Labor Market Institutions : A Review of the Literature
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World Bank, Washington, D.C.
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This paper reviews the findings of more than 150 studies on the impacts of four types of labor market institutions: minimum wages, employment protection regulation, unions and collective bargaining, and mandated benefits. The review places particular emphasis on results from developing countries. Impacts studied are on living standards (employment and earnings effects), productivity, and social cohesion, to the extent that this has been analyzed. Strong and opposing views are held on the costs and benefits of labor market institutions. On balance, the results of this review suggest that, in most cases, the impacts of these institutions are smaller than the heat of the debates would suggest. Efficiency effects of labor market regulations and collective bargaining are sometimes found but not always, and the effects can be in either direction and are usually modest. Distributional impacts are clearer, with two effects predominating: an equalizing effect among covered workers but groups such as youth, women, and the less skilled disproportionately outside the coverage and its benefits. While the overall conclusion is one of modest effects in most cases, this does not mean that impacts cannot be more dramatic where regulations are set or institutions operate in ways that exacerbate the labor market imperfections that they were designed to address.
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access to employment, active labor, active labor market, active labor market programs, adverse effects, Aggregate employment, assessing labor market, bargaining power, business cycle, capital investments, civil unrest, collective agreements, collective bargaining, collective dismissal, competitive equilibrium, competitive labor markets, competitive market, crises, cultural values, Current Population, developing countries, Development Economics, discrimination, dismissal, dismissals, displaced workers, drivers, earning, Earnings inequality, economic efficiency, economic policies, employee, employer behavior, employer-employee relationship, employers, employment, employment contracts, employment dynamics, employment effect, employment effects, employment impact, employment impacts, employment levels, Employment of women, employment opportunities, employment performance, employment practices, employment protection legislation, employment protection rules, Employment Research, Employment stability, Employment status, equality of opportunity, exogenous variables, family formation, family ties, firing, firing costs, firm entry, formal labor market, high unemployment, high unemployment rates, hiring, human capital, immigrants, imperfect information, income, income distribution, income inequality, industrial relations, industrialization, informal employment, informal sector, informal sector workers, innovation, job creation, job destruction, job loss, job opportunities, job performance, job security, job security regulations, job tenure, Jobs, labor codes, labor costs, labor demand, labor force, labor force participation, labor laws, labor legislation, Labor Market, Labor Market Institutions, labor market outcome, labor market outcomes, labor market performance, labor market regulation, labor market regulations, labor markets, labor productivity, labor productivity growth, labor reallocation, labor regulations, labor relations, labor standards, labor supply, labor turnover, labour, labour market, labour market performance, Labour Studies, laid-off workers, layoffs, level of development, living standards, long-term unemployment, low unemployment, low-income countries, low-wage employment, mandated benefits, market failures, market liberalization, minimum wage, minimum wages, multifactor productivity, multifactor productivity growth, perfect competition, permanent employment, permanent jobs, permanent worker, permanent workers, personnel, policy implications, Policy Research, Policy Research Working Paper, political economy, political process, present value, primary source, private sectors, product market, product market regulations, productivity effect, productivity effects, productivity growth, productivity levels, progress, quantitative indicators, quantitative measures, regular contracts, respect, rule of law, safety, severance arrangements, severance payments, social benefits, social capital, social cohesion, social inclusion, social policy, social returns, State Intervention, structural unemployment, substitution effect, teenage employment, teenagers, temporary employment, temporary jobs, temporary workers, termination, total factor productivity, trade unions, training costs, unemployment, unemployment insurance, unemployment rate, unintended consequences, union density, union membership, union wage premium, unionization, unskilled labor, unskilled workers, vulnerable groups, wage bargaining, wage compression, wage differentials, wage dispersion, wage distribution, wage effect, wage effects, wage floors, wage gains, wage increases, wage inequality, wage losses, wage policies, wage premium, wage premiums, War, worker, workers, working conditions, working poor, young people, youth employment, youth labor, youth unemployment