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Author: Chang-Ruey Ay Publisher: ISBN: Category : Labor market Languages : en Pages : 376
Book Description
This study investigates problems of productivity growth with special emphasis on institutions in the labor market. Two major classes of labor market institutions are analyzed: corporatism and liberal-pluralism. To examine why productivity growth rates differ among national economies, this thesis undertakes an international comparison of diverse growth experiences in three Western and three Asian countries over a relatively long period, 1960-1990. These countries are: the former West Germany, Sweden, the United States, Japan, South Korea and Taiwan. The results indicate that the cross-national variations in productivity performance among the Western countries are due largely to economic factors, rather than to labor market institutions. In the long run, productivity performance, adjusted for economic and institutional factors, is about the same in Germany, Sweden and the United States, and is also about the same in Japan, Korea and Taiwan. Nonetheless, there is a difference in productivity performance between Western and Asian countries, holding other variables constant. This implies that there still remain some other economic and institutional factors that make Asian countries' growth different from Western countries'. The favorable effects on labor productivity growth of Western corporatist industrial relations systems have declined significantly since the 1973 oil shock. The ability of European countries to improve labor-management relations, to increase employment and to control inflation is called into question. The liberal-pluralist systems of the United States is found to be just as efficient as the European corporatist systems in productivity performance after 1973. Japan's micro-corporatist system, with its decentralized wage setting coupled with a high degree of coordination, is found to be the best performer bringing down industrial conflict, unemployment and inflation together with, at the same time, relatively high and stable productivity growth. Between South Korea and Taiwan, Taiwan's industrial relations systems and labor markets are found to be associated with high productivity growth after adjustment for economic factors.
Author: Chang-Ruey Ay Publisher: ISBN: Category : Labor market Languages : en Pages : 376
Book Description
This study investigates problems of productivity growth with special emphasis on institutions in the labor market. Two major classes of labor market institutions are analyzed: corporatism and liberal-pluralism. To examine why productivity growth rates differ among national economies, this thesis undertakes an international comparison of diverse growth experiences in three Western and three Asian countries over a relatively long period, 1960-1990. These countries are: the former West Germany, Sweden, the United States, Japan, South Korea and Taiwan. The results indicate that the cross-national variations in productivity performance among the Western countries are due largely to economic factors, rather than to labor market institutions. In the long run, productivity performance, adjusted for economic and institutional factors, is about the same in Germany, Sweden and the United States, and is also about the same in Japan, Korea and Taiwan. Nonetheless, there is a difference in productivity performance between Western and Asian countries, holding other variables constant. This implies that there still remain some other economic and institutional factors that make Asian countries' growth different from Western countries'. The favorable effects on labor productivity growth of Western corporatist industrial relations systems have declined significantly since the 1973 oil shock. The ability of European countries to improve labor-management relations, to increase employment and to control inflation is called into question. The liberal-pluralist systems of the United States is found to be just as efficient as the European corporatist systems in productivity performance after 1973. Japan's micro-corporatist system, with its decentralized wage setting coupled with a high degree of coordination, is found to be the best performer bringing down industrial conflict, unemployment and inflation together with, at the same time, relatively high and stable productivity growth. Between South Korea and Taiwan, Taiwan's industrial relations systems and labor markets are found to be associated with high productivity growth after adjustment for economic factors.
Author: Beata Woźniak-Jęchorek Publisher: Routledge ISBN: 1000202550 Category : Business & Economics Languages : en Pages : 286
Book Description
This book explains the role of formal labour market institutions in keeping the labour utilisation in Central and Eastern Europe above the level characteristic for Western European states. It provides an innovative and enriching take on labour utilisation at large and how various formal labour market institutions can affect the ongoing trend in labour utilisation in a way that is not covered by the extant literature. The impact of labour market institutions on labour market outcomes is analysed throughout 12 chapters, both from a cross-country perspective and in detailed case-studies, by 21 labour market experts from various CEE countries. Most chapters are based on empirical methods yet are presented in an easy-to-follow way in order to make the book also accessible for a non-scientific audience. The volume explores three key questions: How can labour utilisation be increased by labour market institutions? Which CEE countries managed to create a labour market institutional framework beneficial for labour utilisation? How should the labour market institutions in CEE countries be reformed in order to increase labour utilisation? The book argues that the legacy of transition reforms and a centrally planned past is still relevant in explaining common patterns among CEE countries and concludes that increasing the stock of skills accumulated by the employed and improving utilisation of these skills seems to be the first-best solution to increase labour utilisation. The book will be of interest to post-graduate researchers and academics in the fields of labour economics, regional economics, and macroeconomics as well as scholars interested in adopting an institutional analysis approach. Additionally, due to the broader policy implications of the topic, the book will appeal to policymakers and experts interested in labour economics.
Author: Magnus Henrekson Publisher: ISBN: Category : Languages : en Pages :
Book Description
Economic growth requires factor reallocation across firms and continuous replacement of technologies. Labor market institutions influence economic dynamism by their impact on the supply of a key factor, skilled workers to new and expanding firms, and the shedding of workers from declining and failing firms. Growth-favoring labor market institutions include portable pension plans and other job tenure rights, health insurance untied to the current employer, individualized wage-setting, and public income insurance systems that encourage mobility and risk-taking in the labor market.
