOYMENT ATTRITION AVERAGE WAGE BILATERAL TRADE BUSINESS CYCLE BUSINESS CYCLES CAPITAL FLOWS CAPITAL INVESTMENTS COLLECTIVE AGREEMENTS CONSUMER PRICE INDEX COUNTRY FIXED EFFECTS COUNTRY TO COUNTRY CRISES DEBT DEPOSIT DEPOSIT RATE DEPOSIT RATES DEVELOPING COUNTRIES DEVELOPING COUNTRY DEVELOPING ECONOMIES DEVELOPMENT POLICY DOMESTIC CREDIT DOMESTIC INTEREST RATES DRIVERS DUMMY VARIABLE DUMMY VARIABLES ECONOMETRIC MODELS ECONOMETRICS ECONOMIC BOOM ECONOMIC FLUCTUATIONS ECONOMIC RESEARCH ECONOMIC STATISTICS ECONOMIC VOLATILITY ECONOMICS LITERATURE ECONOMICS OF EDUCATION EDUCATIONAL ATTAINMENT EDUCATIONAL LEVEL EMPLOYMENT EXPORTS EXPOSURE FINANCIAL MARKETS FINANCIAL SHOCK FINANCIAL SHOCKS FIRM LEVEL FLEXIBLE LABOR MARKETS FOREIGN DEBT GDP GLOBALIZATION HOURLY WAGE HOUSEHOLD SURVEYS HUMAN CAPITAL HUMAN RESOURCES INCOME INCOME DISTRIBUTION INCOME INEQUALITY INCOME VOLATILITY INFLATION INFORMAL SECTOR INFORMATION SYSTEM INSTRUMENT INTEREST RATE INTEREST RATES INTERNATIONAL BANK INTERNATIONAL LABOUR ORGANIZATION INTERNATIONAL TRADE JOB EXPERIENCE JOBS LABOR DEMAND LABOR ECONOMICS LABOR MARKET LABOR MARKET FLEXIBILITY LABOR MARKET RIGIDITIES LABOR MARKET RIGIDITY LABOR MARKETS LABOR SUPPLY LABOUR LENDING INTEREST RATE LONG-TERM COSTS MACROECONOMIC CRISES MALE WORKERS MARKET INDEXES MINIMUM WAGE MONETARY FUND NATIONAL INCOME OCCUPATIONS OUTPUT OUTSOURCING PENSION POLITICAL ECONOMY PRELIMINARY EVIDENCE PRELIMINARY RESULTS PREVIOUS STUDIES PRIVATE SECTOR PUBLIC POLICY RATE OF RETURN RATES OF RETURN RATES OF RETURNS REAL WAGES REGIONAL TRADE REGIONAL UNEMPLOYMENT RETIREMENT RETIREMENT AGE RETURNS SALARIED WORKERS SKILL PREMIUM SKILL PREMIUMS SKILLED LABOR STABLE JOB TECHNOLOGICAL CHANGE TEMPORARY WORKERS TRADE LIBERALIZATION TRADE POLICY TRADE REFORMS TRADING TRUST FUND TURNOVER UNEMPLOYED UNEMPLOYED WORKERS UNEMPLOYMENT UNEMPLOYMENT RATE UNEMPLOYMENT RATES UNSKILLED LABOR UNSKILLED WORKERS WAGE DIFFERENTIAL WAGE DIFFERENTIALS WAGE GAP WAGE INEQUALITY WAGE PREMIUM WEALTH WORKER WORKING HOURS WTO YOUNG WORKERS
Online Access:	http://documents.worldbank.org/curated/en/2014/12/23108783/export-shocks-volatility-returns-schooling-evidence-twelve-latin-american-economies http://hdl.handle.net/10986/21138

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Summary:	This paper builds on previous studies to uncover evidence suggesting that cyclical fluctuations in returns to schooling are determined by fluctuations in foreign demand, which tend to be positively correlated with returns to schooling. The effect of export fluctuations (driven by changes in foreign demand) seems to be attenuated by labor market rigidities, such as constraints on employers to hire temporary workers on an hourly basis. This evidence suggests that countries that have flexible labor markets and experience volatility in their external demand might also experience volatility in returns to schooling. The paper discusses why this might be a concern for developing countries.

Export Shocks and the Volatility of Returns to Schooling : Evidence from Twelve Latin American Economies

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