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Yıl 2017, Cilt 6, Sayı 1, 17 - 30, 30.03.2017
https://doi.org/10.17261/Pressacademia.2017.382

Öz

Kaynakça

  • Abbas, S.K. & Sgro, P.M. 2011, “New keynesian phillips curve and inflation dynamics in Australia”, Economic Modelling, vol. 28, no. 4, pp. 2022–2033.
  • Agnello, L. Castro, V., Jalles, J.T. & Sousa, R.M. (2014), “Fiscal adjustments, labour market flexibility and unemployment”, Economics Letters, vol. 124, no. 2, pp. 231–235.
  • Akeju, K.F. & Olanipekun, D.B. 2014, “Unemployment and economic growth in Nigeria”, Journal of Economics and Sustainable Development, vol. 5, no. 4, pp. 138–144.
  • Akram, M., Hussain, S., Raza, S.H. & Masood, S., 2014, “An empirical estimation of Okun’s law in context of Pakistan”, Journal of Finance and Economics, vol. 2, no. 5, pp. 173–177.
  • Altig, D., Christiano, J., Eichenbaum, M. & Linde, J. 2011, “Firm-specific capital, nominal rigidities and the business cycle”, Review of Economic Dynamics, vol. 14, no. 2, pp. 225–247.
  • Ang, S.H. & Loganathan, N. 2013, “Interactions between economic growth and unemployment condition in Asian region”, International Journal of Economics and Empirical Research, vol. 1, no. 12, pp. 135–146.
  • Aoki, M. 2001, Toward a comparative economic analysis, MIT Press, Cambridge.
  • Arestis, P. 2015, “Coordination of fiscal with monetary and financial stability policies can better cure unemployment”, Review of Keynesian Economics, vol. 3, no. 2, pp. 233–247.
  • Attanasio, O., Goldberg, P.K. & Pavcnik, N. 2004, “Trade reforms and wage inequality in Columbia”, Journal of Development Economics, vol. 74, no. 2, pp. 331–366.
  • Autiero, G. 2008, “Labor market coordination systems and unemployment performance in some OECD countries”, Journal of SocioEconomics, vol. 37, no. 5, pp. 1846–1855.
  • Bande, R. & Riveiro, D. 2012, “The consumption–investment–unemployment relationship in Spain: An analysis with regional data”, MPRA Working Paper, No. 42681.
  • Bankole, A.S. & Fatai, B.O. 2013, “Empirical test of okun’s law in Nigeria”, International Journal of Economic Practices and Theories, vol. 3, no. 3, pp. 227–231.
  • Barigozzi, M., Conti, A.M. & Luciani, M. 2014, “Do Euro area countries respond asymmetrically to the common monetary policy?”, Oxford Bulletin of Economics and Statistics, vol. 76, no. 5, pp. 693–714.
  • Basarac, M., Škrabić, B. & Sorić, P. 2011, “The hybrid Phillips curve: Empirical evidence from transition economies”, Finance a úvěr – Czech Journal of Economics and Finance, vol. 61, no. 4, pp. 367–383.
  • Bassanini, A. & Duval, R. (2006), “The determinants of unemployment across OECD countries: Reassessing the role of policies and institutions”, OECD Economic Studies, vol. 2, no. 1, pp. 7–86.
  • Belot, M. & van Ours, J.C. 2001, “Unemployment and labour market institutions: An empirical analysis”, Journal of the Japanese and International Economies, vol. 15, no. 4, pp. 403–418.
  • Berger, T. & Everaert, G. 2013, “Is the impact of labor taxes on unemployment asymmetric?”, Macroeconomic Dynamics, vol. 17, no. 1, pp. 143–154.
  • Blanchard, O. & Wolfers, J. 2000, “The role of shocks and institutions in the rise of European unemployment: The aggregate evidence”, Economic Journal, vol. 110, no. 462, pp. C1–C33.
