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dc.contributor.authorGatti, Donatellaen_US
dc.contributor.authorRault, Christopheen_US
dc.contributor.authorVaubourg, Anne-Gaëlen_US
dc.date.accessioned2010-01-27en_US
dc.date.accessioned2010-05-14T08:23:40Z-
dc.date.available2010-05-14T08:23:40Z-
dc.date.issued2009en_US
dc.identifier.urihttp://hdl.handle.net/10419/30652-
dc.description.abstractUsing annual data for 18 OECD countries over the period 1980-2004, we investigate how labour and financial factors interact to determine unemployment by estimating a dynamic panel model using the system generalized method of moments (GMM). We show 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. The above financial variables have no effect otherwise. Increasing intermediated credit and banking concentration is beneficial for employment when the degree of labour market regulation, union density and coordination in wage bargaining is high. These results suggest that the respective virtues of ed and market-based finance are crucially tied to the labour market context.en_US
dc.language.isoengen_US
dc.publisherCESifo Münchenen_US
dc.relation.ispartofseriesCESifo working paper 2901en_US
dc.subject.jelE24en_US
dc.subject.jelJ23en_US
dc.subject.jelP17en_US
dc.subject.ddc330en_US
dc.subject.keywordunemploymenten_US
dc.subject.keywordinstitutional complementarities and substituabilitiesen_US
dc.subject.keywordlabour marketen_US
dc.subject.keywordfinancial systemen_US
dc.titleUnemployment and finance: how do financial and labour market factors interact?en_US
dc.typeWorking Paperen_US
dc.identifier.ppn617272875en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
Appears in Collections:CESifo Working Papers, CESifo Group Munich

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