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Varieties of Capitalism and Institutional Complementarities in the Macroeconomy

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  • Hall, Peter A.
  • Gingerich, Daniel W.
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    Abstract

    Using aggregate analysis, this paper examines the core contentions of the "varieties of capitalism" perspective on comparative capitalism. We construct a coordination index to assess whether the institutional features of liberal and coordinated market economies conform to the predictions of the theory. We test the contention that institutional complementarities occur across sub-spheres of the macroeconomy by examining the correspondence of institutions across sub-spheres and estimating the impact of complementarities in labor relations and corporate governance on rates of growth. To assess the stability of the institutional features central to the theory, we assess the dynamics of institutional change in recent years. The evidence suggests that there are powerful interaction effects among institutions across sub-spheres of the political economy that must be considered if the economic impact of institutional change in any one sphere is to be accurately assessed. -- Mit Hilfe von Aggregatdaten analysiert dieses Papier Kernaussagen des "Varieties-of-Capitalism"-Ansatzes. Um beurteilen zu können, ob die Aussagen der Theorie mit den institutionellen Begebenheiten liberaler und koordinierter Ökonomien übereinstimmen, konstruieren wir einen ländervergleichenden Index der ökonomischen Koordination. Wir überprüfen die These von der institutionellen Komplementarität zwischen den verschiedenen Sphären politischer Ökonomien, indem wir das Zusammenwirken von Institutionen analysieren und den Einfluss komplementärer Institutionen der Arbeitsbeziehungen und der Unternehmenskontrolle auf die Höhe von Wachstumsraten untersuchen. Wir diskutieren darüber hinaus, wie stabil die institutionellen Begebenheiten in den vergangenen Jahren waren. Im Ergebnis zeigen sich starke Interaktionseffekte zwischen den Sphären politischer Ökonomien, die berücksichtigt werden müssen, um die wirtschaftlichen Wirkungen institutionellen Wandels in einzelnen Sphären zu verstehen.

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    Bibliographic Info

    Paper provided by Max Planck Institute for the Study of Societies in its series MPIfG Discussion Paper with number 04/5.

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    Date of creation: 2004
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    Handle: RePEc:zbw:mpifgd:045

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    References

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    1. Giuseppe Nicoletti & Stefano Scarpetta & Olivier Boylaud, 2000. "Summary Indicators of Product Market Regulation with an Extension to Employment Protection Legislation," OECD Economics Department Working Papers 226, OECD Publishing.
    2. Carlin, Wendy & Mayer, Colin, 1999. "Finance, Investment and Growth," CEPR Discussion Papers 2233, C.E.P.R. Discussion Papers.
    3. Chenggang Xu & Haizhou Huang, 1999. "Institutions, Innovations, and Growth," American Economic Review, American Economic Association, vol. 89(2), pages 438-443, May.
    4. Breusch, T S & Pagan, A R, 1980. "The Lagrange Multiplier Test and Its Applications to Model Specification in Econometrics," Review of Economic Studies, Wiley Blackwell, vol. 47(1), pages 239-53, January.
    5. Amable, Bruno, 1999. "Institutional complementarity and diversity of social systems of innovation and production," Discussion Papers, Research Unit: Economic Change and Employment FS I 99-309, Social Science Research Center Berlin (WZB).
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    Cited by:
    1. Johan Bo Davidsson, 2011. "An Analytical Overview of Labour Market Reforms Across the EU: Making Sense of the Variation," LABORatorio R. Revelli Working Papers Series 111, LABORatorio R. Revelli, Centre for Employment Studies.
    2. Eichhorst, Werner & Feil, Michael & Braun, Christoph, 2008. "What have we learned? Assessing labor market institutions and indicators," IAB Discussion Paper 200822, Institut für Arbeitsmarkt- und Berufsforschung (IAB), Nürnberg [Institute for Employment Research, Nuremberg, Germany].
    3. Belloc, Filippo, 2010. "Corporate governance and innovation: an organizational perspective," MPRA Paper 21495, University Library of Munich, Germany.
    4. Carney, Richard, 2007. "Partisanship at the Origins of Modern Capitalist Institutions," MPRA Paper 5147, University Library of Munich, Germany.
    5. Beyer, Jürgen, 2006. "Verfestigte institutionelle Vielfalt? Die komparativen Vorteile koordinierter Ökonomien und die Internationalisierung von Unternehmen," MPIfG Working Paper 06/8, Max Planck Institute for the Study of Societies.
    6. Herman Werfhorst, 2007. "WP 62 - Vocational education and active citizenship: Behavior in cross-national perspective," AIAS Working Papers wp62, AIAS, Amsterdam Institute for Advanced Labour Studies.
    7. Engelhardt, Lutz, 2007. "Der Entry Standard der Frankfurter Wertpapierbörse als Nachfolger des Neuen Marktes: zwei Versuche institutioneller Innovation in Deutschland," Discussion Papers, Research Unit: Institutions, States, Markets SP II 2007-05, Social Science Research Center Berlin (WZB).
    8. Grzegorz Gołębiowski, 2007. "Models of Capitalism vs. the Direction of Economic Development in Poland," Contemporary Economics, University of Finance and Management in Warsaw, vol. 1(3), September.
    9. Deeg, Richard, 2005. "Complementarity and institutional change: how useful a concept?," Discussion Papers, Research Unit: Institutions, States, Markets SP II 2005-21, Social Science Research Center Berlin (WZB).
    10. MIYAJIMA Hideaki, 2009. "Pluralistic Evolution of the Japanese-Style Enterprise System: Toward the Hybrid Model (Japanese)," Discussion Papers (Japanese) 09017, Research Institute of Economy, Trade and Industry (RIETI).
    11. Gregory Jackson & Androniki Apostolakou, 2010. "Corporate Social Responsibility in Western Europe: An Institutional Mirror or Substitute?," Journal of Business Ethics, Springer, vol. 94(3), pages 371-394, July.
    12. Autiero, Giuseppina, 2008. "Labor market coordination systems and unemployment performance in some OECD countries," The Journal of Socio-Economics, Elsevier, vol. 37(5), pages 1846-1855, October.
    13. Höpner, Martin, 2004. "Unternehmensmitbestimmung unter Beschuss: Die Mitbestimmungsdebatte im Licht der sozialwissenschaftlichen Forschung," MPIfG Discussion Paper 04/8, Max Planck Institute for the Study of Societies.
    14. Ahrens, Joachim & Schweickert, Rainer & Zenker, Juliane, 2011. "Varieties of capitalism, governance and government spending: A cross-section analysis," PFH Forschungspapiere/Research Papers 2011/01, PFH Private University of Applied Sciences, Göttingen.
    15. Francesca Gagliardi, 2009. "Financial development and the growth of cooperative firms," Small Business Economics, Springer, vol. 32(4), pages 439-464, April.

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