Labour Market Institutions and Unemployment: does Finance Matter?

Christophe Rault and Anne-Gaël Vaubourg ()
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Anne-Gaël Vaubourg: LEO - Laboratoire d'économie d'Orleans [2008-2011] - UO - Université d'Orléans - CNRS - Centre National de la Recherche Scientifique

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Abstract: We explore whether finance influences the impact of labour market institutions on unemployment. Using a data set of 18 OECD countries over 1980-2004, we estimate a panel Vector AutoRegressive model. We check whether causalities from labour market variables (labour market regulation, union density, coordination in wage bargaining) to unemployment are a ffected by the introduction of financial factors (stock market capitalisation, intermediated credit and banking concentration) in the estimation. In Australia, Belgium, Italy, Japan and Spain, accounting for financial indicators mitigates the bene fits of labour market flexibilization or makes it harmful to employment. In Austria, Canada, Finland and Portugal, it reduces its detrimental impact or makes it bene ficial. In Ireland and Netherlands, both e ffects prevail, depending on the labour market indicator used.

Keywords: Chômage; marché du travail; variables financières; interactions institutionnelles; VAR en panel.; Unemployment; labour market; financial factors; institutional interactions; panel VAR. (search for similar items in EconPapers)
Date: 2013-06-12
New Economics Papers: this item is included in nep-lab
Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-00833452v1
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Related works:
Working Paper: Labour Market Institutions and Unemployment: does Finance Matter? (2012)
Working Paper: Labour Market Institutions and Unemployment: Does Finance Matter? (2011)
Working Paper: Labour Market Institutions and Unemployment: does Finance Matter? (2011)
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