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Labour and Financial Market Determinants of Investment Decisions in Europe

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Author Info
Calcagnini, Giorgio () (University of Urbino)
Saltari, Enrico (University of Rome "La Sapienza")

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Abstract

This paper has aimed at analysing how labour and financial markets influence investment. Specifically, we stressed the importance of considering labour market conditions within the most traditional theoretical framework that assigns a significant role to financial market imperfections in determining capital accumulation. Investment is traditionally considered one of the most important economic variables. As a component of aggregate demand it helps determine both its level and volatility. On the supply side, it is the means through which innovations are introduced into the economy, it determines the expansion path of productive capacity and, therefore, provides opportunities to increase employment. Economic policies to promote investment should therefore promote policy moves towards more efficient capital markets and, at the same time, bargaining systems that help reduce labour market conflicts

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Paper provided by United Nations University, Institute for New Technologies in its series EIFC - Technology and Finance Working Papers with number 26.

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Date of creation: 2003
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Handle: RePEc:dgr:unutaf:eifc03-26

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Related research
Keywords: labour market; financial market; investment; Europe;

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This paper has been announced in the following NEP Reports: References listed on IDEAS
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  1. David Metcalf, 2002. "Unions and Productivity, Financial Performance and Investment: International Evidence," CEP Discussion Papers dp0539, Centre for Economic Performance, LSE. [Downloadable!]
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  3. Leertouwer, Erik & de Haan, Jakob, 2002. "How to Use Indicators for 'Corporatism' in Empirical Applications," CESifo Working Paper Series CESifo Working Paper No. , CESifo Group Munich. [Downloadable!]
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  5. Steven N. Kaplan & Luigi Zingales, 2000. "Investment-Cash Flow Sensitivities are not Valid Measures of Financing Constraints," NBER Working Papers 7659, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  6. Calcagnini, Giorgio & Saltari, Enrico, 2001. "Investment and uncertainty: is there a potential role for a common European policy?," Economics Letters, Elsevier, vol. 72(1), pages 61-65, July. [Downloadable!] (restricted)
  7. Simon Gilchrist & Charles Himmelberg, 1998. "Investment, Fundamentals and Finance," NBER Working Papers 6652, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  8. Ricardo Caballero & Muhamad Hammour, 1999. "The Cost of Recessions Revisited: A Reverse-Liquidationist View," Working papers 99-22, Massachusetts Institute of Technology (MIT), Department of Economics.
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  9. Daron Acemoglu, 2000. "Credit Market Imperfections and Persistent Unemployment," NBER Working Papers 7938, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  10. Etienne Wasmer & Philippe Weil, 2004. "The Macroeconomics of Labor and Credit Market Imperfections," American Economic Review, American Economic Association, vol. 94(4), pages 944-963, September. [Downloadable!]
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  11. Rajan, Raghuram G & Zingales, Luigi, 1998. "Financial Dependence and Growth," American Economic Review, American Economic Association, vol. 88(3), pages 559-86, June. [Downloadable!] (restricted)
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  12. Caballero, Ricardo J. & Hammour, Mohamad L., 1998. "Jobless growth: appropriability, factor substitution, and unemployment," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 48(1), pages 51-94, June. [Downloadable!] (restricted)
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  13. Joao F. Gomes, 2001. "Financing Investment," American Economic Review, American Economic Association, vol. 91(5), pages 1263-1285, December. [Downloadable!] (restricted)
  14. Rafael La Porta & Florencio Lopez-de-Silanes & Andrei Shleifer & Robert W. Vishny, 1998. "Law and Finance," Journal of Political Economy, University of Chicago Press, vol. 106(6), pages 1113-1155, December. [Downloadable!] (restricted)
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  15. Sterken, Elmer & Lensink, Robert & Bo, Hong, 2002. "Investment, cash flow and uncertainty: evidence for the Netherlands," 10th International Conference on Panel Data, Berlin, July 5-6, 2002 A3-2, International Conferences on Panel Data. [Downloadable!]
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  16. Ansgar Belke & Rainer Fehn, 2000. "Institutions and Structural Unemployment: Do Capital Market Imperfections Matter?," Diskussionspapiere aus dem Institut für Volkswirtschaftslehre der Universität Hohenheim 190/2000, Department of Economics, University of Hohenheim, Germany.
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  17. Herbertsson, Tryggvi Thor & Zoega, Gylfi, 2002. "The Modigliani 'puzzle'," Economics Letters, Elsevier, vol. 76(3), pages 437-442, August. [Downloadable!] (restricted)
  18. Bertola, Giuseppe & Blau, Francine D & Kahn, Lawrence, 2002. "Labour Market Institutions and Demographic Employment Patterns," CEPR Discussion Papers 3448, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Roberto Pereira Guimarães & Olaf Unteroberdoerster, 2006. "What's Driving Private Investment in Malaysia? Aggregate Trends and Firm-Level Evidence," IMF Working Papers 06/190, International Monetary Fund. [Downloadable!]
  2. Giorgio Calcagnini & Germana Giombini, 2009. "Does Employment Protection Legislation Affect Firm Investment? The European Case," Working Papers 0902, University of Urbino Carlo Bo, Department of Economics, revised 2009. [Downloadable!]
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