Reforms, finance, and current accounts:
We analyze the implications of labor market reforms for an open economy's human capital investment and future production. A stylized model shows that labor market deregulation can imply more positive current account balances if financial markets are imperfect and labor market institutions not o...
Gespeichert in:
| Hauptverfasser: | , |
|---|---|
| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
[München]
Center for Economic Studies & Ifo Institute
February 2015
|
| Schriftenreihe: | CESifo working paper
no. 5206 : Category 4: Labour markets |
| Online-Zugang: | Volltext |
| Zusammenfassung: | We analyze the implications of labor market reforms for an open economy's human capital investment and future production. A stylized model shows that labor market deregulation can imply more positive current account balances if financial markets are imperfect and labor market institutions not only distort labor allocation, but also smooth income. Empirically, in OECD country-level panel data, we find that labor market deregulation has been positively related to current account surpluses on average and more strongly so when and where financial market access was more limited. These results are robust to inclusion of standard determinants of current account imbalances, and do not appear to be driven by cyclical phenomena. |
| Beschreibung: | 1 Online-Ressource (30 Seiten) Diagramme |
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| 490 | 1 | |a CESifo working paper |v no. 5206 |a Category 4: Labour markets | |
| 520 | 1 | |a We analyze the implications of labor market reforms for an open economy's human capital investment and future production. A stylized model shows that labor market deregulation can imply more positive current account balances if financial markets are imperfect and labor market institutions not only distort labor allocation, but also smooth income. Empirically, in OECD country-level panel data, we find that labor market deregulation has been positively related to current account surpluses on average and more strongly so when and where financial market access was more limited. These results are robust to inclusion of standard determinants of current account imbalances, and do not appear to be driven by cyclical phenomena. | |
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| spelling | Bertola, Giuseppe 1960- Verfasser (DE-588)170824659 aut Reforms, finance, and current accounts Giuseppe Bertola, Anna Lo Prete [München] Center for Economic Studies & Ifo Institute February 2015 1 Online-Ressource (30 Seiten) Diagramme txt rdacontent c rdamedia cr rdacarrier CESifo working paper no. 5206 Category 4: Labour markets We analyze the implications of labor market reforms for an open economy's human capital investment and future production. A stylized model shows that labor market deregulation can imply more positive current account balances if financial markets are imperfect and labor market institutions not only distort labor allocation, but also smooth income. Empirically, in OECD country-level panel data, we find that labor market deregulation has been positively related to current account surpluses on average and more strongly so when and where financial market access was more limited. These results are robust to inclusion of standard determinants of current account imbalances, and do not appear to be driven by cyclical phenomena. Lo Prete, Anna 1978- Verfasser (DE-588)1081654341 aut CESifo working paper no. 5206 : Category 4: Labour markets (DE-604)BV014083264 5206 https://www.cesifo.org/DocDL/cesifo1_wp5206.pdf Verlag kostenfrei Volltext |
| spellingShingle | Bertola, Giuseppe 1960- Lo Prete, Anna 1978- Reforms, finance, and current accounts CESifo working paper |
| title | Reforms, finance, and current accounts |
| title_auth | Reforms, finance, and current accounts |
| title_exact_search | Reforms, finance, and current accounts |
| title_full | Reforms, finance, and current accounts Giuseppe Bertola, Anna Lo Prete |
| title_fullStr | Reforms, finance, and current accounts Giuseppe Bertola, Anna Lo Prete |
| title_full_unstemmed | Reforms, finance, and current accounts Giuseppe Bertola, Anna Lo Prete |
| title_short | Reforms, finance, and current accounts |
| title_sort | reforms finance and current accounts |
| url | https://www.cesifo.org/DocDL/cesifo1_wp5206.pdf |
| volume_link | (DE-604)BV014083264 |
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