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The impact of the economic crisis on the EU labour market: a comparative perspective

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  • Pasquale Tridico

Abstract

The objective of this paper is to explore why some countries perform better than others in managing the current economic crisis, which started in 2007 in the US financial sector. I will elaborate on this question using the Crisis Management Index, taking into consideration GDP and labour market performance among European Union member states. My findings conclude that countries which performed better during the economic crisis of 2007-2011 are countries which do not have a flexible labour market and have managed to keep stable employment levels. These countries combine a very good mix of economic policies and social institutions oriented to stabilize the level of consumption and the aggregate demand. Coordination mechanisms, higher level of financial regulation and monitoring are also important features of these economies. Clearly, this group of countries identifies better, in the EU, a coordinated market economy model.

Suggested Citation

  • Pasquale Tridico, 2012. "The impact of the economic crisis on the EU labour market: a comparative perspective," Departmental Working Papers of Economics - University 'Roma Tre' 0153, Department of Economics - University Roma Tre.
    • Handle: RePEc:rtr:wpaper:0153
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    Cited by:

    1. Valentini, Enzo & Arlotti, Marco & Compagnucci, Fabiano & Gentili, Andrea & Muratore, Fabrizio & Gallegati, Mauro, 2017. "Technical change, sectoral dislocation and barriers to labor mobility: Factors behind the great recession," Journal of Economic Dynamics and Control, Elsevier, vol. 81(C), pages 187-215.
    2. Balázs Egert & Fredj Jawadi, 2018. "The Nonlinear Relationship between Economic growth and Financial Development," Working Papers hal-04141770, HAL.
    3. Nils BRAAKMANN & Bernd BRANDL, 2021. "The performance effects of collective and individual bargaining: A comprehensive and granular analysis of the effects of different bargaining systems on company productivity," International Labour Review, International Labour Organization, vol. 160(1), pages 43-64, March.
    4. Michele Catalano & Emilia Pezzolla, 2017. "The Italian Labor Market Reform: An Evaluation of the Jobs Act Using the Prometeia DSGE Model," Italian Economic Journal: A Continuation of Rivista Italiana degli Economisti and Giornale degli Economisti, Springer;Società Italiana degli Economisti (Italian Economic Association), vol. 3(2), pages 209-238, July.
    5. Pasquale Tridico & Riccardo Pariboni, 2018. "Inequality, financialization, and economic decline," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 41(2), pages 236-259, April.
    6. Topal, Pinar, 2015. "Fiscal stimulus and labor market flexibility," SAFE Working Paper Series 90, Leibniz Institute for Financial Research SAFE.
    7. Ghoshray, Atanu & Ordóñez, Javier & Sala, Hector, 2016. "Euro, crisis and unemployment: Youth patterns, youth policies?," Economic Modelling, Elsevier, vol. 58(C), pages 442-453.
    8. Walter Paternesi Meloni & Antonella Stirati, 2023. "The decoupling between labour compensation and productivity in high‐income countries: Why is the nexus broken?," British Journal of Industrial Relations, London School of Economics, vol. 61(2), pages 425-463, June.
    9. Oluseye Samuel Ajuwon & Sylvanus Ikhide & Joseph Oscar Akotey, 2017. "MSMEs Productivity in Nigeria," European Journal of Economics and Business Studies Articles, Revistia Research and Publishing, vol. 3, ejes_v3_i.
    10. Pasquale Tridico, 2014. "Welfare models, inequality and economic performance during globalisation," Departmental Working Papers of Economics - University 'Roma Tre' 0191, Department of Economics - University Roma Tre.
    11. Ulrike Huemer & Helmut Mahringer, 2020. "Arbeitsmarktmonitor 2019. Update des jährlichen EU-weiten Arbeitsmarktbeobachtungssystems," WIFO Studies, WIFO, number 66910.
    12. Ulrike Huemer, 2018. "Arbeitsmarktbeobachtung anhand des Arbeitsmarktmonitors," WIFO Monatsberichte (monthly reports), WIFO, vol. 91(6), pages 413-425, June.
    13. Gaetano Perone, 2018. "Produttività del lavoro, dinamica salariale e squilibri commerciali nei Paesi dell'Eurozona: un'analisi empirica," Economia & lavoro, Carocci editore, issue 3, pages 61-98.
    14. Pasquale Tridico, 2012. "Italy from economic decline to the current crisis," Working Papers 0005, ASTRIL - Associazione Studi e Ricerche Interdisciplinari sul Lavoro.
    15. Ángela García-Alaminos & Fabio Monsalve & Jorge Zafrilla & Maria-Angeles Cadarso, 2020. "Unmasking social distant damage of developed regions’ lifestyle: A decoupling analysis of the indecent labour footprint," PLOS ONE, Public Library of Science, vol. 15(4), pages 1-17, April.
    16. Enda Murphy & Julien Mercille, 2019. "(Re)making labour markets and economic crises: The case of Ireland," The Economic and Labour Relations Review, , vol. 30(1), pages 22-38, March.
    17. Pasquale Tridico & Walter Paternesi Meloni, 2018. "Economic growth, welfare models and inequality in the context of globalisation," The Economic and Labour Relations Review, , vol. 29(1), pages 118-139, March.
    18. Walter Paternesi Meloni & Antonella Stirati, 2021. "What has driven the delinking of wages from productivity? A political economy-based investigation for high-income economies," Working Papers PKWP2104, Post Keynesian Economics Society (PKES).
    19. Daniel HERRERO & Luis CÁRDENAS & Julián LÓPEZ GALLEGO, 2020. "Does deregulation decrease unemployment? An empirical analysis of the Spanish labour market," International Labour Review, International Labour Organization, vol. 159(3), pages 367-396, September.
    20. Giovanni Piumatti, 2020. "Longitudinal Trends in Self-Rated Health During Times of Economic Uncertainty in Italy," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 148(2), pages 599-633, April.
    21. Pasquale Tridico & Sebastiano Fadda & Antonella Mennella, 2014. "Flexibility and Productivity: The Case of the Labour Supply Contract Agreement in Italy," QA - Rivista dell'Associazione Rossi-Doria, Associazione Rossi Doria, issue 3, September.

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    Keywords

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    JEL classification:

    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)
    • J10 - Labor and Demographic Economics - - Demographic Economics - - - General
    • H12 - Public Economics - - Structure and Scope of Government - - - Crisis Management
    • O57 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Comparative Studies of Countries

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