Unemployment and finance: how do financial and labour market factors interact?
1
PSE -
Paris School of Economics
2 PSE - Paris-Jourdan Sciences Economiques
3 CEPN - Centre d'Economie de l'Université Paris Nord
4 CEPREMAP - Centre pour la recherche économique et ses applications
5 IZA - Institute for the Study of Labor
6 LEO - Laboratoire d'économie d'Orleans [2008-2011]
7 Toulouse Business School
2 PSE - Paris-Jourdan Sciences Economiques
3 CEPN - Centre d'Economie de l'Université Paris Nord
4 CEPREMAP - Centre pour la recherche économique et ses applications
5 IZA - Institute for the Study of Labor
6 LEO - Laboratoire d'économie d'Orleans [2008-2011]
7 Toulouse Business School
Donatella Gatti
- Fonction : Auteur
- PersonId : 1094318
- IdHAL : donatella-gatti
- ORCID : 0000-0003-2836-4335
- IdRef : 069042950
Christophe Rault
- Fonction : Auteur
- PersonId : 759769
- ORCID : 0000-0002-1658-3912
- IdRef : 059800216
Résumé
Using annual data for 18 OECD countries over the period 1980-2004, we investigate how labour and financial factors interact to determine unemployment. We estimate a dynamic panel model using the system Generalized Method of Moments (GMM). It is shown that the impact of financial variables depends strongly on the labour market context. Increased market capitalization as well as decreased banking concentration reduce unemployment if the level of labour market regulation, union density, and coordination in wage bargaining is low. Increasing intermediated credit and banking concentration is beneficial for employment when the degree of labour market regulation, union density, and wage coordination is high. These results suggest that the respective virtues of intermediated and market-based finance are crucially tied to the labour market context.
Domaines
Economies et financesFormat du dépôt | Notice |
---|---|
Type de dépôt | Article dans une revue |
Résumé |
en
Using annual data for 18 OECD countries over the period 1980-2004, we investigate how labour and financial factors interact to determine unemployment. We estimate a dynamic panel model using the system Generalized Method of Moments (GMM). It is shown that the impact of financial variables depends strongly on the labour market context. Increased market capitalization as well as decreased banking concentration reduce unemployment if the level of labour market regulation, union density, and coordination in wage bargaining is low. Increasing intermediated credit and banking concentration is beneficial for employment when the degree of labour market regulation, union density, and wage coordination is high. These results suggest that the respective virtues of intermediated and market-based finance are crucially tied to the labour market context.
|
Titre |
en
Unemployment and finance: how do financial and labour market factors interact?
|
Auteur(s) |
Donatella Gatti
1, 2, 3, 4, 5
, Christophe Rault
6, 7
, Anne-Gaël Vaubourg
6
1
PSE -
Paris School of Economics
( 301309 )
- 48 boulevard Jourdan 75014 Paris
- France
2
PSE -
Paris-Jourdan Sciences Economiques
( 139754 )
- 48 boulevard Jourdan 75014 Paris
- France
3
CEPN -
Centre d'Economie de l'Université Paris Nord
( 147976 )
- UFR de Sciences Economiques, Université Paris 13, 99 avenue Jean-Baptiste Clément, F-93430, Villetaneuse.
- France
4
CEPREMAP -
Centre pour la recherche économique et ses applications
( 300479 )
- Ecole normale supérieure (ENS)
48 boulevard Jourdan, 75014 Paris
- France
5
IZA -
Institute for the Study of Labor
( 142142 )
- Allemagne
6
LEO -
Laboratoire d'économie d'Orleans [2008-2011]
( 1724 )
- Université d'Orléans - UFR Droit Économie Gestion - Rue de Blois - BP 26739 - 45067 ORLEANS CEDEX 2
- France
7
Toulouse Business School
( 177817 )
- France
|
Audience |
Non spécifiée
|
Date de publication |
2012-09
|
Comité de lecture |
Oui
|
Vulgarisation |
Non
|
Langue du document |
Anglais
|
Nom de la revue |
|
Volume |
64
|
Numéro |
3
|
Page/Identifiant |
464-489
|
Domaine(s) |
|
Mots-clés (JEL) |
|
Mots-clés |
fr
Unemployment, Labour market factors
|
DOI | 10.1093/oep/gpr046 |
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