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Ms. Katrin Elborgh-Woytek, Ms. Monique Newiak, Ms. Kalpana Kochhar, Ms. Stefania Fabrizio, Mr. Kangni R Kpodar, Mr. Philippe Wingender, Mr. Benedict J. Clements, and Mr. Gerd Schwartz
The proposed SDN discusses the specific macro-critical aspects of women’s participation in the labor market and the constraints that prevent women from developing their full economic potential. Building on earlier Fund analysis, work undertaken by other organizations and academic research, the SDN presents possible policies to overcome these obstacles in different types of countries.
Ms. Katrin Elborgh-Woytek, Ms. Monique Newiak, Ms. Kalpana Kochhar, Ms. Stefania Fabrizio, Mr. Kangni R Kpodar, Mr. Philippe Wingender, Mr. Benedict J. Clements, and Mr. Gerd Schwartz
The proposed SDN discusses the specific macro-critical aspects of women’s participation in the labor market and the constraints that prevent women from developing their full economic potential. Building on earlier Fund analysis, work undertaken by other organizations and academic research, the SDN presents possible policies to overcome these obstacles in different types of countries.
Ms. Katrin Elborgh-Woytek, Ms. Monique Newiak, Ms. Kalpana Kochhar, Ms. Stefania Fabrizio, Mr. Kangni R Kpodar, Mr. Philippe Wingender, Mr. Benedict J. Clements, and Mr. Gerd Schwartz
The proposed SDN discusses the specific macro-critical aspects of women’s participation in the labor market and the constraints that prevent women from developing their full economic potential. Building on earlier Fund analysis, work undertaken by other organizations and academic research, the SDN presents possible policies to overcome these obstacles in different types of countries.
Ms. Ratna Sahay and Mr. Martin Cihak
Women are underrepresented at all levels of the global financial system, from depositors and borrowers to bank board members and regulators. A new study at the IMF finds that greater inclusion of women as users, providers, and regulators of financial services would have benefits beyond addressing gender inequality. Narrowing the gender gap would foster greater stability in the banking system and enhance economic growth. It could also contribute to more effective monetary and fiscal policy. New evidence suggests that greater access for women to and use of accounts for financial transactions, savings, and insurance can have both economic and societal benefits. For example, women merchants who opened a basic bank account tend to invest more in their businesses, while female-headed households often spend more on education after opening a savings account. More inclusive financial systems in turn can magnify the effectiveness of fiscal and monetary policies by broadening financial markets and the tax base. The paper also studies the large gaps between the representation of men and women in leadership positions in banks and in banking-supervision agencies worldwide. It finds that, shockingly, women accounted for less than 2 percent of financial institutions’ chief executive officers and less than 20 percent of executive board members. The analysis suggests that, controlling for relevant bank- and country-specific factors, the presence of women as well as a higher share of women on bank boards appears associated with greater financial resilience. This study also finds that a higher share of women on boards of banking-supervision agencies is associated with greater bank stability. This evidence strengthens the case for closing the gender gaps in leadership positions in finance.
Mr. Christian Gonzales, Ms. Sonali Jain-Chandra, Ms. Kalpana Kochhar, and Ms. Monique Newiak
This Staff Discussion Note examines the effect of gender-based legal restrictions and other policy choices and demographic characteristics on female labor force participation. Drawing on a large and novel panel data set of gender-related legal restrictions, the study finds that restrictions on women’s rights to inheritance and property, as well as legal impediments to undertaking economic activities such as opening a bank account or freely pursuing a profession, are strongly associated with larger gender gaps in labor force participation. These factors have a significant additional impact on female labor force participation over and above the effects of demographic characteristics and policies. In many cases, the gender gaps caused by these restrictions also have macro-critical effects in terms of an impact on GDP. The results from this study suggest that it would be beneficial to level the playing field by removing obstacles that prevent women from becoming economically active if they choose to do so. In recommending equal opportunities, however, this study does not intend to render a judgment of countries’ broadly accepted cultural and religious norms.
