This paper develops the thesis that credit market frictions may be an important contributor to high unemployment in Europe. When a change in the technological regime necessitates the creation of new firms, this can happen relatively rapidly in the U.S. where credit markets function efficiently. In c...

Ausführliche Beschreibung

Bibliographische Detailangaben

1. Verfasser:	Acemoglu, Daron 1967- (VerfasserIn)
Format:	Buch
Sprache:	English
Veröffentlicht:	Cambridge, Mass. NBER 2000
Schriftenreihe:	NBER working paper series 7938
Schlagworte:	Kreditmarkt / Unvollkommener Markt / Arbeitslosigkeit / Theorie / USA / EU-Staaten
Online-Zugang:	kostenfrei
Zusammenfassung:	This paper develops the thesis that credit market frictions may be an important contributor to high unemployment in Europe. When a change in the technological regime necessitates the creation of new firms, this can happen relatively rapidly in the U.S. where credit markets function efficiently. In contrast, in Europe, job creation is constrained by credit market imperfections, so unemployment rises and remains high for an extended period. The data show that there has not been slower growth in the most credit dependent industries in Europe relative to the U.S., but the share of employment in these industries is lower than in the U.S.. This suggests that although credit market imperfections are unlikely to have been the major cause of the increase in European unemployment, they may have played some role in limiting European employment growth.
Beschreibung:	18 S. 22 cm