2023-09-28 14:46:10 +00:00
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abstract: 'This study analyzes the long-term effect of labor market institutions,
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such as minimum wage and union density, on inequality, investment,
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growth, and consumption, by using data of the member countries of the
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Organization for Economic Cooperation and Development since the 1970s.
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Labor market institution variables are used to test arguments on
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wage-led growth theory.
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Panel cointegration approach was used to investigate the long-term
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effect of these variables. Results of panel cointegration test show that
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variables of labor market institutions are not robustly correlated to
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macroeconomic outcomes in the long run. This condition is not in
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accordance with the findings of the proponents and critics of wage-led
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growth. No robust evidence exists to show that increasing minimum wage
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and union density, which are representative policies for wage-led
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growth, are correlated to inequality, labor income share, consumption,
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investment, or growth in the long run. Estimation results of this study
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suggest that the empirical basis of support and criticism for wage-led
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growth theory is weak.'
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affiliation: 'Shin, H (Corresponding Author), Seoul Natl Univ, Ctr Distribut Justice,
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Seoul, South Korea.
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Shin, Hochul, Seoul Natl Univ, Ctr Distribut Justice, Seoul, South Korea.'
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author: Shin, Hochul
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author-email: s2h3c7@gmail.com
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author_list:
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- family: Shin
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given: Hochul
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da: '2023-09-28'
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files: []
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issn: 1225-0279
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journal: SEOUL JOURNAL OF ECONOMICS
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keywords: Wage-led growth; Minimum wage; Union density; Panel cointegration
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keywords-plus: 'NATIONAL MINIMUM-WAGE; INCOME INEQUALITY; STOCK MARKETS; IMPACT;
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FINANCIALISATION; EMPLOYMENT; TESTS; RISE; PRODUCTIVITY; INVESTMENT'
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language: English
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number: '2'
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number-of-cited-references: '68'
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pages: 225-256
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papis_id: b5f05c67188924bfe6aaa1f4f5bcfc89
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ref: Shin2019labormarket
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times-cited: '1'
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title: 'Labor Market Institutions and Wage-led Growth: A Panel Cointegration Approach'
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2023-10-01 08:15:07 +00:00
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type: article
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2023-09-28 14:46:10 +00:00
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unique-id: WOS:000469805500004
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usage-count-last-180-days: '0'
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usage-count-since-2013: '5'
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volume: '32'
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web-of-science-categories: Economics
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year: '2019'
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