Search results for "coordination of wage bargaining"
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Current Accounts and Coordination of Wage Bargaining
2018
This study provides novel evidence on the impact of labor market institutions on current account dynamics. Our results suggest that a high degree of coordination of wage bargaining has a positive effect on the current account balance over the long run. This result is not driven entirely by wage moderation induced by centralized wage setting. We also provide robust evidence that a high degree of coordination of wage bargaining is associated with a slower current account adjustment toward its long-run equilibrium. This result seems theoretically plausible; the aggregate shocks in the exporting sector are largely driven by idiosyncratic shocks and the presence of idiosyncratic shocks increases…
Essays on current account imbalances
2017
Global current account imbalances and intra-euro area imbalances have been at the forefront of academic and policy debates for the last ten years. This thesis examines the determinants of current account balances and external adjustment. It consists of an introduction and four empirical studies. This thesis highlights the importance of institutional factors such as differences in national cultures and cross-country differences in the coordination of wage bargaining on external balances. The first study investigates the effects of deep determinants on current account balances. The point estimates are economically and statistically significant, suggesting that countries populated by Roman Cat…