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Institutions, Informality, and Wage Flexibility
Mr.Marcello M. EstevãoMr.Irineu E. de Carvalho Filho
其他書名
Evidence From Brazil
出版International Monetary Fund, 2012-03-01
主題Business & Economics / Labor / GeneralBusiness & Economics / Economics / Macroeconomics
ISBN147552014X9781475520149
URLhttp://books.google.com.hk/books?id=qvbuRxx5PokC&hl=&source=gbs_api
EBookSAMPLE
註釋Even though institutions are created to protect workers, they may interfere with labor market functioning, raise unemployment, and end up being circumvented by informal contracts. This paper uses Brazilian microeconomic data to show that the institutional changes introduced by the 1988 Constitution lowered the sensitivity of real wages to changes in labor market slack and could have contributed to the ensuing higher rates of unemployment in the country. Moreover, the paper shows that states that faced higher increases in informality (i.e., illegal work contracts) following the introduction of the new Constitution tended to have smaller drops in wage responsiveness to macroeconomic conditions, thus suggesting that informality serves as a escape valve to an over-regulated environment.