Labor policies and capital mobility in theory and in EMU |
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| Institution: | 1. European Central Bank, Kaiserstrasse 29, D-60311 Frankfurt am Main, Germany;2. Narodowy Bank Polski, Financial Stability Department, ul. Swietokrzyska 11/21, 00-919 Warsaw, Poland;3. Warsaw School of Economics, Institute of Econometrics, ul. Madalińskiego 6/8, 02-513 Warsaw, Poland;1. NSW Department of Primary Industries, Fisheries Conservation Technology Unit, National Marine Science Centre, PO Box 4321, Coffs Harbour, NSW, 2450, Australia;2. Marine and Estuarine Ecology Unit, School of Biological Sciences, University of Queensland, Brisbane, QLD, 4072, Australia;3. Department of Statistics, The University of Auckland, Private Bag 92019, Auckland, New Zealand;4. Hunter Local Land Services, PO Box 440, Taree, NSW, 2430, Australia;1. Centre for Planning and Economic Research, 11 Amerikis Street, 106 72 Athens, Greece;2. Athens University of Economics and Business, 76 Patission Street, 104 34 Athens, Greece;1. Department of Banking and Finance, Tamkang University, Taiwan, ROC;2. Department of Finance, Overseas Chinese University, Taiwan, ROC;3. Department of International Business, National Taiwan University, Taiwan, ROC;1. School of BioSciences, University of Melbourne, Victoria 3010, Australia;2. Melbourne Water, 990 Latrobe Street, Docklands, Victoria 3008, Australia |
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| Abstract: | Europe?s Economic and Monetary Union (EMU) was characterized by large international imbalances and uneven national labor market reforms. In this paper?s model, labor policies that aim to increase the welfare of capital-poor individuals within each country are influenced by financial integration across differently capital-abundant countries. The model predicts that capital outflows should be associated with labor market deregulation, as was the case in EMU, and helps interpret inequality developments and policy tensions in that experience. |
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| Keywords: | Policy competition Politico-economic equilibrium |
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