Stock markets and unemployment in industrial countries

Horst Feldmann

Applied Economics Letters, 2011, vol. 18, issue 9, 845-849

Abstract: Using data on 20 industrial countries for the period 1982 to 2003, this article finds that more active stock markets are likely to lower the unemployment rate. The magnitude of the effect appears to be modest but noticeable. We control for both endogeneity of stock market activity and all major determinants of unemployment. Our results are robust to variations in specification.

Date: 2011
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DOI: 10.1080/13504851.2010.503929

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