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Does Increased Institutional Quality Reduce Unemployment? Evidence from OECD Countries

Yıl 2022, Cilt: 7 Sayı: 4, 966 - 981, 31.12.2022

Özlem Öztürk Çetenak

https://doi.org/10.30784/epfad.1132579

Öz

The success of the economic policies implemented to ensure macroeconomic stability is closely related to the institutional structure in the country. The number of studies emphasizing that even well-designed policies are likely to fail unless they are supported by a solid institutional infrastructure is increasing day by day. As it is known, one of the main macroeconomic problems of countries is unemployment. The chances of success of policies implemented to reduce unemployment are low in countries where institutional indicators are not good. For example, employment policies will not work effectively in countries where there is nepotism rather than merit in recruitment. Again, if the rule of law is not in question, employment contracts will not be able to fulfill their function. The aim of this study is to examine the relationship between unemployment and institutional quality for the period 2002-2019 in 38 OECD member countries. The World Governance Indicators (WGI) published by the World Bank were used as the institutional quality indicator in the analysis. First of all, WGI indicators were combined with principal components analysis (PCA) to form a single index. This index and the effect of each subcomponent on unemployment separately were analyzed using the Dricol Kraay Resistive Error Estimator method. According to the results of the analysis, as the institutional quality increases, the unemployment rate decreases.