Mariya Brussevich, Ms. Era Dabla-Norris, Christine Kamunge, Pooja Karnane, Salma Khalid, and Ms. Kalpana Kochhar
New technologies?digitalization, artificial intelligence, and machine learning?are changing the way work gets done at an unprecedented rate. Helping people adapt to a fast-changing world of work and ameliorating its deleterious impacts will be the defining challenge of our time. What are the gender implications of this changing nature of work? How vulnerable are women’s jobs to risk of displacement by technology? What policies are needed to ensure that technological change supports a closing, and not a widening, of gender gaps? This SDN finds that women, on average, perform more routine tasks than men across all sectors and occupations?tasks that are most prone to automation. Given the current state of technology, we estimate that 26 million female jobs in 30 countries (28 OECD member countries, Cyprus, and Singapore) are at a high risk of being displaced by technology (i.e., facing higher than 70 percent likelihood of being automated) within the next two decades. Female workers face a higher risk of automation compared to male workers (11 percent of the female workforce, relative to 9 percent of the male workforce), albeit with significant heterogeneity across sectors and countries. Less well-educated and older female workers (aged 40 and above), as well as those in low-skill clerical, service, and sales positions are disproportionately exposed to automation. Extrapolating our results, we find that around 180 million female jobs are at high risk of being displaced globally. Policies are needed to endow women with required skills; close gender gaps in leadership positions; bridge digital gender divide (as ongoing digital transformation could confer greater flexibility in work, benefiting women); ease transitions for older and low-skilled female workers.
Mr. Jonathan David Ostry, Jorge Alvarez, Mr. Raphael A Espinoza, and Mr. Chris Papageorgiou
While progress has been made in increasing female labor force participation (FLFP) in the last 20 years, large gaps remain. The latest Fund research shows that improving gender diversity can result in larger economic gains than previously thought. Indeed, gender diversity brings benefits all its own. Women bring new skills to the workplace. This may reflect social norms and their impact on upbringing and social interactions, or underlying differences in risk preference and response to incentives for example. As such, there is an economic benefit from diversity, that is from bringing women into the labor force, over and above the benefit resulting from more (male) workers. The study finds that male and female labor are imperfect substitutes in production, and therefore gender differences in the labor force matter. The results also imply that standard models, which ignore such differences, understate the favorable impact of gender inclusion on growth, and misattribute to technology a part of growth that is actually caused by women’s participation. The study further suggests that narrowing gender gaps benefits both men and women, because of a boost to male wages from higher FLFP. The paper also examines the role of women in the process of sectoral reallocation from traditional agriculture to services and the resulting effect on productivity and growth. Because FLFP is relatively high in services, sectoral reallocation along development paths serves to boost gender parity and productivity.
Anna Fruttero, Daniel Gurara, Ms. Lisa L Kolovich, Vivian Malta, Ms. Marina Mendes Tavares, Nino Tchelishvili, and Ms. Stefania Fabrizio
Despite the increase in female labor force participation over the past three decades, women still do not have the same opportunities as men to participate in economic activities in most countries. The average female labor force participation rate across countries is still 20 percentage points lower than the male rate, and gender gaps in wages and access to education persist. As shown by earlier work, including by the IMF, greater gender equality boosts economic growth and leads to better development and social outcomes. Gender equality is also one of the 17 United Nations Sustainable Development Goals that 193 countries committed to achieve by 2030.
Mr. Christian Gonzales, Ms. Sonali Jain-Chandra, Ms. Kalpana Kochhar, and Ms. Monique Newiak
En este Documento de Análisis del Personal Técnico se estudia el efecto de las restricciones legales basadas en el género y de las políticas públicas y las características demográficas en la participación femenina en la fuerza laboral. A partir de un conjunto nuevo y abundante de datos de panel relativos a las restricciones legales vinculadas al género, en el estudio se observa que las restricciones a los derechos hereditarios y patrimoniales de las mujeres, así como los impedimentos jurídicos para realizar actividades económicas tales como abrir una cuenta bancaria o dedicarse libremente a una profesión, se asocian fuertemente con la existencia de brechas de género más amplias en materia de participación en la fuerza laboral. Esos factores tienen un significativo impacto adicional en la participación femenina en la fuerza laboral más allá de los efectos de las características demográficas y las políticas. En muchos casos, las brechas de género provocadas por esas restricciones también ejercen efectos de importancia macroeconómica crucial en términos de su impacto en el PIB. Los resultados del presente estudio indican que sería beneficioso instaurar un marco de reglas equitativas eliminando obstáculos que impidan a las mujeres pasar a ser económicamente activas si así lo desean. Al recomendar la igualdad de oportunidades, sin embargo, no es intención de este estudio emitir juicio alguno acerca de las normas culturales y religiosas ampliamente aceptadas vigentes en un país.
Ms. Katrin Elborgh-Woytek, Ms. Monique Newiak, Ms. Kalpana Kochhar, Ms. Stefania Fabrizio, Mr. Kangni R Kpodar, Mr. Philippe Wingender, Mr. Benedict J. Clements, and Mr. Gerd Schwartz
The proposed SDN discusses the specific macro-critical aspects of women’s participation in the labor market and the constraints that prevent women from developing their full economic potential. Building on earlier Fund analysis, work undertaken by other organizations and academic research, the SDN presents possible policies to overcome these obstacles in different types of countries.