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Belke, Ansgar
Fehn, Rainer
Foster, Neil
Year of Publication: 
Series/Report no.: 
CESifo Working Paper 930
Anglo-Saxon countries have been successful in the 1990s concerning labor market performance compared to the former role models Germany and Japan. This reversal in relative economic performance might be related to idiosyncracies in financial markets with bank-based financial markets as in Germany and Japan being possibly inferior to stockmarket based financial markets in turbulent times and when approaching the economic frontier. A cleavage is related to venture capital markets which are flourishing on Anglo-Saxon but not on German type financial markets. Venture capital is crucial for financing structural change, new firms and innovations and therefore possibly also nowadays for employment growth.
labor markets
venture capital
new economy
panel data analysis
Document Type: 
Working Paper

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