Anahtar Kelimeler

Unemployment Governance Quality institutional infrastructure Panel Data Analysis

Kaynakça

  • Abé Ndjié, A., Atangana Ondoa, H. and Ngoa Tabi, H. (2019). Governance and youth unemployment in Africa. Labor History, 60(6), 869-882. https://doi.org/10.1080/0023656X.2019.1645320
  • Abrams, B.A. (1999). The effect of government size on the unemployment rate. Public Choice, 99(3), 395-401. https://doi.org/10.1023/A:1018349411246
  • Acock, A.C. (2005). Working with missing values. Journal of Marriage and Family, 67(4), 1012-1028. https://doi.org/10.1111/j.1741-3737.2005.00191.x
  • Ades, A. and Di Tella, R. (1997). The new economics of corruption: A survey and some new results. Political Studies, 45(3), 496-515. https://doi.org/10.1111/1467-9248.00093
  • Asongu, S.A. and Nnanna, J. (2019). Foreign aid, instability, and governance in Africa. Politics & Policy, 47(4), 807-848. https://doi.org/10.1111/polp.12320
  • Baltagi, B.H. and Wu, P.X. (1999). Unequally spaced panel data regressions with AR(1) disturbances. Econometric Theory, 15(6), 814-823. https://doi.org/10.1017/S0266466699156020
  • Battaglini, M. and Coate, S. (2011). Fiscal policy and unemployment (NBER Working Paper Series No. w17562). Retrieved from https://www.nber.org/system/files/working_papers/w17562/w17562.pdf
  • Bhargava, A., Franzini, L. and Narendranathan, W. (1982). Serial correlation and the fixed effects model. The Review of Economic Studies, 49(4), 533-549. https://doi.org/10.2307/2297285
  • Bouzid, B.N. (2016). Dynamic relationship between corruption and youth unemployment: Empirical evidences from a system GMM approach (World Bank Policy Research Working Paper No. 7842). Retrieved from https://openknowledge.worldbank.org/server/api/core/bitstreams/916705cb-2e3b-553f-a351-a8ce4afb6140/content
  • Breusch, T.S. and Pagan, A.R. (1980). The Lagrange multiplier test and its applications to model specification in econometrics. Review of Economic Studies, 47(1), 239–253. https://doi.org/10.2307/2297111
  • Cleff, T. (2019). Applied statistics and multivariate data analysis for business and economics. Berlin: Springer.
  • Çoban, S. and Topcu, M. (2013). The nexus between financial development and energy consumption in the EU: A dynamic panel data analysis. Energy Economics, 39, 81-88. https://doi.org/10.1016/j.eneco.2013.04.001
  • Das, P. (2019). Econometrics in theory and practice: Analysis of cross section, time series, and panel data with Stata 15.1. Berlin: Springer.
  • Djankov, S. and Ramalho, R. (2009). Employment laws in developing countries. Journal of Comparative Economics, 37(1), 3-13. https://doi.org/10.1016/j.jce.2008.10.003
  • Dray, S. and Josse, J. (2015). Principal component analysis with missing values: A comparative survey of methods. Plant Ecology, 216(5), 657-667. https://doi.org/10.1007/s11258-014-0406-z
  • Dreher, A., Kotsogiannis, C. and McCorriston, S. (2007). Corruption around the world: Evidence from a structural model. Journal of Comparative Economics, 35(3), 443-466. https://doi.org/10.1016/j.jce.2007.07.001
  • Driscoll, J.C. and Kraay, A.C. (1998). Consistent covariance matrix estimation with spatially dependent panel data. Review of Economics and Statistics, 80(4), 549-560. https://doi.org/10.1162/003465398557825
  • Ferrera, M., Hemerijck, A. and Rhodes, M. (2001). The future of the European “social model” in the global economy. Journal of Comparative Policy Analysis: Research and Practice, 3(2), 163-190. https://doi.org/10.1023/A:1011412012886
  • Greene, W. (2000). Econometric analysis (Fourth edition). Englewood Cliffs: Prentice Hall.
  • Greene, W. (2000). Econometric analysis (Fourth edition). Englewood Cliffs: Prentice Hall.
  • Hausman, J.A. (1978). Specification tests in econometrics. Econometrica, 46(6), 1251–1272. https://doi.org/10.2307/1913827
  • Kaufmann, D., Kraay, A. and Mastruzzi, M. (2010). Response to ‘what do the worldwide governance indicators measure? The European Journal of Development Research, 22(1), 55-58. https://doi.org/10.1057/ejdr.2009.49
  • Malik, A.H., bin Md Isa, A.H., bin Jais, M., Rehman, A.U. and Khan, M.A. (2022). Financial stability of Asian nations: Governance quality and financial inclusion. Borsa Istanbul Review, 22(2), 377-387. https://doi.org/10.1016/j.bir.2021.05.005
  • Mark, J. and Nwaiwu, J.N. (2015). Impact of political environment on business performance of multinational companies in Nigeria. African Research Review, 9(3), 1-10. http://dx.doi.org/10.4314/afrrev.v9i3.1
  • Mauro, P. (1998). Corruption and the composition of government expenditure. Journal of Public Economics, 69(2), 263-279. https://doi.org/10.1016/S0047-2727(98)00025-5
  • N’Guessan, T. (2001). Bureaucracy and programme conditionality. African Development Review, 13(1), 6-25. https://doi.org/10.1111/1467-8268.00031
  • Pesaran, M.H. (2004). General diagnostic tests for cross section dependence in panels (CESifo Working Paper No. 1229). Retrieved from https://www.cesifo.org/en/publications/2004/working-paper/general-diagnostic-tests-cross-section-dependence-panels
  • Salami, C.G.E. (2013). Youth unemployment in Nigeria: A time for creative intervention. International Journal of Business and Marketing Management, 1(2), 18-26. Retrieved from http://www.ijbmm.com/
  • Schultz, T.P. (1999). Labor market reforms: Issues, evidence, and prospects (Economic Growth Center Discussion Papers No. 6-1). Retrieved from https://elischolar.library.yale.edu/cgi/viewcontent.cgi?article=1809&context=egcenter-discussion-paper-series
  • Sharma, S. (1996). Applied multivariate techniques. New York: John Wiley and Sons, Inc.
  • Sylla, N.S. (2013). Measuring labour absorption problems in developing countries: Limitations of the concept of unemployment. International Labour Review, 152(1), 27-41. https://doi.org/10.1111/j.1564-913X.2013.00167.x.
  • World Bank. (2021). Worldwide Governance Indicators [Dataset]. Retrieved from http://info.worldbank.org/governance/wgi/
  • Yerdelen Tatoğlu, F. (2016). Panel veri ekonometrisi Stata uygulamalı. Ankara: Beta Yayıncılık.

