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dc.contributor.authorGatti, Donatellaen
dc.contributor.authorRault, Christopheen
dc.contributor.authorVaubourg, Anne-Gaëlen
dc.date.accessioned2010-01-27-
dc.date.accessioned2010-05-14T08:23:40Z-
dc.date.available2010-05-14T08:23:40Z-
dc.date.issued2009-
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
dc.language.isoengen
dc.publisher|aCenter for Economic Studies and ifo Institute (CESifo) |cMunichen
dc.relation.ispartofseries|aCESifo Working Paper |x2901en
dc.subject.jelE24en
dc.subject.jelJ23en
dc.subject.jelP17en
dc.subject.ddc330en
dc.subject.keywordunemploymenten
dc.subject.keywordinstitutional complementarities and substituabilitiesen
dc.subject.keywordlabour marketen
dc.subject.keywordfinancial systemen
dc.titleUnemployment and finance: how do financial and labour market factors interact?-
dc.typeWorking Paperen
dc.identifier.ppn617272875en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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