Factores que influyen en el desempeño docente

Research on labour markets also sheds light on how job creation is a¤ected by credit market frictions. Acemoglu (2001) investigates whether the availability of credit markets to provide loans to new …rms a¤ects the level of employment. The author follows Rajan and Zingales (1998) and classi…es sectors according to …rms’dependence on U.S. credit. The share of European countries employment through data provided from Organisation for Economic Cooperation and Development (OECD) is also considered. Acemoglu (2001) employs a two-sector search model. This approach indicates that in the presence of a technological shock the ability of …rms to take advantage of the new technology depends on the status of the credit markets. The author refers that, in a rigid credit market, new …rms cannot borrow cash and as a result, unemployment increases. In a ‡exible credit market, funds may be channel quickly to new …rms. In this scenario, …rms can create employment and avoid losing their workforce. The results show that since the 1960s the rate of unemployment is always higher for …rms in Europe which are more external dependent. The author refers that …nancial constrains are considered as obstacles to employment. It hinders new investment especially for …rms which create jobs.

Another strand of the literature, also demonstrates that …nancial factors in‡uence employment decisions. Nicoletti and Scarpetta (2005) analyse interaction between product and labour market regulation on employment. A sample of OECD countries between 1980 and 2002 is employed. The authors consider that the employment rate depends on the determinants which a¤ect both demand and supply of labour. Following the work of Layard et al. (1991) the authors use a bargaining model. The model assumes that real wages are the result of a bargaining process between employers and employees with a

labour demand schedule (Nicoletti and Scarpetta, 2005).16 They conclude that product

market deregulation is more e¤ective at the margin in highly-regulated markets.

Berger and Danninger (2007) posit that when labour market policies are less restricted, product market deregulation is more e¢ cient. The authors investigate the e¤ect of growth employment. They use aggregate sector employment and regulation data from 1990-2004. Data is collected from a panel of OECD countries. The authors use an unrestricted dy- namic model of employment growth with interaction e¤ects between product and labour 16_{Note that Layard et al. (1991) create an employment model which imposes a nominal rigidity in the}

form of sticky price expectations and includes the variable money. The model permits to trace out the e¤ect of shocks that has its origins outside of the labour market.

market regulation. The results indicate that when labour market policies are less re- stricted, product market deregulation is more e¢ cient. The e¤ect on employment is higher when deregulation includes both labour and product markets.

Nickell et al. (2005) show that unemployment across OECD countries is explained by shifts in labour market institutions. The authors use a regression equation which considers interactions between institutions and factors. According to the authors, these interactions can explain the deviation of unemployment in the short run (i.e productivity and wage shocks). The results indicate that employment protection, labour taxes and unemployment bene…t system increases unemployment. Finally, Fiori et al. (2012) study a dynamic panel model for OECD countries over the period 1980-2002. The empirical …ndings suggest a negative relation between product and labour market regulation. The authors conclude that employment increases when barriers to entry are reduced.

In a contribution to this area of the literature, Belke and Fehn (2001) examine the impact of venture capital markets on …nancial constraints. They compare employment behaviour in continental European countries with Anglo-Saxon economies for the period 1986-1999. Belke and Fehn (2001) use a model which includes macroeconomic indicators (i.e. unemployment rate) institutional labour market variables (i.e. employment protec- tion index) and venture capital investment time series (i.e. venture capital investment). They …nd that employment protection increases unemployment. Results also indicate that venture capital a¤ects employment growth. Belke and Fehn (2001) refer that a less develop venture capital delays the creation of new …rms, and penalises the creation of employment. Recent research explores the in‡uence of …nancial and labour market factors in a multi- country framework. Rault and Vaubourg (2012) estimate a panel Vector Autoregressive (VAR) model of 18 OECD countries between 1980 and 2004. The authors document that in countries such as Belgium, Italy and Spain, …nancial factors in‡uence the impact of labour market ‡exibility or increases unemployment. Empirical …ndings for Austria, Finland and Portugal show the opposite e¤ect. Moreover, Gatti et al. (2012) estimate a dynamic panel model for twenty OECD countries from 1980 to 2004 and employ a GMM estimator. The results suggest that interactions between labour and …nancial factors also have an impact on unemployment. An increase in the stock market capitalisation reduces unemployment for weak labour market institutions (i.e. union density and wage bargaining centralisation). Finally, an increase in intermediated credit creates more unemployment with strongly regulated and coordinated labour markets.

Overall previous empirical studies suggest that labour market decisions have an impact on the level of employment. Thus, it is relevant to investigate whether labour markets disparities help explain employment changes of European …rms.