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AEC 2010 - Does Human Capital Protect Workers against Exogenous Shocks? South Africa in the 2008 – 2009 Crisis

12-Oct-2010

The financial and economic crisis of 2008 and 2009 has taken its toll on the South African economy. The economy contracted for the first time since 1998, and entered recession during the fourth quarter of 2008. The GDP contraction was soon transmitted to the labor market. Between the second quarters of 2008 and 2009, employment fell by 3.8 percent. However, not all individuals were hit with the same intensity. Using labor force survey data unique in the African

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