While the firm-level distributional consequences of market liberalization are well understood, previous studies have paid only limited attention to how variations in domestic institutions across countries affect the winners and losers from opening up to trade. We argue that the presence of coordinated wage-bargaining institutions, which impose a ceiling on wage increases, and state-subsidized vocational training, which creates a large supply of highly skilled workers, generate labor market frictions. Upward wage rigidity, in particular, helps smaller firms weather the rising competition and increasing labor costs triggered by trade liberalization. We test this hypothesis using a firm-level data set of European Union countries, which includes more than 800,000 manufacturing firms between 2003 and 2014. We find that, for productive firms, gains from trade are 20 percent larger in countries with liberal market economies than they are in coordinated market economies. Symmetrically, less productive firms in coordinated market economies experience significantly smaller revenue losses compared to liberal market economies. We show that both the presence of an institutionalized wage ceiling and the availability of subsidized vocational training are key mechanisms for reducing the reallocation of revenue from unproductive to productive firms in coordinated market economies compared to liberal market economies. In line with our theory, we find that wages and employment in liberalized industries increase differentially across both types of labor markets. Finally, we provide suggestive evidence that trade liberalization triggers a differential demand for redistribution at the individual level across different labor markets, which is in line with our firm-level analysis.

中文翻译：

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贸易自由化和劳动力市场制度

尽管市场自由化对企业层面的分配影响已广为人知，但以往的研究仅对各国国内制度的差异如何影响贸易开放的赢家和输家的关注有限。我们认为，协调的工资谈判机构（对工资增长设置上限）和国家补贴的职业培训（创造大量高技能工人）的存在会产生劳动力市场摩擦。尤其是向上的工资刚性，有助于小公司经受住贸易自由化引发的日益激烈的竞争和劳动力成本的增加。我们使用欧盟国家的企业级数据集检验这一假设，其中包括 2003 年至 2014 年间超过 800,000 家制造企业。我们发现，对于生产性企业，自由市场经济国家的贸易收益比协调市场经济国家高 20%。对称地，与自由市场经济相比，协调市场经济中生产力较低的公司遭受的收入损失要小得多。我们表明，与自由市场经济相比，在协调的市场经济中，制度化工资上限的存在和获得补贴的职业培训是减少非生产性公司向生产性公司重新分配收入的关键机制。根据我们的理论，我们发现自由化行业的工资和就业在两种类型的劳动力市场上都有不同的增长。最后，