Firm entry deregulation,competition and returns to education and skill |
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| Affiliation: | 1. University of Exeter, United Kingdom;2. University of Minho, NIMA, Portugal;3. University of Sussex and CEPR, United Kingdom;4. IZA, Germany;5. GDN, India;1. Department of Economics and Business, University of Genova, Italy;2. European Commission, Joint Research Centre (JRC) Ispra, Italy;3. University of Cagliari, Italy;4. CRENoS, Italy;5. IZA, Germany;1. Research Institute of Industrial Economics (IFN), Box 55665, SE-102 15 Stockholm, Sweden;2. HEC Paris, 1 Rue De La Liberation, 78351 Jouy-en-Josas, Cedex France;3. Scheller College of Business, Georgia Institute of Technology, 800 W. Peachtree Street NW, Atlanta, GA 30308, USA;4. KU Leuven, Department MSI, Naamsestraat 69 - bus 3535, 3000 Leuven, België;1. Department of Economics, University of Göttingen, Germany;2. Nottingham Centre for Research on Globalisation and Economic Policy (GEP) and School of Economics, University of Nottingham, United Kingdom;3. Division of Economics, University of Leeds, United Kingdom |
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| Abstract: | This paper studies the effect of firm entry deregulation on the returns to skill and education. We exploit a comprehensive episode of entry deregulation, unique in the industrialized world, as a quasi-natural experiment. Using matched employer–employee data for the universe of workers and firms in Portugal, we show that increased product market competition, which resulted from deregulation, increased the returns to a university degree and the returns to skill. We verify that our results are not driven by changes in employment composition, and are unlikely to be driven by skill-biased technical change, or by workers who change skill levels after the deregulation. |
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| Keywords: | Entry Deregulation Product market competition Wage structure Returns to education |
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