  • Bowdler, C. 2009, “Openness, exchange rate regimes and the Phillips curve”, Journal of International Money and Finance, vol. 28, no. 1, pp. 148–160.
  • Canale, R.R. & Liotti, G. 2015, “Structural adjustment and unemployment in selected Eurozone countries”, Australian Economic Review, vol. 48, no. 2, pp. 113–121.
  • Canova, F., Lopez-Salido, D. & Michelacci, C. 2007, “Schumpeterian technology shocks”, Universitat Pompeu Fabra Working Paper, No. 1012.
  • Carruth, A.A., Hooker, M.A. & Oswald, A.J. 1998, “Unemployment equilibria and input prices: Theory and evidence from the United States”, Review of Economics and Statistics, vol. 80, no. 4, pp. 621–628.
  • Cheng, C.H.J. 2014, “Exchange rate pass-through, unemployment and optimal implementable monetary policy rule for emerging economies”, Global Economic Review: Perspectives on East Asian Economies and Industries, vol. 43, no. 3, pp. 221–243.
  • Choi, I. 2001, “Unit root tests for panel data”, Journal of International Money and Finance, vol. 20, no. 2, pp. 249–272.
  • Ciccarone, G., Giuli, F. & Liberati, D. 2014, “Incomplete interest rate pass-through under credit and labor market frictions”, Economic Modelling, vol. 36, pp. 645–657.
  • Cooke, D. 2010, “Openness and inflation”, Journal of Money, Credit and Banking, vol. 42, no. 2–3, pp. 267–287.
  • Correa-Lopez, M., Garcia-Serrador, A. & Mingorance-Arnaiz, C. 2014, “Product market competition, monetary policy regimes and inflation dynamics: Evidence from a panel of OECD countries”, Oxford Bulletin of Economics and Statistics, vol. 76, no. 4, pp. 484–509.
  • Cuestas, J.C., Gil-Alana, L.A. & Staehr, K. 2011, “A further investigation of unemployment persistence in European transition economies”, Journal of Comparative Economics, vol. 39, no. 4, pp. 514–532.
  • Daveri, F. & Tabellini, G. 1997, “Unemployment, growth and taxation in industrial countries”, IGIER Working Paper, No. 122.
  • Dogru, B. 2013, “The link between unemployment rate and real output in Eurozone: A panel error correction approach”, Procedia – Social and Behavioral Sciences, vol. 99, pp. 94–103.
  • Dogrul, H.G. & Soytas, U. 2010, “Relationship between oil prices, interest rate, and unemployment: Evidence from an emerging market”, Energy Economics, vol. 32, no. 6, pp. 1523–1528.
  • Dutt, P., Mitra, D. & Ranjan, P. 2009, “International trade and unemployment: Theory and cross-national evidence”, Journal of International Economics, vol. 78, no. 1, pp. 32–44.
  • Elshamy, H. 2013, “Okun’s law and its validity in Egypt”, Journal of Emerging Issues in Economics, Finance and Banking, vol. 1, no. 2, pp. 67– 74.
  • Ernst, C. 2005, “Trade liberalization, export orientation and employment in Argentina, Brazil and Mexico”, Employment Strategy Papers, No. 15.
  • Faia, E., Lechthaler, W. & Merkl, C. 2013, “Fiscal stimulus and labor market policies in Europe”, Journal of Economic Dynamics and Control, vol. 37, no. 3, pp. 483–499.
  • Felbermayr, G., Prat, J. & Schmerer, H.J. 2011a, “Trade and unemployment: What do the data say?” European Economic Review, vol. 55, no. 6, pp. 741–758.