Artan Kurumsal Kalite İşsizliği Azaltır mı? OECD Ülkelerinden Kanıtlar

Yıl 2022, Cilt: 7 Sayı: 4, 966 - 981, 31.12.2022

Özlem Öztürk Çetenak

https://doi.org/10.30784/epfad.1132579

Öz

Makroekonomik istikrarın sağlanması için uygulanan iktisat politikalarının başarısı, ülkedeki kurumsal yapı ile yakından ilişkilidir. İyi şekilde tasarlanmış politikaların bile sağlam bir kurumsal alt yapıyla desteklenmediği sürece başarısızlık ihtimali olduğunu vurgulayan çalışmaların sayısı gün geçtikçe artmaktadır. Bilindiği üzere ülkelerin temel makroekonomik problemlerinden bir tanesi işsizliktir. İşsizliği azaltmak için uygulanan politikaların kurumsal göstergelerin iyi olmadığı ülkelerde başarı şansı düşüktür. Örneğin işe alımlarda liyakat yerine kayırmacılığın olduğu ülkelerde istihdam politikaları etkin işlemeyecektir. Yine hukukun üstünlüğü söz konusu değilse iş sözleşmeleri işlevini yerine getiremeyecektir. Bu çalışmanın amacı 38 OECD üyesi ülkede 2002-2019 dönemi için işsizlik ile kurumsal kalite arasındaki ilişkiyi incelemektir. Analizde kurumsal kalite göstergesi olarak, Dünya Bankası tarafından yayınlanan “Dünya Yönetişim Göstergeleri” (WGI-The Worldwide Governance Indicators) kullanılmıştır. Öncelikle WGI göstergeleri temel bileşenler analizi (PCA) ile birleştirilerek tek bir endeks halinde getirilmiştir. Bu endeks ve her bir alt bileşenin ayrı ayrı işsizlik üzerindeki etkisi Dricol Kraay Dirençli Hatalar Tahmincisi yöntemi ile analiz edilmiştir. Analiz sonuçlarına göre kurumsal kalite arttıkça, işsizlik oranı azalmaktadır.

