Labour and Financial Crises: Is Labour Paying the Price of the Crisis?

Abstract : This paper investigates the relationship between the labour share and financial crises. While Diwan (2001) or Maarek et al. (2013) focused on the currency crisis, we propose to see if their analyses can be extended to the banking crisis and how it can influence the relative bargaining power of labour and capital within firms. To this end, we use international panel data of the share of labour in GDP. We confirm the existence of a negative trend for the labour share, which is largely explained by financial crises. However, the results differ for currency and banking crises. Currency crises affect the labour share negatively, while banking crises primarily affect capital income, at least during the year of the crisis. In the three years following a currency crisis, the labour share tends to be reduced by around 2% per year on average.
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Comparative Economic Studies, Palgrave Macmillan, 2017, 59 (1), pp.55-76. <http://link.springer.com/article/10.1057/s41294-016-0015-z>. <10.1057/s41294-016-0015-z>
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https://hal.archives-ouvertes.fr/hal-01444339
Contributeur : Remi Bazillier <>
Soumis le : lundi 23 janvier 2017 - 22:36:28
Dernière modification le : jeudi 27 juillet 2017 - 14:19:35

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Rémi Bazillier, Boris Najman. Labour and Financial Crises: Is Labour Paying the Price of the Crisis?. Comparative Economic Studies, Palgrave Macmillan, 2017, 59 (1), pp.55-76. <http://link.springer.com/article/10.1057/s41294-016-0015-z>. <10.1057/s41294-016-0015-z>. <hal-01444339>

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