Is labour the fall guy of a financial-led globalisation? A cross-country inquiry on globalisation, financialisation and employment at the industry level

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• 作者：Cédric Durand ; Sébastien Miroudot
• 关键词：Offshoring ; Globalisation ; Financialisation ; Employment ; Industry dynamics ; F66 ; L16
• 刊名：Review of World Economics
• 出版年：2015
• 出版时间：August 2015
• 年：2015
• 卷：151
• 期：3
• 页码：409-432
• 全文大小：432 KB
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• 作者单位：Cédric Durand (1)
  Sébastien Miroudot (2)
  
  1. CEPN (CNRS and University Paris 13), Villetaneuse, France
  2. OECD and Groupe d’économie Mondiale de Sc Po, Paris, France
  
• 刊物主题：International Economics; European Integration; Macroeconomics/Monetary Economics; Economic Policy; Financial Economics;
• 出版者：Springer Berlin Heidelberg
• ISSN：1610-2886

文摘

Financialisation and globalisation have important implications for the functioning of economies and, in particular, for employment. However, their impact on labour market dynamics has not been sufficiently analysed. The aim of this article is to contribute to fill this gap in the literature with a cross-country analysis at the industry level. The authors identify four industry dynamics (Protection, Expansion, Escape from production and Decline with sunk costs) and explore the hypothesis that financialisation is a phenomenon mostly specific to mature developed economies. They provide an econometric analysis at the country and industry level of the relationship between globalisation, financialisation and employment over the period 1995-009. They estimate a standard labour demand function in which they introduce financialisation as a demand shifter. They also propose a simple model to explain the financialisation phenomenon and provide a regression testing its prevalence, including regressions with an interaction term between offshoring and financialisation. Their result does not point out to a financial-led globalisation but shows that labour is impacted negatively through the financialisation observed in certain industries.