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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 & 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.
    2. 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.

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