Venture Capital Investment and Labor Market Performance: New Empirical Evidence for OECD Countries

Ansgar Belke and Andreas Schaal ()
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Andreas Schaal: University of Hohenheim

No 1447, IZA Discussion Papers from Institute of Labor Economics (IZA)

Abstract: Anglo-Saxon countries have been successful in the 1990s concerning labor market performance compared to the former role models Germany and Japan. This reversal in relative economic performance might be related to idiosyncracies in financial markets with bank-based financial markets as in Germany and Japan being possibly inferior to stock-market based financial markets in turbulent times and when approaching the economic frontier. A cleavage is related to venture capital markets which are flourishing on Anglo-Saxon but not on German type financial markets. Venture capital is crucial for financing structural change, new firms and innovations and therefore possibly also nowadays for employment growth.

Keywords: new economy; unemployment; venture capital; labor markets; panel data analysis (search for similar items in EconPapers)
JEL-codes: E22 E24 E44 G24 G32 (search for similar items in EconPapers)
Pages: 20 pages
Date: 2004-12
New Economics Papers: this item is included in nep-bec, nep-cfn, nep-ent, nep-ino, nep-mac and nep-mfd
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

Published - published in: Keuschnigg, Christian / Kanniainen, Vesa (eds.), Venture Capital, Entrepreneurship and Public Policy, CESifo Seminar Series, MIT Press, Cambridge/MA, 2004, 97-126

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