Financial system sophistication and unemployment in industrial countries

Research output: Contribution to journalArticle

5 Citations (Scopus)

Abstract

By using data on 21 industrial countries from 1984 to 2006 and a large number of controls, this paper studies the unemployment effects of one major characteristic of the financial system: its level of sophistication, that is, the variety of financial institutions and instruments available to the economy. The paper finds that a higher level of sophistication is likely to reduce unemployment among the total labour force as well as among high-skilled workers. The magnitude of both effects appears to be modest. By contrast, financial system sophistication does not appear to affect unemployment among low-skilled workers.
Original languageEnglish
Pages (from-to)319-338
JournalInternational Journal of Finance & Economics
Volume18
Issue number4
Early online date9 Jul 2012
DOIs
Publication statusPublished - Oct 2013

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Sophistication
Unemployment
Developed countries
Financial system
Skilled workers
Financial institutions
Financial instruments
Labor force

Cite this

Financial system sophistication and unemployment in industrial countries. / Feldmann, Horst.

In: International Journal of Finance & Economics, Vol. 18, No. 4, 10.2013, p. 319-338.

Research output: Contribution to journalArticle

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