Pub Date : 2007-02-01DOI: 10.5089/9781451865837.001
Etienne B. Yehoue
The CFA franc zone has had one of the longest experiences with a fixed exchange rate for a convertible currency and regional integration of any group of developing countries. France, the anchor country, provides aid to support the zone. This paper asks whether the arrangements are more than just an aid substitute. The paper addresses this issue by evaluating the overall performance of the zone over the period 1960-2004. The analysis reveals that when the zone is hit by a negative shock, France increases its aid, thereby acting as a shock absorber. However, it also finds that the zone displays strong performance in two areas—price stability and fiscal policy. Thus the paper concludes that the arrangements are not an aid substitute; they have real macroeconomic value for the zone and complement aid.
{"title":"The CFA Arrangements - More than Just an Aid Substitute?","authors":"Etienne B. Yehoue","doi":"10.5089/9781451865837.001","DOIUrl":"https://doi.org/10.5089/9781451865837.001","url":null,"abstract":"The CFA franc zone has had one of the longest experiences with a fixed exchange rate for a convertible currency and regional integration of any group of developing countries. France, the anchor country, provides aid to support the zone. This paper asks whether the arrangements are more than just an aid substitute. The paper addresses this issue by evaluating the overall performance of the zone over the period 1960-2004. The analysis reveals that when the zone is hit by a negative shock, France increases its aid, thereby acting as a shock absorber. However, it also finds that the zone displays strong performance in two areas—price stability and fiscal policy. Thus the paper concludes that the arrangements are not an aid substitute; they have real macroeconomic value for the zone and complement aid.","PeriodicalId":181797,"journal":{"name":"European Economics eJournal","volume":"34 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2007-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124644458","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2007-01-25DOI: 10.1111/j.1467-9485.2007.00405.x
L. Nunziata, S. Staffolani
We present a dynamic labour demand model where we evaluate the impact of employment regulations on permanent and temporary employment. We consider three different kinds of regulations, namely firing costs, hiring costs and a constraint on temporary contracts. These regulations differently affect the size and composition of employment. The theoretical results are interpreted and questioned on the basis of empirical evidence on the employment effects of the regulation reforms that occurred in the major European countries in the period 1983–1999. The empirical analysis is based on a new set of time‐varying indicators on permanent employment protection, fixed‐term contracts and temporary agency work regulations. We find evidence in support of the hypothesis that fixed‐term contracts have been effective stepping‐stones to permanent jobs during the period under observation. On the contrary, flexible temporary agency work regulations seem to induce a substitution of permanent with temporary contracts.
{"title":"Short-Term Contracts Regulations and Dynamic Labour Demand: Theory and Evidence","authors":"L. Nunziata, S. Staffolani","doi":"10.1111/j.1467-9485.2007.00405.x","DOIUrl":"https://doi.org/10.1111/j.1467-9485.2007.00405.x","url":null,"abstract":"We present a dynamic labour demand model where we evaluate the impact of employment regulations on permanent and temporary employment. We consider three different kinds of regulations, namely firing costs, hiring costs and a constraint on temporary contracts. These regulations differently affect the size and composition of employment. The theoretical results are interpreted and questioned on the basis of empirical evidence on the employment effects of the regulation reforms that occurred in the major European countries in the period 1983–1999. The empirical analysis is based on a new set of time‐varying indicators on permanent employment protection, fixed‐term contracts and temporary agency work regulations. We find evidence in support of the hypothesis that fixed‐term contracts have been effective stepping‐stones to permanent jobs during the period under observation. On the contrary, flexible temporary agency work regulations seem to induce a substitution of permanent with temporary contracts.","PeriodicalId":181797,"journal":{"name":"European Economics eJournal","volume":"175 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2007-01-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122041303","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2007-01-25DOI: 10.1111/j.1467-9485.2007.00404.x
Ari Hyytinen, Mika Pajarinen
Not much is known about the returns to aging (maturing) in the market for small business finance. Using a large panel of closely held micro firms, we document that the cost of debt capital is higher for young firms. The main finding of this paper is that this negative qualitative relation is also obtained when cross-sectional variation in unobservable creditworthiness of small businesses and within-firm (i.e., inter-temporal) variation in their observable creditworthiness are held constant. We control for the former by firm-specific fixed effects and for the latter by a commercial credit score. We also provide an estimate of the quantitative magnitude of the aging effect, on which both economic theory and earlier empirical research are silent. We find that when a small business ages one year, its cost of debt capital decreases by 12 basis points. The effect is neither negligible nor alarmingly large.
