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Institutions, Restructuring, and Macroeconomic Performance

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Author Info
Ricardo J. Caballero
Mohamad L. Hammour

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Abstract

A growing body of new research has emphasized the macroeconomic consequences of transactional impediments in factor markets, and their role in the recurrent restructuring requirements of modern economies. We first review the function institutional arrangements play in facilitating transactions and explore the macroeconomic consequences of poor institutions. As an application, we discuss the lessons that can be learnt from observed changes in the nature of unemployment in Europe. We then analyze the effect the institutional environment can have on macroeconomic restructuring. In light of this framework we revisit the question of the relationship between recessions and restructuring activity, and review the recent evidence of reduced restructuring following recessions. We also discuss corroborating evidence from merger waves' in the restructuring of corporate assets.

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 7720.

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Date of creation: May 2000
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Handle: RePEc:nbr:nberwo:7720

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Find related papers by JEL classification:
E0 - Macroeconomics and Monetary Economics - - General
G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance

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  1. J. David Brown & John Earle, 2004. "Economic Reforms and Productivity-Enhancing Reallocation in the Post-Soviet Transition," CERT Discussion Papers 0404, Centre for Economic Reform and Transformation, Heriot Watt University. [Downloadable!]
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  2. J. David Brown & John S. Earle, 2002. "Job Reallocation and Productivity Growth under Alternative Economic Systems and Policies: Evidence from the Soviet Transition," William Davidson Institute Working Papers Series 514, William Davidson Institute at the University of Michigan Stephen M. Ross Business School. [Downloadable!]
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  3. Mariano Tommasi & Silvana Tenreyro, 2001. "Comments on Dani Rodrik's "Why Is There So Much Economic Insecurity in Latin America?"," Working Papers 28, Universidad de San Andres, Departamento de Economia, revised Mar 2001. [Downloadable!]
  4. John Haltiwanger & Milan Vodopivec, 2002. "Worker Flows, Job Flows and Firm Wage Policies: An Analysis of Slovenia," William Davidson Institute Working Papers Series 486, William Davidson Institute at the University of Michigan Stephen M. Ross Business School. [Downloadable!]
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  5. Brown, J. David & Earle, John S., 2004. "Job Reallocation and Productivity Growth in the Ukrainian Transition," IZA Discussion Papers 1349, Institute for the Study of Labor (IZA). [Downloadable!]
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  6. Hannu Piekkola & Petri Böckerman, 2002. "On Whom Falls the Burden of Restructuring? Evidence from Finland," Discussion Papers 714, The Research Institute of the Finnish Economy. [Downloadable!]
  7. Brown, J David & Earle, John S, 2001. "Gross Job Flows in Russian Industry Before and After Reforms: Has Destruction Become More Creative?," CEPR Discussion Papers 2951, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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  8. Maxim Bouev, 2004. "Diverging Paths: Transition in the Presence of the Informal Sector," William Davidson Institute Working Papers Series 2004-689, William Davidson Institute at the University of Michigan Stephen M. Ross Business School. [Downloadable!]
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