  • Felbermayr, G., Prat, J. & Schmerer, H.J. 2011b, “Globalization and labor market outcomes: Wage bargaining, search frictions, and firm heterogeneity”, Journal of Economic Theory, vol. 146, no. 1, pp. 39–73.
  • Feldmann, H. 2012, “Real interest rate and labor market performance in developing countries”, Economic Letters, vol. 117, no. 1, pp. 200– 203.
  • Fisher, J. 2006, “The dynamic effects of neutral and investment-specific technology shocks”, Journal of Political Economy, vol. 114, no. 3, pp. 413–451.
  • Gamberoni, E., Von Uexkull, E. & Weber, S. 2010, “The role of openness and labour market institutions for employment dynamics during economic crises”, ILO Employment Working Paper, No. 68.
  • Gaston, N. & Rajaguru, G. 2013, “How an export boom affects unemployment”, Economic Modelling, vol. 30, no. 2013, pp. 343–355.
  • Gozgor, G. 2014, “The impact of trade openness on the unemployment rate in G7 countries”, Journal of International Trade and Economic Development: An International and Comparative Review, vol. 23, no. 7, pp. 1018–1037.
  • Hadri, K. 2000, “Testing for stationarity in heterogeneous panel data”, Econometrics Journal, vol. 3, no. 2, pp. 148–161.
  • Hahn J. & Kuersteiner, G. 2002, “Asymptotically unbiased inference for a dynamic panel model with fixed effects when both n and T are large”, Econometrica, vol. 70, no. 4, pp. 1639–1657.
  • Hasan, R. Devashish Mitra, D., Ranjan, P. & Ahsan, R.N. 2012, “Trade liberalization and unemployment: Theory and evidence from India”, Journal of Development Economics, vol. 97, no. 2, pp. 269–280.
  • Henzel, S. & Wollmershäuser, T. 2008, “The new keynesian Phillips curve and the role of expectations: Evidence from the CESifo world economic survey”, Economic Modelling, vol. 25, no. 5, pp. 811–832.
  • Hong, I. 2014, “Italian welfare in the aftermath of the economic crisis: Neoliberal reforms and limits to the path dependency approach”, Journal of Sociology and Social Welfare, vol. XLI, no. 2, pp. 73–91.
  • Hove, S., Mama, A.T. & Tchana Tchana, F. 2015, “Monetary policy and commodity terms of trade shocks in emerging market economies”, Economic Modelling, Vol. 49, pp. 53–71.
  • Iacovoiu, V.B. 2012, “Impact of capital investments on unemployment in the context of economic crisis: The case of Romania”, Economic Insights – Trends and Challenges, vol. 1 (LXIV), no. 4/2012, pp. 36–47.
  • Im, K.S., Pesaran, M.H. & Shin, Y. 2003, “Testing for unit roots in heterogeneous panels”, Journal of Econometrics, vol. 115 no. 1, pp. 53–74.
  • Jovanovic, B. & Petreski, M. 2014, “Monetary policy, exchange rates and labor unions in SEE and the CIS during the financial crisis”, Economic Systems, vol. 38, no. 3, pp. 309–332.
  • Karanassou, M., Sala, H. & Snower, D.J. 2008, “Long run inflation–unemployment dynamics: The Spanish Phillips curve and economic policy”, Journal of Policy Modeling, Vol. 30, No. 2, pp. 279–300.
  • Kim, B. G. & Ahn, B.K. 2008, “An assessment of the new keynesian Phillips curve in the Korean economy”, Economic Analysis, vol. 14, no. 3, pp. 85–131.
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ECONOMIC FACTORS INFLUENCING THE DYNAMICS OF UNEMPLOYMENT IN THE G10 COUNTRIES: EMPIRICAL EVIDENCE FROM PANEL DATA MODELING