Anahtar Kelimeler

işsizlik yönetişim kalitesi kurumsal altyapı panel veri analizi

Kaynakça

  • Abé Ndjié, A., Atangana Ondoa, H. and Ngoa Tabi, H. (2019). Governance and youth unemployment in Africa. Labor History, 60(6), 869-882. https://doi.org/10.1080/0023656X.2019.1645320
  • Abrams, B.A. (1999). The effect of government size on the unemployment rate. Public Choice, 99(3), 395-401. https://doi.org/10.1023/A:1018349411246
  • Acock, A.C. (2005). Working with missing values. Journal of Marriage and Family, 67(4), 1012-1028. https://doi.org/10.1111/j.1741-3737.2005.00191.x
  • Ades, A. and Di Tella, R. (1997). The new economics of corruption: A survey and some new results. Political Studies, 45(3), 496-515. https://doi.org/10.1111/1467-9248.00093
  • Asongu, S.A. and Nnanna, J. (2019). Foreign aid, instability, and governance in Africa. Politics & Policy, 47(4), 807-848. https://doi.org/10.1111/polp.12320
  • Baltagi, B.H. and Wu, P.X. (1999). Unequally spaced panel data regressions with AR(1) disturbances. Econometric Theory, 15(6), 814-823. https://doi.org/10.1017/S0266466699156020
  • Battaglini, M. and Coate, S. (2011). Fiscal policy and unemployment (NBER Working Paper Series No. w17562). Retrieved from https://www.nber.org/system/files/working_papers/w17562/w17562.pdf
  • Bhargava, A., Franzini, L. and Narendranathan, W. (1982). Serial correlation and the fixed effects model. The Review of Economic Studies, 49(4), 533-549. https://doi.org/10.2307/2297285
  • Bouzid, B.N. (2016). Dynamic relationship between corruption and youth unemployment: Empirical evidences from a system GMM approach (World Bank Policy Research Working Paper No. 7842). Retrieved from https://openknowledge.worldbank.org/server/api/core/bitstreams/916705cb-2e3b-553f-a351-a8ce4afb6140/content
  • Breusch, T.S. and Pagan, A.R. (1980). The Lagrange multiplier test and its applications to model specification in econometrics. Review of Economic Studies, 47(1), 239–253. https://doi.org/10.2307/2297111
  • Cleff, T. (2019). Applied statistics and multivariate data analysis for business and economics. Berlin: Springer.
  • Çoban, S. and Topcu, M. (2013). The nexus between financial development and energy consumption in the EU: A dynamic panel data analysis. Energy Economics, 39, 81-88. https://doi.org/10.1016/j.eneco.2013.04.001
  • Das, P. (2019). Econometrics in theory and practice: Analysis of cross section, time series, and panel data with Stata 15.1. Berlin: Springer.
  • Djankov, S. and Ramalho, R. (2009). Employment laws in developing countries. Journal of Comparative Economics, 37(1), 3-13. https://doi.org/10.1016/j.jce.2008.10.003
  • Dray, S. and Josse, J. (2015). Principal component analysis with missing values: A comparative survey of methods. Plant Ecology, 216(5), 657-667. https://doi.org/10.1007/s11258-014-0406-z
  • Dreher, A., Kotsogiannis, C. and McCorriston, S. (2007). Corruption around the world: Evidence from a structural model. Journal of Comparative Economics, 35(3), 443-466. https://doi.org/10.1016/j.jce.2007.07.001
  • Driscoll, J.C. and Kraay, A.C. (1998). Consistent covariance matrix estimation with spatially dependent panel data. Review of Economics and Statistics, 80(4), 549-560. https://doi.org/10.1162/003465398557825
  • Ferrera, M., Hemerijck, A. and Rhodes, M. (2001). The future of the European “social model” in the global economy. Journal of Comparative Policy Analysis: Research and Practice, 3(2), 163-190. https://doi.org/10.1023/A:1011412012886
  • Greene, W. (2000). Econometric analysis (Fourth edition). Englewood Cliffs: Prentice Hall.
  • Greene, W. (2000). Econometric analysis (Fourth edition). Englewood Cliffs: Prentice Hall.
  • Hausman, J.A. (1978). Specification tests in econometrics. Econometrica, 46(6), 1251–1272. https://doi.org/10.2307/1913827
  • Kaufmann, D., Kraay, A. and Mastruzzi, M. (2010). Response to ‘what do the worldwide governance indicators measure? The European Journal of Development Research, 22(1), 55-58. https://doi.org/10.1057/ejdr.2009.49
  • Malik, A.H., bin Md Isa, A.H., bin Jais, M., Rehman, A.U. and Khan, M.A. (2022). Financial stability of Asian nations: Governance quality and financial inclusion. Borsa Istanbul Review, 22(2), 377-387. https://doi.org/10.1016/j.bir.2021.05.005
  • Mark, J. and Nwaiwu, J.N. (2015). Impact of political environment on business performance of multinational companies in Nigeria. African Research Review, 9(3), 1-10. http://dx.doi.org/10.4314/afrrev.v9i3.1
  • Mauro, P. (1998). Corruption and the composition of government expenditure. Journal of Public Economics, 69(2), 263-279. https://doi.org/10.1016/S0047-2727(98)00025-5
  • N’Guessan, T. (2001). Bureaucracy and programme conditionality. African Development Review, 13(1), 6-25. https://doi.org/10.1111/1467-8268.00031
  • Pesaran, M.H. (2004). General diagnostic tests for cross section dependence in panels (CESifo Working Paper No. 1229). Retrieved from https://www.cesifo.org/en/publications/2004/working-paper/general-diagnostic-tests-cross-section-dependence-panels
  • Salami, C.G.E. (2013). Youth unemployment in Nigeria: A time for creative intervention. International Journal of Business and Marketing Management, 1(2), 18-26. Retrieved from http://www.ijbmm.com/
  • Schultz, T.P. (1999). Labor market reforms: Issues, evidence, and prospects (Economic Growth Center Discussion Papers No. 6-1). Retrieved from https://elischolar.library.yale.edu/cgi/viewcontent.cgi?article=1809&context=egcenter-discussion-paper-series
  • Sharma, S. (1996). Applied multivariate techniques. New York: John Wiley and Sons, Inc.
  • Sylla, N.S. (2013). Measuring labour absorption problems in developing countries: Limitations of the concept of unemployment. International Labour Review, 152(1), 27-41. https://doi.org/10.1111/j.1564-913X.2013.00167.x.
  • World Bank. (2021). Worldwide Governance Indicators [Dataset]. Retrieved from http://info.worldbank.org/governance/wgi/
  • Yerdelen Tatoğlu, F. (2016). Panel veri ekonometrisi Stata uygulamalı. Ankara: Beta Yayıncılık.
Toplam 33 adet kaynakça vardır.

Ayrıntılar

Birincil Dil Türkçe
Konular Ekonomi
Bölüm Makaleler
Yazarlar

Özlem Öztürk Çetenak 0000-0002-4959-6031

Yayımlanma Tarihi 31 Aralık 2022
Kabul Tarihi 21 Aralık 2022
Yayımlandığı Sayı Yıl 2022 Cilt: 7 Sayı: 4

Kaynak Göster

APA Öztürk Çetenak, Ö. (2022). Artan Kurumsal Kalite İşsizliği Azaltır mı? OECD Ülkelerinden Kanıtlar. Ekonomi Politika Ve Finans Araştırmaları Dergisi, 7(4), 966-981. https://doi.org/10.30784/epfad.1132579
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