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Consumption Smoothing and the Structure of Labor and Credit Markets

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dc.creator Bertola, Giuseppe
dc.creator Koeniger, Winfried
dc.date 2004
dc.date.accessioned 2013-10-16T07:09:45Z
dc.date.available 2013-10-16T07:09:45Z
dc.date.issued 2013-10-16
dc.identifier http://hdl.handle.net/10419/20287
dc.identifier ppn:380862670
dc.identifier.uri http://koha.mediu.edu.my:8181/xmlui/handle/10419/20287
dc.description Smoother labor incomes alleviate credit constraints by reducing workers' desire to borrow, and prospects of upward income mobility have smaller beneficial effects for currently poor workers when borrowing constraints are binding. These simple theoretical insights are consistent with the empirically more pronounced tendency of poor would-borrowers to favor government redistribution in countries where consumer credit is relatively scarce. They may also explain observed institutional patterns across countries and markets: policies that reduce the dispersion and volatility of labor income appear to be more prevalent in countries where inefficient legal systems restrict borrowing opportunities. Our theoretical perspective and empirical results offer more general insights as to ways in which historically determined features and politico-economic interactions may jointly shape institutional aspects of different markets, and as to appropriate design of reform processes.
dc.language eng
dc.relation IZA Discussion paper series 1052
dc.rights http://www.econstor.eu/dspace/Nutzungsbedingungen
dc.subject E21
dc.subject E61
dc.subject E24
dc.subject ddc:330
dc.subject labor market institutions
dc.subject consumer credit
dc.subject redistribution
dc.subject borrowing constraints
dc.subject Lohn
dc.subject Gesamtwirtschaftlicher Konsum
dc.subject Volatilität
dc.subject Verschuldungsrestriktion
dc.subject Arbeitsmarktflexibilisierung
dc.subject Verbraucherkredit
dc.subject Einkommensumverteilung
dc.subject Schätzung
dc.subject Theorie
dc.subject OECD-Staaten
dc.title Consumption Smoothing and the Structure of Labor and Credit Markets
dc.type doc-type:workingPaper

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