Панченко, В.Г. and Резнікова, Н.В. and Птащенко, О.В. and Іващенко, Оксана Андріївна (2023) Institutional Mechanisms for Activating the Labor Market in the Context of Post-War Economic Recovery in Ukraine Інвестиції: практика та досвід (23). pp. 18-23. ISSN 2306-6814
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Abstract
The purpose of the article is to study the international experience of institutional support for the development of the labor market and to highlight those mechanisms that can contribute to the post-war recovery of Ukraine's economy. Overcoming negative trends in the labor market of Ukraine, which intensified under the influence of the war, is associated not only with the need to stimulate economic growth and increase production volumes, but also involves carrying out deep structural changes in the economy that will allow for more efficient use of labor. It is necessary in the near future to be ready to respond to increased labor mobility, increased out flow of labor, movement of labor as a result of increased flows of internally displaced persons, and also try to contain the outflow of labor abroad. It is necessary to take into account the inevitable change in the needs of enterprises in terms of the quantity and quality of workers, the search for additional funds for retraining and advanced training of workers, taking into account the needs of the war-time reconstruction of the Ukrainian economy. In the future, the mechanism for the formation and regulation of the labor market should be constantly improved in connection with the system of other macroeconomic indicators in relation to new market conditions, structural adjustment and modernization of the Ukrainian economy, taking into account the requests of donor countries.Pragmatic social and economic policy in the post!war period, among other things, should befocused on overcoming poverty and creating a capacious domestic labor market. Given that income redistribution will only exacerbate the polarization of the effects of the fiscal burden in society, the search for new tools to stimulate effective demand with the active participation of the state in this process is on the agenda. Under the policy of accelerating economic growth and stimulating the inflow of foreign investments, economists never know for sure what amount of incentives is necessary to ensure full employment and effective demand, since the factors determining the latter are extremely subjective and are not under the direct control of politicians.The implementation of a set of institutional support measures for the development of the labor market involves a timely review of macroeconomic policy priorities, in particular, monetary and fiscal policy. It is noted that the monetary policy aimed at promoting employment shouldinclude: (1) the policy of credit distribution; (2) capital management policy with an emphasison employment targeting; (3) setting inflation targets. Exchange rate policy may involve the use of monetary neo!protectionism tools (competitive devaluation), which will contribute tothe support of both export!oriented sectors of the economy and sectors whose products are potentially able to compete with imports. Employment-promoting exchange rate policies include: (1) the use of a managed floating rate; (2) creation of sufficient volumes of currency reserves; (3) limiting the movement of hot money and reducing speculative risks; (4) monitoring of external borrowings; (5) creating favorable conditions for attracting foreign direct investment. Fiscal policy should take into account: (1) peculiarities of the macroeconomic environment and the existing structure of taxes and expenditures; (2) demographic situation;(3) risks of recession; (4) the duration and depth of the economic downturn; (5) expected size of fiscal multipliers; (6) market distortions; (7) the situation in the sphere of public finances;(8) indicators of internal and external debt. Although social assistance does not determine the decision to migrate per se, it can influence the decision to undergo forced mobility. The following are the basis of the goal-setting of job guarantee programs: (1) social protection;(2) unemployment insurance; (3) forced diversification of the labor market; (4) redistribution of income from natural resources in the case of sovereign wealth funds. Features of universalbasic income and guaranteed minimum income are characterized. Wage subsidies, negative income taх and earned income tax credit programs are singled out.
Item Type: | Article |
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Uncontrolled Keywords: | macroeconomic policy; social policy; socialization; fiscal policy; monetary policy; regulation; instability; economic development; recovery; labor market; labor force; unemployment; employment; poverty; inequality; migration; aid; subsidies; incentives; benefits; consumption; universal basic income |
Subjects: | Це архівна тематика Київського університету імені Бориса Грінченка > Статті у наукометричних базах > Index Copernicus Це архівна тематика Київського університету імені Бориса Грінченка > Статті у журналах > Фахові (входять до переліку фахових, затверджений МОН) |
Divisions: | Це архівні підрозділи Київського університету імені Бориса Грінченка > Факультет економіки та управління > Кафедра міжнародної економіки |
Depositing User: | Доцент Оксана Андріївна Іващенко |
Date Deposited: | 15 Dec 2023 13:18 |
Last Modified: | 15 Dec 2023 13:18 |
URI: | https://elibrary.kubg.edu.ua/id/eprint/47904 |
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