Labour Adjustment and Efficiency in Hungary

Gabor Korosi

No 204, Budapest Working Papers on the Labour Market from Institute of Economics, Centre for Economic and Regional Studies

Abstract: Transition from socialist to market economy brought drastic changes to the Hungarian labour market. Employment fell by 1.6 million, i.e., by more than 25% during the early transition period, while unemployment jumped from practically nil to over 14% within four years. The rapid economic growth of the recent years could only create relatively few jobs, even though the unemployment rate continuously declined, and is less than 6% since 2001. This paper describes labour adjustment after the transitional recession, and its relationship to corporate efficiency during the recovery period, based on a panel of medium-sized and large Hungarian firms. Labour demand is also related to firm level productive efficiency.

Keywords: labour demand; productive efficiency; firm in transition economy (search for similar items in EconPapers)
JEL-codes: C23 D21 J23 (search for similar items in EconPapers)
Pages: 33 pages
Date: 2002-05
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