Autori:
Bertola, Giuseppe ![](http://www.bncf.firenze.sbn.it/img/logo-bncf.jpg)
,
Lo Prete, Anna ![](http://www.bncf.firenze.sbn.it/img/logo-bncf.jpg)
Titolo:
Reforms, Finance, and Current Accounts.Periodico:
Università degli studi di Torino. Dip. Di Economia e Statistica Cognetti de Martiis. Working paper seriesAnno:
2015 - Volume:
2 - Fascicolo:
8 - Pagina iniziale:
1 - Pagina finale:
32We analyze the implications of labor market reforms for an open economy’s human capital investment and
future production. A stylize d model shows that labor market deregulation can imply more positive current account
balances if financial markets are imperfect and labor market institutions not only distort labor allocation, but
also smooth income. Empirically, in OECD country-level panel data, we find that labor market deregulation has been
positively related to current account surpluses on average and more strongly so when and where financial market
access was more limited. These results are robust to inclusion of standard determinants of current account imbalances,
and do not appear to be driven by cyclical phenomena.
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