Inequality and Labor Market Institutions

Business & Finance, Economics, Money & Monetary Policy, Macroeconomics
Cover of the book Inequality and Labor Market Institutions by Florence Ms. Jaumotte, Carolina Ms. Osorio, INTERNATIONAL MONETARY FUND
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Author: Florence Ms. Jaumotte, Carolina Ms. Osorio ISBN: 9781513526904
Publisher: INTERNATIONAL MONETARY FUND Publication: July 10, 2015
Imprint: INTERNATIONAL MONETARY FUND Language: English
Author: Florence Ms. Jaumotte, Carolina Ms. Osorio
ISBN: 9781513526904
Publisher: INTERNATIONAL MONETARY FUND
Publication: July 10, 2015
Imprint: INTERNATIONAL MONETARY FUND
Language: English

The SDN examines the role of labor market institutions in the rise of income inequality in advanced economies, alongside other determinants. The evidence strongly indicates that de-unionization is associated with rising top earners’ income shares and less redistribution, while eroding minimum wages are related to increases in overall income inequality. The results, however, also suggest that a lack of representativeness of unions may be associated with higher inequality. These findings do not necessarily constitute a blanket recommendation for higher unionization and minimum wages, as country-specific circumstances and potential trade-offs with other policy objectives need to be considered. Addressing inequality also requires a multipronged approach, which should include taxation reform and curbing excesses associated with financial deregulation.

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The SDN examines the role of labor market institutions in the rise of income inequality in advanced economies, alongside other determinants. The evidence strongly indicates that de-unionization is associated with rising top earners’ income shares and less redistribution, while eroding minimum wages are related to increases in overall income inequality. The results, however, also suggest that a lack of representativeness of unions may be associated with higher inequality. These findings do not necessarily constitute a blanket recommendation for higher unionization and minimum wages, as country-specific circumstances and potential trade-offs with other policy objectives need to be considered. Addressing inequality also requires a multipronged approach, which should include taxation reform and curbing excesses associated with financial deregulation.

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