{"title":"Is the Cost of Debt Capital Higher for Younger Firms?","authors":"Ari Hyytinen, Mika Pajarinen","doi":"10.1111/j.1467-9485.2007.00404.x","DOIUrl":"https://doi.org/10.1111/j.1467-9485.2007.00404.x","url":null,"abstract":"Not much is known about the returns to aging (maturing) in the market for small business finance. Using a large panel of closely held micro firms, we document that the cost of debt capital is higher for young firms. The main finding of this paper is that this negative qualitative relation is also obtained when cross-sectional variation in unobservable creditworthiness of small businesses and within-firm (i.e., inter-temporal) variation in their observable creditworthiness are held constant. We control for the former by firm-specific fixed effects and for the latter by a commercial credit score. We also provide an estimate of the quantitative magnitude of the aging effect, on which both economic theory and earlier empirical research are silent. We find that when a small business ages one year, its cost of debt capital decreases by 12 basis points. The effect is neither negligible nor alarmingly large.","PeriodicalId":181797,"journal":{"name":"European Economics eJournal","volume":"51 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2007-01-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124597065","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
A Single European Market - Fewer barriers, more opportunities - that is Europe's promise to its citizens. According to the European Commission, the single market is all about bringing down barriers and simplifying existing rules to enable everyone in the EU to have direct access to 25 countries and 450 million people. The internet brings the accomplishment of this promise closer than ever into the reach of Europe's consumers. The internet is principally borderless, it connects consumers and businesses across Europe, it decreases transaction costs and the costs for delivery, and it facilitates the comparison of a wide range of services throughout Europe. Thanks to the internet, consumers can shop for the most attractive services and goods within Europe without ever having to leave their room. Yet, when surfing for attractive services throughout Europe, consumers also have the frustrating experience that the internet is not as borderless as they thought. Notwithstanding the principally borderless character of the internet, they find that some e-commerce businesses have actually re-introduced territorial barriers through technology. Strategies range from the plain refusal of access for residents or citizens from other member states to the application of different prices and conditions. The goal of this briefing paper for the European Parliament is to give a first overview of the motives of e-commerce businesses to engage in territorial differentiation, to examine the existing legal situation within Europe and whether there is a need for reforms. Of particular interest in this context is the recently adopted Article 20 of the Services Directive. This is the most relevant existing European provision when it comes to dealing with cases of service providers who refuse consumers access to their services because of the consumer's nationality or residence.
{"title":"Refusals to Serve Consumers Because of Their Nationality or Residence - Distortions in the Internal Market for E-Commerce Transactions? Briefing Note for the European Parliament","authors":"N. Helberger","doi":"10.2139/SSRN.985248","DOIUrl":"https://doi.org/10.2139/SSRN.985248","url":null,"abstract":"A Single European Market - Fewer barriers, more opportunities - that is Europe's promise to its citizens. According to the European Commission, the single market is all about bringing down barriers and simplifying existing rules to enable everyone in the EU to have direct access to 25 countries and 450 million people. The internet brings the accomplishment of this promise closer than ever into the reach of Europe's consumers. The internet is principally borderless, it connects consumers and businesses across Europe, it decreases transaction costs and the costs for delivery, and it facilitates the comparison of a wide range of services throughout Europe. Thanks to the internet, consumers can shop for the most attractive services and goods within Europe without ever having to leave their room. Yet, when surfing for attractive services throughout Europe, consumers also have the frustrating experience that the internet is not as borderless as they thought. Notwithstanding the principally borderless character of the internet, they find that some e-commerce businesses have actually re-introduced territorial barriers through technology. Strategies range from the plain refusal of access for residents or citizens from other member states to the application of different prices and conditions. The goal of this briefing paper for the European Parliament is to give a first overview of the motives of e-commerce businesses to engage in territorial differentiation, to examine the