Author: Thierry Tressel Publisher: World Bank Publications ISBN: Category : Industrial productivity Languages : en Pages : 31
Book Description
Scarpetta and Tressel present empirical evidence on the determinants of industry-level multifactor productivity growth. They focus on "traditional factors," including the process of technological catch up, human capital, and research and development (R & D), as well as institutional factors affecting labor adjustment costs. Their analysis is based on harmonized data for 17 manufacturing industries in 18 industrial economies over the past two decades. The disaggregated analysis reveals that the process of technological convergence takes place mainly in low-tech industries, while in high-tech industries, country leaders tend to pull ahead of the others. The link between R & D activity and productivity also depends on technological characteristics of the industries: while there is no evidence of R & D boosting productivity in low-tech industries, the effect is strong in high-tech industries, but the technology leaders tend to enjoy higher returns on R & D expenditure compared with followers. There is also evidence in the data that high labor adjustment costs (proxied by the strictness of employment protection legislation) can have a strong negative impact on productivity. In particular, when institutional settings do not allow wages or internal training to offset high hiring and firing costs, the latter reduce incentives for innovation and adoption of new technologies, and lead to lower productivity performance. Albeit drawn from the experience of industrial countries, this result may have relevant implications for many developing economies characterized by low relative wage flexibility and high labor adjustment costs. This paper--a joint product of the Social Protection Team, Human Development Network, World Bank, and the International Monetary Fund--is part of a larger effort to understand what drives productivity growth.
Author: Domician Máté Publisher: ISBN: Category : Languages : en Pages : 12
Book Description
This research paper aims for an empirical validation of the impact of labour institutions on productivity growth. The main objective of this study is to analyse labour and economic growth tendencies of the period between 1980 and 2008 in various OECD countries. In our estimations we followed a specific taxonomy to identify the main features of productivity (output per capita) growth in different labour-skilled branches. Besides determining the sectoral differences of labour demand by standard comparative statistics, we used in our model specification a dynamic panel regression method.All in all, we conclude that the high-skilled branches achieved better economic growth performance than the lower-skilled ones in most of the OECD countries. Analysing the time series panel data of these countries we also claim that productivity growth was negatively correlated with unemployment benefits and employment legislation in the long run.
Author: Publisher: World Bank Publications ISBN: Category : Condiciones de trabajo - America Latina Languages : en Pages : 34
Book Description
This paper selectively synthesizes much of the research on Latin American and Caribbean labor markets in recent years. Several themes emerge that are particularly relevant to ongoing policy dialogues. First, labor legislation matters, but markets may be less segmented than previously thought. The impetus to voluntary informality, which appears to be a substantial fraction of the sector, implies that the design of social safety nets and labor legislation needs to take a more integrated view of the labor market, taking into account the cost-benefit analysis workers and firms make about whether to interact with formal institutions. Second, the impact of labor market institutions on productivity growth has probably been underemphasized. Draconian firing restrictions increase litigation and uncertainty surrounding worker separations, reduce turnover and job creation, and poorly protect workers. But theory and anecdotal evidence also suggest that they, and other related state or union induced rigidities, may have an even greater disincentive effect on technological adoption, which accounts for half of economic growth. Finally, institutions can affect poverty and equity, although the effects seem generally small and channels are not always clear. Overall, the present constellation of labor regulations serves workers and firms poorly and both could benefit from substantial reform.
Author: Mr.Romain A Duval Publisher: International Monetary Fund ISBN: 1498313264 Category : Business & Economics Languages : en Pages : 58
Book Description
This paper discusses theoretical aspects and evidences related to designing labor market institutions in emerging market and developing economies. This note reviews the state of theory and evidence on the design of labor market institutions in a developing economy context and then reviews its consistency with actual labor market advice in a selected set of emerging and developing economies. The focus is mainly on three broad sets of institutions that matter for both workers’ protection and labor market efficiency: employment protection, unemployment insurance and social assistance, minimum wages and collective bargaining. Text mining techniques are used to identify IMF recommendations in these areas in Article IV Reports for 30 emerging and frontier economies over 2005–2016. This note has provided a critical review of the literature on the design of labor market institutions in emerging and developing market economies, and benchmarked the advice featured in IMF recommendations for 30 emerging market and frontier economies against the tentative conclusions from the literature.
Author: Mr.Olivier J Blanchard Publisher: International Monetary Fund ISBN: 1484325486 Category : Business & Economics Languages : en Pages : 30
Book Description
This paper does two things. First, it articulates what are the main implications of theoretical and empirical research for design of labor market policies and labor market institutions. Second, in this light, the paper analyzes the IMF’s labor market recommendations since the beginning of the crisis, both in general, and more specifically in program countries
Author: Chang-Ruey Ay
Author: Chang-Ruey Ay
Author: Beata Woźniak-Jęchorek
Author: Magnus Henrekson
Author: Thierry Tressel
Author: Domician Máté
Author: 
Author: Yu-Fu Chen
Author: Stephen Nickell
Author: Mr.Romain A Duval
Author: Mr.Olivier J Blanchard