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Macroeconomic Effects of Ownership Structure in OECD Countries

Listed author(s):
  • Gatti, Donatella

    ()

    (University of Paris 13)

The paper investigates the impact of ownership concentration on GDP growth, for a sample of 18 OECD countries over the period 1980 to 2004. The econometric analysis shows that more concentrated ownership can speed up growth, for countries approaching the technological frontier, provided that labour market regulation is sufficiently tight. In the absence of employment regulation, the logic of financial markets discipline applies and dispersed ownership appears as more favorable for growth. Based on econometric results, impact coefficients are calculated allowing to evaluate the growth points gained/lost following a given change in ownership concentration. This exercise reveals that a reform in the domain of ownership structure can yield sizeable effects in terms of growth. Importantly, these effects are unequally distributed across countries: Anglo-Saxon countries would take more advantage of deregulation (i.e. increased dispersion of ownership in a context of deregulated labour markets) while continental European countries would benefit more from increased concentration of ownership in a context of reinforced labour regulation.

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File URL: http://ftp.iza.org/dp3415.pdf
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Paper provided by Institute for the Study of Labor (IZA) in its series IZA Discussion Papers with number 3415.

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Length: 30 pages
Date of creation: Mar 2008
Handle: RePEc:iza:izadps:dp3415
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  1. Nicoletti, Giuseppe & Scarpetta, Stefano, 2003. "Regulation, productivity, and growth : OECD evidence," Policy Research Working Paper Series 2944, The World Bank.
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  4. Donatella Gatti & Andrew Glyn, 2006. "Welfare States in Hard Times," Oxford Review of Economic Policy, Oxford University Press, vol. 22(3), pages 301-312, Autumn.
  5. Acemoglu, Daron & Aghion, Philippe & Zilibotti, Fabrizio, 2002. "Distance to Frontier, Selection, and Economic Growth," CEPR Discussion Papers 3467, C.E.P.R. Discussion Papers.
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  7. Cornelius, Peter K. & Kogut, Bruce (ed.), 2003. "Corporate Governance and Capital Flows in Global Economy," OUP Catalogue, Oxford University Press, number 9780195161717, December.
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  9. Torsten Persson & Gerard Roland & Guido Tabellini, 2006. "Electoral Rules and Government Spending in Parliamentary Democracies," Levine's Working Paper Archive 321307000000000706, David K. Levine.
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  11. Amable, Bruno & Demmou, Lila & Lezdema, Ivan, 2007. "Competition, Innovation and Distance to Frontier," CEPREMAP Working Papers (Docweb) 0706, CEPREMAP.
  12. Paul Conway & Giuseppe Nicoletti, 2006. "Product Market Regulation in the Non-Manufacturing Sectors of OECD Countries: Measurement and Highlights," OECD Economics Department Working Papers 530, OECD Publishing.
  13. Braumoeller, Bear F., 2004. "Hypothesis Testing and Multiplicative Interaction Terms," International Organization, Cambridge University Press, vol. 58(04), pages 807-820, October.
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  16. Rafael La Porta & Florencio Lopez-de-Silane & Andrei Shleifer, 1998. "Corporate Ownership Around the World," NBER Working Papers 6625, National Bureau of Economic Research, Inc.
  17. Bruno Amable & Donatella Gatti, 2005. "The political economy of job protection and income redistribution," PSE Working Papers halshs-00590841, HAL.
  18. Bruno Amable & Bob Hancke, 2001. "Innovation And Industrial Renewal In France In Comparative Perspective," Industry and Innovation, Taylor & Francis Journals, vol. 8(2), pages 113-133.
  19. Faccio, Mara & Lang, Larry H. P., 2002. "The ultimate ownership of Western European corporations," Journal of Financial Economics, Elsevier, vol. 65(3), pages 365-395, September.
  20. Cusack, Thomas R. & Iversen, Torben & Soskice, David, 2007. "Economic interests and the origins of electoral systems," Discussion Papers, Research Unit: Institutions, States, Markets SP II 2007-07, Social Science Research Center Berlin (WZB).
  21. Aghion, Philippe & Howitt, Peter, 1992. "A Model of Growth Through Creative Destruction," Scholarly Articles 12490578, Harvard University Department of Economics.
  22. Marco Pagano & Paolo Volpin, 1999. "The Political Economy of Corporate Governance," CSEF Working Papers 29, Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy, revised 01 Jul 2005.
  23. Amable, Bruno & Demmou, Lilas & Gatti, Donatella, 2007. "Employment Performance and Institutions: New Answers to an Old Question," IZA Discussion Papers 2731, Institute for the Study of Labor (IZA).
  24. Gatti, Donatella, 2000. "Unemployment and Innovation Patterns: The Critical Role of Coordination," Industrial and Corporate Change, Oxford University Press, vol. 9(3), pages 521-544, September.
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