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Labor-Market Volatility and Financial Development in the Advanced OECD Countries: Does Labor-Market Regulation Matter?

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  • Thibault Darcillon

    (Maison des Sciences Economiques, University of Paris I Panthéon-Sorbonne, 106-112 Boulevard de l’Hôpital, Paris 75013, France.)

Abstract

This paper investigates the relationship between financial development and labor-market volatility in 15 OECD countries from 1974 to 2007. I argue that financial development should affect corporate governance and then how firms will determine wages and the number of hours worked, especially for low-skilled workers. First, my results indicate that financial development is associated with higher employment and wage volatility, but with no significant differences across skill levels. Second, using a threshold regression model, I show that the increasing effect of higher financial development on labor-market volatility is larger in countries with more labor-market regulation.

Suggested Citation

  • Thibault Darcillon, 2016. "Labor-Market Volatility and Financial Development in the Advanced OECD Countries: Does Labor-Market Regulation Matter?," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 58(2), pages 254-278, June.
    • Handle: RePEc:pal:compes:v:58:y:2016:i:2:p:254-278
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    Cited by:

    1. Giorgos Gouzoulis, 2023. "What do indebted employees do? Financialisation and the decline of industrial action," Industrial Relations Journal, Wiley Blackwell, vol. 54(1), pages 71-94, January.
    2. Giorgos Gouzoulis & Panagiotis (Takis) Iliopoulos & Giorgos Galanis, 2023. "Financialisation, Underemployment, & the Disconnected Greek Capitalism," Working Papers 112, Queen Mary, University of London, School of Business and Management, Centre for Globalisation Research.

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