existing legal situation within Europe and whether there is a need for reforms. Of particular interest in this context is the recently adopted Article 20 of the Services Directive. This is the most relevant existing European provision when it comes to dealing with cases of service providers who refuse consumers access to their services because of the consumer's nationality or residence.","PeriodicalId":181797,"journal":{"name":"European Economics eJournal","volume":"22 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2007-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123441084","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Recently, some empirical studies reported the phenomenon of the low propensity of firms to dividend payment, concluding that companies have become less likely to pay dividends. In addition, the major parts of these studies sustain the investors' expectations regarding dividend payments also decreased. We analyse the propensity to pay dividends in three European markets: Portugal, France and the UK. Although they are all European markets, they are different from each other for several reasons. Firstly, the UK is one of the most important European capital markets, whereas the French and Portuguese markets are smaller, specially Portugal, that is a very small market compared to other Western European markets. Additionally, these two markets are less intensively researched. Secondly, we have differences in these countries associated with the ownership of equity. In Portugal and France ownership tends to be more concentrated than in the UK. Thirdly, Portugal and France are bank-based system, whereas the UK is a market-based system. Finally, the legal rules covering protection of corporate shareholders is different in the three countries. While the UK is a country of Anglo-Saxon influence, the other two countries are characterised by a continental influence. We find evidence of the decline of firms paying dividends, except for the French market. Moreover, we find evidence suggesting that the Portuguese market does not have such a smoothing dividend policy like the US or the UK markets, but it has a more volatile dividend policy, such as the case of the German market.
{"title":"Lower Propensity to Pay Dividends? New Evidence from Europe","authors":"Elisabete S. Vieira, Clara C. Raposo","doi":"10.2139/ssrn.955255","DOIUrl":"https://doi.org/10.2139/ssrn.955255","url":null,"abstract":"Recently, some empirical studies reported the phenomenon of the low propensity of firms to dividend payment, concluding that companies have become less likely to pay dividends. In addition, the major parts of these studies sustain the investors' expectations regarding dividend payments also decreased. We analyse the propensity to pay dividends in three European markets: Portugal, France and the UK. Although they are all European markets, they are different from each other for several reasons. Firstly, the UK is one of the most important European capital markets, whereas the French and Portuguese markets are smaller, specially Portugal, that is a very small market compared to other Western European markets. Additionally, these two markets are less intensively researched. Secondly, we have differences in these countries associated with the ownership of equity. In Portugal and France ownership tends to be more concentrated than in the UK. Thirdly, Portugal and France are bank-based system, whereas the UK is a market-based system. Finally, the legal rules covering protection of corporate shareholders is different in the three countries. While the UK is a country of Anglo-Saxon influence, the other two countries are characterised by a continental influence. We find evidence of the decline of firms paying dividends, except for the French market. Moreover, we find evidence suggesting that the Portuguese market does not have such a smoothing dividend policy like the US or the UK markets, but it has a more volatile dividend policy, such as the case of the German market.","PeriodicalId":181797,"journal":{"name":"European Economics eJournal","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2007-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129760613","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
We develop a structural multi-factor labour demand model which distinguishes between eight labour categories including non-standard types of employment such as marginal employment. The model is estimated for both the number of workers and total working hours using a new panel data set. For unskilled and skilled workers in full-time employment, we find labour demand elasticities similar to previous estimates for the west German economy. Our new estimates of own-wage elasticities for marginal employment range between -.4 (number of male workers in west Germany) to -1 (working hours for women). We illustrate the implications of these estimates by simulating the likely labour demand effects of the recent increase of employers' social security contributions (SSC) on marginal employment in Germany.
