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Does Globalization Lead to a Rat Race of National Labor-Market Institutions?

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  • Peter J. Stauvermann

    ()
    (Department of Economics, Changwon National University, South Korea)

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    Abstract

    Since just around 30 years we observe that the labor’s share of the national income decreases in most countries. In this paper, we introduce an endogenous overlapping generation growth model with an institutional setting of the labor market to show that the changes of the labor-market institutions are one main reason for the decrease of the labor’s share. These changes are mainly caused by the increasing globalization resulting in open capital markets and as a consequence in a competition between countries with respect to the labor-market institutions. In the long run, all will suffer. The only ways to stop this rat race are capital controls or international agreements on the labormarket institutions.

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    Bibliographic Info

    Article provided by Savez ekonomista Vojvodine, Novi Sad, Serbia in its journal Panoeconomicus.

    Volume (Year): 60 (2013)
    Issue (Month): 1 (March)
    Pages: 73-87

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    Handle: RePEc:voj:journl:v:60:y:2013:i:1:p:73-87

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    Web page: http://www.panoeconomicus.rs/

    Related research

    Keywords: Endogenous growth; Open economies; Labor’s share; Labor market institutions;

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    1. Harrison, Ann E & Leamer, Edward, 1997. "Labor Markets in Developing Countries: An Agenda for Research," Journal of Labor Economics, University of Chicago Press, vol. 15(3), pages S1-19, July.
    2. Stergios Skaperdas, 1996. "Contest success functions (*)," Economic Theory, Springer, vol. 7(2), pages 283-290.
    3. Jack Hirshleifer, 1989. "Conflict and rent-seeking success functions: Ratio vs. difference models of relative success," Public Choice, Springer, vol. 63(2), pages 101-112, November.
    4. Tadija Tadić, 2006. "The Globalization Debate: The Sceptics," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 53(2), pages 179-190, June.
    5. Sergio Rebelo, 1999. "Long Run Policy Analysis and Long Run Growth," Levine's Working Paper Archive 2114, David K. Levine.
    6. Masao Ogaki & Jonathan D. Ostry & Carmen M. Reinhart, 1996. "Saving Behavior in Low- and Middle-Income Developing Countries: A Comparison," IMF Staff Papers, Palgrave Macmillan, vol. 43(1), pages 38-71, March.
    7. Willem H. Buiter, 1979. "Time Preference and International Lending and Borrowing in an Overlapping-Generations Model," NBER Working Papers 0352, National Bureau of Economic Research, Inc.
    8. Reinhart, Carmen & Ostry, Jonathan, 1995. "Saving and real interest rates in developing countries," MPRA Paper 13352, University Library of Munich, Germany.
    9. Romer, Paul M, 1986. "Increasing Returns and Long-run Growth," Journal of Political Economy, University of Chicago Press, vol. 94(5), pages 1002-37, October.
    10. Tadija Tadić, 2006. "The Globalization Debate: The Globalists," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 53(1), pages 51-63, March.
    11. Nicole Attia & Valérie Bérenger, 2009. "European Integration and Social Convergence: A Qualitative Appraisal," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 56(1), pages 3-19, March.
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