Yıl 2017, Cilt 6, Sayı 1, 17 - 30, 30.03.2017
https://doi.org/10.17261/Pressacademia.2017.382

Öz

Purpose- The purpose of the study is to determine which macroeconomic factors and economic policy changes may affect unemployment in the G10 countries.

Methodology-  Panel least squares approach is employed to estimate the role of economic factors inflencing unemployment in the G10 countries.

Findings-  Our findings are in line with the Phillips curve approach, exposing the importance of expansionary macroeconomic policies triggering the aggregate demand along with maintaining economic and financial stability to reduce unemployment. Expansionary economic policies play a major role in providing an improvement in the labor market in the long run. An increase in the level of financial and economic integration and development may decrease unemployment in the G10 countries. An increase in the total value-added industry and education expenditures may lead to a decrease in the unemployment rates in these countries.

Conclusion- We suggest that these countries should focus on sustaining their financial stability and development to improve the conditions of the labor market permanently. Liberalization of foreign trade, financial flows and market capitalization are crucial factors for the development of productivity of production factors, technology and organizational capacity in the G10 countries. Policy makers in the G10 countries should identify the channels through which technology, human capital, government spending, investment-specific, foreign and other shocks and taxes affect unemployment. 

Kaynakça

  • Abbas, S.K. & Sgro, P.M. 2011, “New keynesian phillips curve and inflation dynamics in Australia”, Economic Modelling, vol. 28, no. 4, pp. 2022–2033.
  • Agnello, L. Castro, V., Jalles, J.T. & Sousa, R.M. (2014), “Fiscal adjustments, labour market flexibility and unemployment”, Economics Letters, vol. 124, no. 2, pp. 231–235.
  • Akeju, K.F. & Olanipekun, D.B. 2014, “Unemployment and economic growth in Nigeria”, Journal of Economics and Sustainable Development, vol. 5, no. 4, pp. 138–144.
  • Akram, M., Hussain, S., Raza, S.H. & Masood, S., 2014, “An empirical estimation of Okun’s law in context of Pakistan”, Journal of Finance and Economics, vol. 2, no. 5, pp. 173–177.
  • Altig, D., Christiano, J., Eichenbaum, M. & Linde, J. 2011, “Firm-specific capital, nominal rigidities and the business cycle”, Review of Economic Dynamics, vol. 14, no. 2, pp. 225–247.
  • Ang, S.H. & Loganathan, N. 2013, “Interactions between economic growth and unemployment condition in Asian region”, International Journal of Economics and Empirical Research, vol. 1, no. 12, pp. 135–146.
  • Aoki, M. 2001, Toward a comparative economic analysis, MIT Press, Cambridge.
  • Arestis, P. 2015, “Coordination of fiscal with monetary and financial stability policies can better cure unemployment”, Review of Keynesian Economics, vol. 3, no. 2, pp. 233–247.
  • Attanasio, O., Goldberg, P.K. & Pavcnik, N. 2004, “Trade reforms and wage inequality in Columbia”, Journal of Development Economics, vol. 74, no. 2, pp. 331–366.
  • Autiero, G. 2008, “Labor market coordination systems and unemployment performance in some OECD countries”, Journal of SocioEconomics, vol. 37, no. 5, pp. 1846–1855.
  • Bande, R. & Riveiro, D. 2012, “The consumption–investment–unemployment relationship in Spain: An analysis with regional data”, MPRA Working Paper, No. 42681.
  • Bankole, A.S. & Fatai, B.O. 2013, “Empirical test of okun’s law in Nigeria”, International Journal of Economic Practices and Theories, vol. 3, no. 3, pp. 227–231.