{"title":"'Marginal Employment' and the Demand for Heterogenous Labour: Empirical Evidence from a Multi-Factor Labour Demand Model for Germany","authors":"Ronny Freier, Viktor Steiner","doi":"10.2139/ssrn.961853","DOIUrl":"https://doi.org/10.2139/ssrn.961853","url":null,"abstract":"We develop a structural multi-factor labour demand model which distinguishes between eight labour categories including non-standard types of employment such as marginal employment. The model is estimated for both the number of workers and total working hours using a new panel data set. For unskilled and skilled workers in full-time employment, we find labour demand elasticities similar to previous estimates for the west German economy. Our new estimates of own-wage elasticities for marginal employment range between -.4 (number of male workers in west Germany) to -1 (working hours for women). We illustrate the implications of these estimates by simulating the likely labour demand effects of the recent increase of employers' social security contributions (SSC) on marginal employment in Germany.","PeriodicalId":181797,"journal":{"name":"European Economics eJournal","volume":"46 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2007-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127932910","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Over the last twenty years, climate change has become an increasing concern for scientists, public opinions and policy makers. Due to the pervasive nature of its impacts for many important aspects of human life, climate change is likely to influence and be influenced by the most diverse policy or management choices. This is particularly true for those interventions affecting agriculture and forestry: they are strongly dependent on climate phenomena, but also contribute to climate evolution being sources of and sinks for greenhouse gases. This paper offers a survey of the existing literature assessing cost, effectiveness and efficiency of greenhouse gas mitigation strategies, or broader economic reforms, targeted to the agricultural and forestry sectors. The specific focus is on European Countries. Different methodological approaches, research questions addressed and results are examined. The main finding is that agriculture and forestry can potentially provide GHG reduction at a competitive cost. Nevertheless this cost is positive; accordingly, mitigation policies should be carefully designed either to balance costs with expected benefits or to avoid excessive penalisation of the sectors involved. Finally needs are highlighted for improving the existing knowledge and research methodologies.
{"title":"A Review of Recent Studies on Cost Effectiveness of GHG Mitigation Measures in the European Agro-Forestry Sector","authors":"C. Giupponi, F. Bosello, A. Povellato","doi":"10.2139/ssrn.962382","DOIUrl":"https://doi.org/10.2139/ssrn.962382","url":null,"abstract":"Over the last twenty years, climate change has become an increasing concern for scientists, public opinions and policy makers. Due to the pervasive nature of its impacts for many important aspects of human life, climate change is likely to influence and be influenced by the most diverse policy or management choices. This is particularly true for those interventions affecting agriculture and forestry: they are strongly dependent on climate phenomena, but also contribute to climate evolution being sources of and sinks for greenhouse gases. This paper offers a survey of the existing literature assessing cost, effectiveness and efficiency of greenhouse gas mitigation strategies, or broader economic reforms, targeted to the agricultural and forestry sectors. The specific focus is on European Countries. Different methodological approaches, research questions addressed and results are examined. The main finding is that agriculture and forestry can potentially provide GHG reduction at a competitive cost. Nevertheless this cost is positive; accordingly, mitigation policies should be carefully designed either to balance costs with expected benefits or to avoid excessive penalisation of the sectors involved. Finally needs are highlighted for improving the existing knowledge and research methodologies.","PeriodicalId":181797,"journal":{"name":"European Economics eJournal","volume":"81 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2007-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114932736","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2007-01-01DOI: 10.1111/j.1467-9701.2007.00875.x
Davide Castellani, Antonello Zanfei
This paper addresses the issue of intra-industry heterogeneity and internationalisation. We show that, after controlling for sector, location, firm age and size, Italian manufacturing companies exhibit different economic and innovative performance according to their involvement in foreign activities. In particular, exporters show intermediate innovative performance between non-internationalised firms and those carrying out foreign production. Multinationals with a lower commitment to foreign markets, i.e. with non-manufacturing activities abroad only, exhibit a higher productivity than exporters but they do not appear to innovate more than the latter. Heterogeneity in productivity is robust to controlling for innovation inputs and outputs, suggesting that the difference in economic performance cannot be entirely attributed to different innovative activities, and that the involvement in international operations can be a distinct channel of knowledge accumulation.
