Bibliographic Details
| Title: |
Remittances, Nonlabor Income as a Source of Hysteresis in Unemployment in Colombia, 2010–2020. |
| Authors: |
Cardona-Arenas, Carlos David, Sierra-Suarez, Lya Paola |
| Source: |
Latin American Research Review; Jun2024, Vol. 59 Issue 2, p315-340, 26p |
| Subject Terms: |
REMITTANCES, INCOME, HYSTERESIS (Economics), UNEMPLOYMENT, COVID-19 pandemic |
| Abstract (English): |
This study seeks to determine the impact of remittances and nonlabor income on the duration of unemployment, and therefore on the hysteresis phenomenon in Colombia for the period between January 2010 and January 2021. The long-term unemployment rate in Colombia (LAPU) is calculated, and a vector autoregressive (VAR) model is subsequently estimated to evaluate the impact of remittances and nonlabor income on the LAPU. The results suggest that the increase in nonlabor income significantly affected LAPU in Colombia in the period analyzed. The growth of remittances instead turned out to positively and significantly impact LAPU only during the COVID-19 pandemic crisis. This suggests that remittances have become a fundamental income in times of crisis that allow for financing the search for work for a longer period of time, thus increasing the duration of unemployment and generating a hysteresis effect. [ABSTRACT FROM AUTHOR] |
| Abstract (Spanish): |
Este estudio tiene como objetivo determinar el impacto de las remesas y los ingresos no laborales en la duración del desempleo y, por lo tanto, en el fenómeno de histeresis en Colombia durante el periodo comprendido entre enero de 2010 y enero de 2021. Con el fin de lograr el objetivo planteado, se calcula la tasa de desempleo a largo plazo en Colombia (LAPU) y posteriormente se estima un modelo de Vector Autoregresivo (VAR) para evaluar el impacto de las remesas y los ingresos no laborales en el LAPU. Los resultados sugieren que el aumento de los ingresos no laborales tuvo un impacto significativo en el LAPU en Colombia durante el periodo analizado. Por otro lado, el crecimiento de las remesas tuvo un impacto positivo y significativo en el LAPU solo durante el periodo de crisis de la pandemia de COVID-19. Esto sugiere que las remesas se han convertido en una fuente de ingresos fundamental en tiempos de crisis que permiten financiar la búsqueda de trabajo durante un período más prolongado, aumentando la duración del desempleo y generando un efecto de histeresis. [ABSTRACT FROM AUTHOR] |
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