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The impact of Privatisation on Wages: Evidence from the Portuguese Banking Industry

  • Natália Pimenta Monteiro

    ()

    (Universidade do Minho - NIPE)

we present quasi-experimental estimates of the effect of privatisation on wages in the Portuguese banking sector for the period 1989-97. The design of the reform and the nature of dataset employed provide an important opportunity to analyse the effects of privatisation on different demographic groups, using multiple control groups and taking into consideration the timing of the effects. We find a positive relationship between time of restructuring and wage variation regardless the choice of the control group. Retained employees in privatised firms did experience lower wage growth rates, but only during the first two years after the ownership change. Estimates for top managers appear to contradict the theoretical predictions.

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File URL: http://www3.eeg.uminho.pt/economia/nipe/docs/2004/NIPE_WP_11_2004.PDF
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Paper provided by NIPE - Universidade do Minho in its series NIPE Working Papers with number 11/2004.

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Date of creation: 2004
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Handle: RePEc:nip:nipewp:11/2004
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  1. Haskel, Jonathan & Sanchis, Amparo, 1995. "Privatisation and X-Inefficiency: A Bargaining Approach," Journal of Industrial Economics, Wiley Blackwell, vol. 43(3), pages 301-21, September.
  2. Laszlo Goerke, 1998. "Privatization and efficiency wages," Journal of Economics, Springer, vol. 67(3), pages 243-264, October.
  3. Rafael La Porta & Florencio Lopez-de-Silane, 1997. "The Benefits of Privatization: Evidence from Mexico," NBER Working Papers 6215, National Bureau of Economic Research, Inc.
  4. Richard Blundell & Monica Costa Dias, 2000. "Evaluation methods for non-experimental data," Fiscal Studies, Institute for Fiscal Studies, vol. 21(4), pages 427-468, January.
  5. Jeffry M. Netter & William L. Megginson, 2001. "From State to Market: A Survey of Empirical Studies on Privatization," Journal of Economic Literature, American Economic Association, vol. 39(2), pages 321-389, June.
  6. Kluve, Jochen & Lehmann, Hartmut & Schmidt, Christoph M, 1999. "Active Labour Market Policies in Poland: Human Capital Enhancement, Stigmatization or Benefit Churning?," CEPR Discussion Papers 2059, C.E.P.R. Discussion Papers.
  7. Pedro Portugal & Mário Centeno, 2001. "Wages of Civil Servants," Economic Bulletin and Financial Stability Report Articles, Banco de Portugal, Economics and Research Department.
  8. Catherine D. Wolfram, 1998. "Increases in Executive Pay Following Privatization," Journal of Economics & Management Strategy, Wiley Blackwell, vol. 7(3), pages 327-361, 09.
  9. De Fraja, Giovanni, 1993. "Unions and Wages in Public and Private Firms: A Game-Theoretic Analysis," Oxford Economic Papers, Oxford University Press, vol. 45(3), pages 457-69, July.
  10. Haskel, Jonathan & Szymanski, Stefan, 1993. "Privatization, Liberalization, Wages and Employment: Theory and Evidence for the UK," Economica, London School of Economics and Political Science, vol. 60(238), pages 161-81, May.
  11. Samuel P.S. Ho & Xiao-Yuan Dong & Paul Bowles & Fiona MacPhail, 2002. "Privatization and enterprise wage structures during transition: Evidence from rural industry in china," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 10(3), pages 659-688, November.
  12. Heckman, J.J. & Hotz, V.J., 1988. "Choosing Among Alternative Nonexperimental Methods For Estimating The Impact Of Social Programs: The Case Of Manpower Training," University of Chicago - Economics Research Center 88-12, Chicago - Economics Research Center.
  13. Meyer, Bruce D, 1995. "Natural and Quasi-experiments in Economics," Journal of Business & Economic Statistics, American Statistical Association, vol. 13(2), pages 151-61, April.
  14. Sandra E. Black & Philip E. Strahan, 2001. "The Division of Spoils: Rent-Sharing and Discrimination in a Regulated Industry," American Economic Review, American Economic Association, vol. 91(4), pages 814-831, September.
  15. Kiker, B. F. & Santos, Maria C., 1991. "Human capital and earnings in Portugal," Economics of Education Review, Elsevier, vol. 10(3), pages 187-203, September.
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