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Firm-level employment, labour market reforms, and bank distress

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  • Stieglitz, Moritz
  • Setzer, Ralph

Abstract

We explore the impact of financial frictions on the employment effect of labour market reforms. Our study combines a new cross-country reform database on labour market reforms with matched firm-bank data for nine euro area countries over the period 1999 to 2013. While we find that labour market reforms are overall effective in increasing employment, restricted access to bank credit can undo up to half of medium to long-term employment gains at the firm-level. Entrepreneurs without sufficient access to credit cannot reap the full benefits of more flexible employment regulation.

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  • Stieglitz, Moritz & Setzer, Ralph, 2022. "Firm-level employment, labour market reforms, and bank distress," Journal of International Money and Finance, Elsevier, vol. 120(C).
  • Handle: RePEc:eee:jimfin:v:120:y:2022:i:c:s0261560620302801
    DOI: 10.1016/j.jimonfin.2020.102324
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    More about this item

    Keywords

    Labour market reforms; Bank stress; Employment protection; Unemployment insurance;
    All these keywords.

    JEL classification:

    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • J21 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Labor Force and Employment, Size, and Structure
    • J60 - Labor and Demographic Economics - - Mobility, Unemployment, Vacancies, and Immigrant Workers - - - General
    • K31 - Law and Economics - - Other Substantive Areas of Law - - - Labor Law

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