  • Barigozzi, M., Conti, A.M. & Luciani, M. 2014, “Do Euro area countries respond asymmetrically to the common monetary policy?”, Oxford Bulletin of Economics and Statistics, vol. 76, no. 5, pp. 693–714.
  • Basarac, M., Škrabić, B. & Sorić, P. 2011, “The hybrid Phillips curve: Empirical evidence from transition economies”, Finance a úvěr – Czech Journal of Economics and Finance, vol. 61, no. 4, pp. 367–383.
  • Bassanini, A. & Duval, R. (2006), “The determinants of unemployment across OECD countries: Reassessing the role of policies and institutions”, OECD Economic Studies, vol. 2, no. 1, pp. 7–86.
  • Belot, M. & van Ours, J.C. 2001, “Unemployment and labour market institutions: An empirical analysis”, Journal of the Japanese and International Economies, vol. 15, no. 4, pp. 403–418.
  • Berger, T. & Everaert, G. 2013, “Is the impact of labor taxes on unemployment asymmetric?”, Macroeconomic Dynamics, vol. 17, no. 1, pp. 143–154.
  • Blanchard, O. & Wolfers, J. 2000, “The role of shocks and institutions in the rise of European unemployment: The aggregate evidence”, Economic Journal, vol. 110, no. 462, pp. C1–C33.
  • Bowdler, C. 2009, “Openness, exchange rate regimes and the Phillips curve”, Journal of International Money and Finance, vol. 28, no. 1, pp. 148–160.
  • Canale, R.R. & Liotti, G. 2015, “Structural adjustment and unemployment in selected Eurozone countries”, Australian Economic Review, vol. 48, no. 2, pp. 113–121.
  • Canova, F., Lopez-Salido, D. & Michelacci, C. 2007, “Schumpeterian technology shocks”, Universitat Pompeu Fabra Working Paper, No. 1012.
  • Carruth, A.A., Hooker, M.A. & Oswald, A.J. 1998, “Unemployment equilibria and input prices: Theory and evidence from the United States”, Review of Economics and Statistics, vol. 80, no. 4, pp. 621–628.
  • Cheng, C.H.J. 2014, “Exchange rate pass-through, unemployment and optimal implementable monetary policy rule for emerging economies”, Global Economic Review: Perspectives on East Asian Economies and Industries, vol. 43, no. 3, pp. 221–243.
  • Choi, I. 2001, “Unit root tests for panel data”, Journal of International Money and Finance, vol. 20, no. 2, pp. 249–272.
  • Ciccarone, G., Giuli, F. & Liberati, D. 2014, “Incomplete interest rate pass-through under credit and labor market frictions”, Economic Modelling, vol. 36, pp. 645–657.
  • Cooke, D. 2010, “Openness and inflation”, Journal of Money, Credit and Banking, vol. 42, no. 2–3, pp. 267–287.
  • Correa-Lopez, M., Garcia-Serrador, A. & Mingorance-Arnaiz, C. 2014, “Product market competition, monetary policy regimes and inflation dynamics: Evidence from a panel of OECD countries”, Oxford Bulletin of Economics and Statistics, vol. 76, no. 4, pp. 484–509.
  • Cuestas, J.C., Gil-Alana, L.A. & Staehr, K. 2011, “A further investigation of unemployment persistence in European transition economies”, Journal of Comparative Economics, vol. 39, no. 4, pp. 514–532.
  • Daveri, F. & Tabellini, G. 1997, “Unemployment, growth and taxation in industrial countries”, IGIER Working Paper, No. 122.
  • Dogru, B. 2013, “The link between unemployment rate and real output in Eurozone: A panel error correction approach”, Procedia – Social and Behavioral Sciences, vol. 99, pp. 94–103.
  • Dogrul, H.G. & Soytas, U. 2010, “Relationship between oil prices, interest rate, and unemployment: Evidence from an emerging market”, Energy Economics, vol. 32, no. 6, pp. 1523–1528.
  • Dutt, P., Mitra, D. & Ranjan, P. 2009, “International trade and unemployment: Theory and cross-national evidence”, Journal of International Economics, vol. 78, no. 1, pp. 32–44.
  • Elshamy, H. 2013, “Okun’s law and its validity in Egypt”, Journal of Emerging Issues in Economics, Finance and Banking, vol. 1, no. 2, pp. 67– 74.
