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Varieties of Capitalism and Institutional Complementarities in the Macroeconomy

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  • Hall, Peter A.
  • Gingerich, Daniel W.

Abstract

Using aggregate analysis, this paper examines the core contentions of the "varieties of capitalism" perspective on comparative capitalism. We construct a coordination index to assess whether the institutional features of liberal and coordinated market economies conform to the predictions of the theory. We test the contention that institutional complementarities occur across sub-spheres of the macroeconomy by examining the correspondence of institutions across sub-spheres and estimating the impact of complementarities in labor relations and corporate governance on rates of growth. To assess the stability of the institutional features central to the theory, we assess the dynamics of institutional change in recent years. The evidence suggests that there are powerful interaction effects among institutions across sub-spheres of the political economy that must be considered if the economic impact of institutional change in any one sphere is to be accurately assessed.

Suggested Citation

  • Hall, Peter A. & Gingerich, Daniel W., 2004. "Varieties of Capitalism and Institutional Complementarities in the Macroeconomy," MPIfG Discussion Paper 04/5, Max Planck Institute for the Study of Societies.
  • Handle: RePEc:zbw:mpifgd:045
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    1. Giuseppe Nicoletti & Stefano Scarpetta & Olivier Boylaud, 2000. "Summary Indicators of Product Market Regulation with an Extension to Employment Protection Legislation," OECD Economics Department Working Papers 226, OECD Publishing.
    2. Carlin, Wendy & Mayer, Colin, 2003. "Finance, investment, and growth," Journal of Financial Economics, Elsevier, vol. 69(1), pages 191-226, July.
    3. Chenggang Xu & Haizhou Huang, 1999. "Institutions, Innovations, and Growth," American Economic Review, American Economic Association, vol. 89(2), pages 438-443, May.
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    Cited by:

    1. Beyer, Jürgen, 2006. "Verfestigte institutionelle Vielfalt? Die komparativen Vorteile koordinierter Ökonomien und die Internationalisierung von Unternehmen," MPIfG Working Paper 06/8, Max Planck Institute for the Study of Societies.
    2. Brendan Boyle & Anthony McDonnell, 2013. "Exploring the impact of institutional and organizational factors on the reaction of MNCs to the global financial crisis," Asia Pacific Business Review, Taylor & Francis Journals, vol. 19(2), pages 247-265, April.
    3. Eichhorst, Werner & Feil, Michael & Braun, Christoph, 2008. "What have we learned? Assessing labor market institutions and indicators," IAB Discussion Paper 200822, Institut für Arbeitsmarkt- und Berufsforschung (IAB), Nürnberg [Institute for Employment Research, Nuremberg, Germany].
    4. Rainer Schweickert & Markus Ahlborn & Karol Frank & Ágnes Orosz & Ivana Sikulová & Miklós Szanyi, 2013. "Large-Scale Transformation of Socio-Economic Institutions - Comparative Case Studies on CEECs. Interim Report," WWWforEurope Working Papers series 16, WWWforEurope.
    5. Seikel, Daniel, 2014. "Nationale Anpassungsstrategien an das Fallrecht des Europäischen Gerichtshofes: Europäisierung durch Richterrecht und innenpolitische Veto-Positionen," WSI Working Papers 189, The Institute of Economic and Social Research (WSI), Hans-Böckler-Foundation.
    6. Engelhardt, Lutz, 2007. "Der Entry Standard der Frankfurter Wertpapierbörse als Nachfolger des Neuen Marktes: Zwei Versuche institutioneller Innovation in Deutschland," Discussion Papers, Research Unit: Institutions, States, Markets SP II 2007-05, Social Science Research Center Berlin (WZB).
    7. Carla De Laurentis, 2005. "Regional innovation systems and the labour market: A comparison of five regions," European Planning Studies, Taylor & Francis Journals, vol. 14(8), pages 1059-1084, November.
    8. Belloc, Filippo, 2010. "Corporate governance and innovation: an organizational perspective," MPRA Paper 21495, University Library of Munich, Germany.
    9. repec:eee:ecoser:v:10:y:2014:i:c:p:137-143 is not listed on IDEAS
    10. Francesca Gagliardi, 2009. "Financial development and the growth of cooperative firms," Small Business Economics, Springer, vol. 32(4), pages 439-464, April.
    11. Johan Bo Davidsson, 2011. "An Analytical Overview of Labour Market Reforms Across the EU: Making Sense of the Variation," LABORatorio R. Revelli Working Papers Series 111, LABORatorio R. Revelli, Centre for Employment Studies.
    12. MIYAJIMA Hideaki, 2009. "Pluralistic Evolution of the Japanese-Style Enterprise System: Toward the Hybrid Model (Japanese)," Discussion Papers (Japanese) 09017, Research Institute of Economy, Trade and Industry (RIETI).
    13. Carney, Richard, 2007. "Partisanship at the Origins of Modern Capitalist Institutions," MPRA Paper 5147, University Library of Munich, Germany.
    14. Gregory Jackson & Androniki Apostolakou, 2010. "Corporate Social Responsibility in Western Europe: An Institutional Mirror or Substitute?," Journal of Business Ethics, Springer, vol. 94(3), pages 371-394, July.
    15. Autiero, Giuseppina, 2008. "Labor market coordination systems and unemployment performance in some OECD countries," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 37(5), pages 1846-1855, October.
    16. Steffen Lehndorff & Thomas Haipeter, 2011. "Negotiating Employment Security: Innovations and Derogations," Chapters,in: The Role of Collective Bargaining in the Global Economy, chapter 2 Edward Elgar Publishing.
    17. Lantenois, Christopher, 2010. "Direction des sociétés, modèle de reproduction des élites managériales et financiarisation du capitalisme allemand : Enseignements à partir d’un panel de vingt-cinq sociétés cotées," Revue de la Régulation - Capitalisme, institutions, pouvoirs, Association Recherche et Régulation, vol. 8.
    18. Deeg, Richard, 2005. "Complementarity and institutional change: How useful a concept?," Discussion Papers, Research Unit: Institutions, States, Markets SP II 2005-21, Social Science Research Center Berlin (WZB).
    19. Höpner, Martin, 2004. "Unternehmensmitbestimmung unter Beschuss: Die Mitbestimmungsdebatte im Licht der sozialwissenschaftlichen Forschung," MPIfG Discussion Paper 04/8, Max Planck Institute for the Study of Societies.
    20. Grzegorz Gołębiowski, 2007. "Models of Capitalism vs. the Direction of Economic Development in Poland," Contemporary Economics, University of Finance and Management in Warsaw, vol. 1(3), September.
    21. Ewald Engelen & Martijn Konings & Rodrigo Fernandez, 2010. "Geographies of Financialization in Disarray: The Dutch Case in Comparative Perspective," Economic Geography, Clark University, vol. 86(1), pages 53-73, January.

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