{"title":"Internationalisation, Innovation and Productivity: How Do Firms Differ in Italy?","authors":"Davide Castellani, Antonello Zanfei","doi":"10.1111/j.1467-9701.2007.00875.x","DOIUrl":"https://doi.org/10.1111/j.1467-9701.2007.00875.x","url":null,"abstract":"This paper addresses the issue of intra-industry heterogeneity and internationalisation. We show that, after controlling for sector, location, firm age and size, Italian manufacturing companies exhibit different economic and innovative performance according to their involvement in foreign activities. In particular, exporters show intermediate innovative performance between non-internationalised firms and those carrying out foreign production. Multinationals with a lower commitment to foreign markets, i.e. with non-manufacturing activities abroad only, exhibit a higher productivity than exporters but they do not appear to innovate more than the latter. Heterogeneity in productivity is robust to controlling for innovation inputs and outputs, suggesting that the difference in economic performance cannot be entirely attributed to different innovative activities, and that the involvement in international operations can be a distinct channel of knowledge accumulation.","PeriodicalId":181797,"journal":{"name":"European Economics eJournal","volume":"111 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2007-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124721520","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
It is known that existing measures of intra-generational (within cohorts) redistribution induced by pension schemes may prove highly misleading in the presence of inter-generational (between cohorts) redistribution. In this paper we show that the Kakwani progressivity index, extended to account for both positive and negative individual tax liabilities, is a non-distorted measure of intra-generational redistribution in pension systems. The relevance of the distortion induced by inter-generational transfers is empirically shown in the comparison between pre- and post-reform Italian pension schemes from 1992 to 2004.
{"title":"On the Measurement of Intra-Generational Lifetime Redistribution in Pension Systems","authors":"Antonio Abatemarco","doi":"10.2139/ssrn.951460","DOIUrl":"https://doi.org/10.2139/ssrn.951460","url":null,"abstract":"It is known that existing measures of intra-generational (within cohorts) redistribution induced by pension schemes may prove highly misleading in the presence of inter-generational (between cohorts) redistribution. In this paper we show that the Kakwani progressivity index, extended to account for both positive and negative individual tax liabilities, is a non-distorted measure of intra-generational redistribution in pension systems. The relevance of the distortion induced by inter-generational transfers is empirically shown in the comparison between pre- and post-reform Italian pension schemes from 1992 to 2004.","PeriodicalId":181797,"journal":{"name":"European Economics eJournal","volume":"51 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2006-12-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128347843","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper explores newly available Italian data derived from a 1:90 sample of social security administrative records (INPS) to investigate gender differences in pay during the initial stages of a worker’s career. We find that a significant and growing pay differential between men and women emerges during the first years of labour market experience, and that gender differences are highest when workers move across firms. In particular, we find that the most significant gender gap in log wage growth is associated with job moves which take place within a very short period of time, involve positive wage growth and result in the highest salary increases. Moreover, this gender mobility penalty occurs mainly when workers move to larger firms and we show that this is most likely explained by the fact that women value more than men some of the characteristics of these jobs or employers. Overall our results suggest that job and firm characteristics, rather than differences in worker characteristics or across-the-board discrimination, are the most important determinants of the gender wage growth differential in the Italian labour market.
{"title":"Is it the Way She Moves? New Evidence on the Gender Wage Growth Gap in the Early Careers of Men and Women in Italy","authors":"E. D. Bono, Daniela Vuri","doi":"10.2139/ssrn.956390","DOIUrl":"https://doi.org/10.2139/ssrn.956390","url":null,"abstract":"This paper explores newly available Italian data derived from a 1:90 sample of social security administrative records (INPS) to investigate gender differences in pay during the initial stages of a worker’s career. We find that a significant and growing pay differential between men and women emerges during the first years of labour market experience, and that gender differences are highest when workers move across firms. In particular, we find that the most significant gender gap in log wage growth is associated with job moves which take place within a very short period of time, involve positive wage growth and result in the highest salary increases. Moreover, this gender mobility penalty occurs mainly when workers move to larger firms and we show that this is most likely explained by the fact that women value more than men some of the characteristics of these jobs or employers. Overall our results suggest that job and firm characteristics, rather than differences in worker characteristics or across-the-board discrimination, are the most important determinants of the gender wage growth differential in the Italian labour market.","PeriodicalId":181797,"journal":{"name":"European Economics eJournal","volume":"91 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2006-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121600572","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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