earticle

영어

In this paper, we analyzed the relationships between labor market institution and economic growth, using the data for 28 OECD countries during 2000～2005. Especially, by dividing employment protection legislation(EPL) into regular and temporary EPL, we could discuss the direction of employment protection policy, whether deregulation for regular employment protection or temporary employment protection or both. Also, we examined the importance of institutional infrastructure on economic growth caused by alleviation of EPL, which was done by investigating the result of each country’s interaction of instutional infrastructure and EPL. Therefore, EPL and the environment-mainly customs and culture-should be considered together in researching economic growth. There seems to be great variety considering the intensity of EPL among OECD countries. Also, temporary employment protection appears to be a important factor in creating differences between countries. For example, although France, Spain, Mexico, and Turkey do not have strict regulations on regular employees, it shows that they have the strongest employment protection. Another characteristic is that there exists some complementarities in between dissimilar factors on EPL. Thus strong regulations on regular employees tend to go along with strong regulations on temporary employees. Our empirical results reveal that the regulation index of regular employment protection negatively correlated with economic growth. This implies that the stricter regulation of regular employment protection is, the more likely it affects negative impact on economic growth. Secondly, the interaction term of the regulation of regular employment protection and institutional infrastructure is positively correlated with economic growth. This result suggests deregulation of employment protection affects economic growth under condition of well-established institutional infrastructure. Because this research was conducted in a short period of time and done only on OECD countries, the results may be unsatisfactory. Forming a long- term time series and creating a data of OECD countries and industries to expand the analysis remains an assignment for the future.

한국어

본 연구는 노동시장의 제도와 경제성장과의 관계를 분석하기 위해 2000～2005년 기간 동안 28개 OECD 국가를 대상으로 패널 분석방법을 적용하였다. 본 연구의 결과는 첫째, 정규직 고용보호규제가 경제성장에 관해서 음(-)의 통계적으로 유의한 결과를 나타내고 있다. 이는 정규직 고용보호가 엄격해 질수록 경제성장에 부정적인 영향을 나타내는 것으로 해석할 수 있다. 둘째, 정규직 고용보호규제와 관리적 국가 정도(제도적 인프라)의 상호작용 항을 포함하여 추정한 결과에서는 고용보호규제 변수의 의 통계적 유의성이 사라진 대신에 상호작용 항은 통계적으로 음(-)의 유의한 결과를 나타내고 있다. 이러한 결과는 제도적 인프라가 잘 갖추어진 상태에서의 고용보호규제의 완화가 경제성장에 영향을 미친다는 점을 시사한다.