초록 열기/닫기 버튼
1995～2007년 기간의 13개 한국제조업 자료를 이용하여 노동수요곡선의 탄력도 증가와 금융화간의 상관관계를 실증분석 하였다. 추정결과를 요약하면 다음과 같다. 첫째, 외환위기 이전 까지는 노동수요의 탄력도 값이 점차 감소하였으나 외환위기 이후 2002년까지 탄력도가 증가하였으며 이후 안정적인 추세를 보여 2007년에는 탄력도의 절대값이 0.39이다. 둘째, 전기간(1995～2007년)의 경우 금융화 및 주주가치 경영의 강화는 노동수요곡선을 보다 탄력적으로 만든 것으로 나타났다. 그리고 아웃소싱과 금융화관련 변수의 결합항의 경우도 음(-)의 부호를 보이며 유의미한 것으로 나타났다. 셋째, 2000～2007년에 대한 추정결과금융화 관련 변수 중 배당성향과 금융시장에 대한 지급을 나타내는 변수들은 모두 유의미하여 금융화가 이 기간 동안 노동수요곡선을 보다 탄력적으로 만드는 것으로 나타났다. 마지막으로 1995～1999년 기간에 대한 추정결과, 배당성향이 10%증가하면 수요곡선의 탄력도의 절대값이 0.65 증가하는 것으로 나타났다.
Research regarding widening of wage gap and reduction in wage share betweenskilled and unskilled labor has been focused on factors such as international trade, FDI, outsourcing and technological changes. Deepening of globalization and informatization can be two focal points from which many economic papers have been approached. Unlike such traditional approach, we cast our attention on financialization; how the progress of financialization and surge of shareholder value orientation in corporate management system affect the elasticity of labor demand. This paper empirically tests the relation between financialization and the elasticity of demand for labor, using 13 Korean manufacturing sectors for 1995~2007. From the empirical test, we find first, the elasticity of demand for labor had decreased before the Asian economic crisis in 1997, while it had increased up to 2002 after the crisis. The absolute value of elasticity had been stable since then and scored 0.39 in 2007. Secondly, deepening of financialization and surge of shareholder value orientation make the demand for labor more elastic during 1995~2007 period. In addition, the coefficient of interaction term which combines outsourcing and financialization has statistically significant negative value. Thirdly, among financialization variables, dividend payout ratio and payments to financial market variables turns out to be statistically significance during 2000~2007 period, implying that progress of financialization makes demand for labor elastic. Lastly, during 1995~1999 period, 10% increase in dividend payout ratio rises the absolute value of elasticity of labor demand by 0.65. Tridico (2012) and Stokhammer (2013) indicated the deepening of financialization, especially development of shareholder value orientation, as one of major reasons for the widening of income inequality. The results show that excessive elasticity of labormarket resulting from shareholder value orientation can threaten the stability. Thisimplies that cooperative management structure among interested parties is requiredto have overall systematic stability in the economy.
키워드열기/닫기 버튼
Financialization, Labor Demand and Outsourcing
