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The impact of credit shocks on the European labour market
Baltic Journal of Economics ( IF 1.435 ) Pub Date : 2021-01-17 , DOI: 10.1080/1406099x.2020.1871213
Katalin Bodnár 1 , Ludmila Fadejeva 2 , Marco Hoeberichts 3 , Mario Izquierdo Peinado 4 , Christophe Jadeau 5 , Eliana Viviano 6
Affiliation  

ABSTRACT

The sovereign debt crisis led to financial difficulties for European firms and a decline in the use of labour input. We use qualitative firm-level data for 24 European countries, collected within the third wave of the Wage Dynamics Network (WDN3) of the ESCB, to propose a cross-country analysis of the relationship between a credit shock and labour markets. We first derive a set of indices measuring difficulties in accessing the credit market for the period 2010–2013. Second, we provide a description of the relationship between credit difficulties and changes in labour input, both along the extensive and the intensive margins as well as on wages. We find strong and significant correlation between credit difficulties and adjustments along both the extensive and the intensive margin. In the presence of credit market difficulties, firms also cut wages by reducing the variable part of wages. This evidence suggests that credit shocks can affect not only the real economy, but also nominal variables.



中文翻译:

信贷冲击对欧洲劳动力市场的影响

摘要

主权债务危机导致欧洲公司的财务困难和劳动力投入的使用减少。我们使用在ESCB的工资动态网络(WDN3)的第三次浪潮中收集的24个欧洲国家的定性公司级数据,对信贷冲击与劳动力市场之间的关系进行了跨国分析。我们首先得出一组指数,用于衡量2010-2013年进入信贷市场的困难。其次,我们对信贷困难与劳动投入变化之间的关系进行了描述,这既沿广泛的边际集约利润率,也沿密集的边际工资关系。我们发现信贷困难与调整之间的紧密联系以及广泛和密集的保证金之间都存在着强烈而显着的关联。在信贷市场困难的情况下,公司还通过减少工资的可变部分来削减工资。这些证据表明,信贷冲击不仅会影响实体经济,而且还会影响名义变量。

更新日期:2021-01-18
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