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Venture Capital Investment and Labor Market Performance: New Empirical Evidence for OECD Countries

  • Belke, Ansgar

    ()

    (University of Duisburg-Essen)

  • Schaal, Andreas

    ()

    (University of Hohenheim)

Anglo-Saxon countries have been successful in the 1990s concerning labor market performance compared to the former role models Germany and Japan. This reversal in relative economic performance might be related to idiosyncracies in financial markets with bank-based financial markets as in Germany and Japan being possibly inferior to stock-market based financial markets in turbulent times and when approaching the economic frontier. A cleavage is related to venture capital markets which are flourishing on Anglo-Saxon but not on German type financial markets. Venture capital is crucial for financing structural change, new firms and innovations and therefore possibly also nowadays for employment growth.

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Paper provided by Institute for the Study of Labor (IZA) in its series IZA Discussion Papers with number 1447.

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Length: 20 pages
Date of creation: Dec 2004
Date of revision:
Publication status: published in: Keuschnigg, Christian / Kanniainen, Vesa (eds.), Venture Capital, Entrepreneurship and Public Policy, CESifo Seminar Series, MIT Press, Cambridge/MA, 2004, 97-126
Handle: RePEc:iza:izadps:dp1447
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  1. Daron Acemoglu & Philippe Aghion & Fabrizio Zilibotti, 2002. "Distance to Frontier, Selection, and Economic Growth," NBER Working Papers 9066, National Bureau of Economic Research, Inc.
  2. Arellano, Manuel & Bond, Stephen, 1991. "Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations," Review of Economic Studies, Wiley Blackwell, vol. 58(2), pages 277-97, April.
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