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Labour Hoarding during the Crisis: Evidence for selected New Member States from the Financial Crisis Survey

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  • Sandra M. Leitner
  • Robert Stehrer

    ()
    (The Vienna Institute for International Economic Studies, wiiw)

Abstract

During economic downturns, labour hoarding becomes an attractive human resource strategy if sizeable search and training costs render hiring and training new workers too costly. The paper sheds light on the prevalence and extent of labour hoarding in five New EU Member States and Turkey during the global financial crisis, which spread quickly like wildfire after the bankruptcy of Lehman Brothers in September 2008. It applies a unique firm-level panel, constructed by merging the World Bank Financial Crisis Survey (FCS) with the Business Environment and Enterprise Performance survey (BEEPs) and demonstrates that labour hoarding was a widely used strategy among entrepreneurs during the crisis. Furthermore, labour hoarding was particularly frequent among innovators whose substantial R&D-related training costs and extensive search costs for knowledgeable and experienced R&D personnel rendered labour hoarding more cheaply.

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Bibliographic Info

Paper provided by The Vienna Institute for International Economic Studies, wiiw in its series wiiw Working Papers with number 84.

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Length: 17 pages including 10 Tables and 1 Figure
Date of creation: Jun 2012
Date of revision:
Publication status: Published as wiiw Working Paper
Handle: RePEc:wii:wpaper:84

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Related research

Keywords: global financial crisis; labour hoarding; New Member States; firm level analysis;

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  1. Brown, J. David & Earle, John S., 2002. "The Reallocation of Workers and Jobs in Russian Industry: New Evidence on Measures and Determinants," IZA Discussion Papers 564, Institute for the Study of Labor (IZA).
  2. Keller, Dietmar & Jungnickel, Rolf, 2003. "Foreign-owned Firms in the German Labour Market," HWWA Discussion Papers 233, Hamburg Institute of International Economics (HWWA).
  3. Bohachova, Olga & Boockmann, Bernhard & Buch, Claudia M., 2011. "Labor Demand During the Crisis: What Happened in Germany?," IZA Discussion Papers 6074, Institute for the Study of Labor (IZA).
  4. Anton Jevcak & Ralph Setzer & Massimo Suardi, 2010. "Determinants of Capital Flows to the New EU Member States Before and During the Financial Crisis," European Economy - Economic Papers 425, Directorate General Economic and Monetary Affairs (DG ECFIN), European Commission.
  5. Martin Dietz & Michael Stops & Ulrich Walwei, 2010. "Safeguarding Jobs through Labor Hoarding in Germany," Applied Economics Quarterly (formerly: Konjunkturpolitik), Duncker & Humblot, Berlin, vol. 61(Supplemen), pages 125-166.
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