  • Ernst, C. 2005, “Trade liberalization, export orientation and employment in Argentina, Brazil and Mexico”, Employment Strategy Papers, No. 15.
  • Faia, E., Lechthaler, W. & Merkl, C. 2013, “Fiscal stimulus and labor market policies in Europe”, Journal of Economic Dynamics and Control, vol. 37, no. 3, pp. 483–499.
  • Felbermayr, G., Prat, J. & Schmerer, H.J. 2011a, “Trade and unemployment: What do the data say?” European Economic Review, vol. 55, no. 6, pp. 741–758.
  • Felbermayr, G., Prat, J. & Schmerer, H.J. 2011b, “Globalization and labor market outcomes: Wage bargaining, search frictions, and firm heterogeneity”, Journal of Economic Theory, vol. 146, no. 1, pp. 39–73.
  • Feldmann, H. 2012, “Real interest rate and labor market performance in developing countries”, Economic Letters, vol. 117, no. 1, pp. 200– 203.
  • Fisher, J. 2006, “The dynamic effects of neutral and investment-specific technology shocks”, Journal of Political Economy, vol. 114, no. 3, pp. 413–451.
  • Gamberoni, E., Von Uexkull, E. & Weber, S. 2010, “The role of openness and labour market institutions for employment dynamics during economic crises”, ILO Employment Working Paper, No. 68.
  • Gaston, N. & Rajaguru, G. 2013, “How an export boom affects unemployment”, Economic Modelling, vol. 30, no. 2013, pp. 343–355.
  • Gozgor, G. 2014, “The impact of trade openness on the unemployment rate in G7 countries”, Journal of International Trade and Economic Development: An International and Comparative Review, vol. 23, no. 7, pp. 1018–1037.
  • Hadri, K. 2000, “Testing for stationarity in heterogeneous panel data”, Econometrics Journal, vol. 3, no. 2, pp. 148–161.
  • Hahn J. & Kuersteiner, G. 2002, “Asymptotically unbiased inference for a dynamic panel model with fixed effects when both n and T are large”, Econometrica, vol. 70, no. 4, pp. 1639–1657.
  • Hasan, R. Devashish Mitra, D., Ranjan, P. & Ahsan, R.N. 2012, “Trade liberalization and unemployment: Theory and evidence from India”, Journal of Development Economics, vol. 97, no. 2, pp. 269–280.
  • Henzel, S. & Wollmershäuser, T. 2008, “The new keynesian Phillips curve and the role of expectations: Evidence from the CESifo world economic survey”, Economic Modelling, vol. 25, no. 5, pp. 811–832.
  • Hong, I. 2014, “Italian welfare in the aftermath of the economic crisis: Neoliberal reforms and limits to the path dependency approach”, Journal of Sociology and Social Welfare, vol. XLI, no. 2, pp. 73–91.
  • Hove, S., Mama, A.T. & Tchana Tchana, F. 2015, “Monetary policy and commodity terms of trade shocks in emerging market economies”, Economic Modelling, Vol. 49, pp. 53–71.
  • Iacovoiu, V.B. 2012, “Impact of capital investments on unemployment in the context of economic crisis: The case of Romania”, Economic Insights – Trends and Challenges, vol. 1 (LXIV), no. 4/2012, pp. 36–47.
  • Im, K.S., Pesaran, M.H. & Shin, Y. 2003, “Testing for unit roots in heterogeneous panels”, Journal of Econometrics, vol. 115 no. 1, pp. 53–74.
  • Jovanovic, B. & Petreski, M. 2014, “Monetary policy, exchange rates and labor unions in SEE and the CIS during the financial crisis”, Economic Systems, vol. 38, no. 3, pp. 309–332.
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Ayrıntılar

Konular Sosyal
Bölüm Articles
Yazarlar

Oguzhan OZCELEBİ>

0000-0001-8746-9167


Seval OZKAN Bu kişi benim

Yayımlanma Tarihi 30 Mart 2017
Yayınlandığı Sayı Yıl 2017, Cilt 6, Sayı 1

Kaynak Göster

APA Ozcelebi, O. & Ozkan, S. (2017). ECONOMIC FACTORS INFLUENCING THE DYNAMICS OF UNEMPLOYMENT IN THE G10 COUNTRIES: EMPIRICAL EVIDENCE FROM PANEL DATA MODELING . Journal of Business Economics and Finance , 6 (1) , 17-30 . DOI: 10.17261/Pressacademia.2017.382

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