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651. Say on Pay Laws, Executive Compensation, CEO Pay Slice, and Firm Value Around the World

Author:
Ricardo Correa and Uger Lel
Publication Date:
07-2013
Content Type:
Working Paper
Institution:
Board of Governors of the Federal Reserve System
Abstract:
Using a sample of about 90,000 observations from 38 countries over the 2001-2012 period, we provide three novel findings regarding say on pay (SoP) laws. First, we find robust evidence that SoP laws reduce CEO pay growth rates at firms. Second, such laws decrease the portion of total top management pay captured by CEOs. Firm values are higher following SoP laws in part because of this reduction in managerial pay inequality. Third, mandatory SoP laws only affect the CEO pay growth rates whereas advisory SoP laws influence various aspects of executive pay policies. These results are robust to instrumental variable estimation and nearest neighbor matching methods.
Topic:
Labor Issues, Inequality, Leadership, and Business
Political Geography:
Global Focus

652. Export Dynamics in Large Devaluations

Author:
George Alessandria and Sangeta Pratap
Publication Date:
08-2013
Content Type:
Working Paper
Institution:
Board of Governors of the Federal Reserve System
Abstract:
We study the source and consequences of sluggish export dynamics in emerging markets following large devaluations. We document two main features of exports that are puzzling for standard trade models. First, given the change in relative prices, exports tend to grow gradually following a devaluation. Second, high interest rates tend to suppress exports. To address these features of export dynamics, we embed a model of endogenous export participation due to sunk and per period export costs into an otherwise standard small open economy. In response to shocks to productivity, the interest rate, and the discount factor, we find the model can capture the salient features of export dynamics documented. At the aggregate level, the features giving rise to sluggish exports lead to more gradual net export reversals, sharper contractions and recoveries in output, and endogenous stagnation in labor productivity.
Topic:
Economics, International Trade and Finance, Labor Issues, and Exports
Political Geography:
Global Focus

653. Unemployment and Business Cycles

Author:
Lawrence J. Christiano, Martin Eichenbaum, and Mathias Trabandt
Publication Date:
09-2013
Content Type:
Working Paper
Institution:
Board of Governors of the Federal Reserve System
Abstract:
We develop and estimate a general equilibrium model that accounts for key business cycle properties of macroeconomic aggregates, including labor market variables. In sharp contrast to leading New Keynesian models, wages are not subject to exogenous nominal rigidities. Instead we derive wage inertia from our specification of how firms and workers interact when negotiating wages. Our model outperforms the standard Diamond-Mortensen-Pissarides model both statistically and in terms of the plausibility of the estimated structural parameter values. Our model also outperforms an estimated sticky wage model.
Topic:
Labor Issues, Employment, Business, Economic Theory, Unemployment, and Job Creation
Political Geography:
Global Focus

654. Labour Migration from the Eastern Partnership Countries: Evolution and Policy Options for Better Outcomes

Author:
Luca Barbone, Matthias Luecke, and Mikhail Bonch-Osmolovsky
Publication Date:
09-2013
Content Type:
Special Report
Institution:
Center for Social and Economic Research - CASE
Abstract:
This study is part of the project entitled “Costs and Benefits of Labour Mobility between the EU and the Eastern Partnership Countries” for the European Commission1. The study was written by Luca Barbone (CASE) Mikhail Bonch- Osmolovskiy (CASE) and Matthias Luecke (CASE, Kiel). It is based on the six country studies for the Eastern Partnership countries commissioned under this project and prepared by Mihran Galstyan and Gagik Makaryan (Armenia), Azer Allahveranov and Emin Huseynov (Azerbaijan), Aleksander Chubrik and Aliaksei Kazlou (Belarus), Lasha Labadze and Mirjan Tukhashvili (Georgia), Vasile Cantarji and Georgeta Mincu (Moldova), Tom Coupé and Hanna Vakhitova (Ukraine). The authors would like to thank for their comments and suggestions Kathryn Anderson, Martin Kahanec, Costanza Biavaschi, Lucia Kurekova, Monica Bucurenciu, Borbala Szegeli, Giovanni Cremonini and Ummuhan Bardak, as well as the dbaretailed review provided by IOM. The views in this study are those of the authors’ only, and should not be interpreted as representing the official position of the European Commission and its institutions.
Topic:
Migration, Labor Issues, Partnerships, and Social Policy
Political Geography:
Europe, Ukraine, Moldova, Eastern Europe, Armenia, Azerbaijan, Georgia, and Belarus

655. Costs and Benefits of Labour Mobility between the EU and the Eastern Partnership Partner Countries. Country report: Ukraine

Author:
Hannah Vakhitova and Tom Coupe
Publication Date:
09-2013
Content Type:
Special Report
Institution:
Center for Social and Economic Research - CASE
Abstract:
Ukraine is a migration-intensive country, with an estimated 1.5-2 million labour migrants (about 5% of the working-age population). Slightly over a half of these migrants travel for work to the EU. This study discusses the impact of this large pool of migrants on both the sending and receiving countries. It also assesses how liberalisation of the EU visa regime, something that the EU is currently negotiating with Ukraine, will affect the stream of Ukrainian labour migrants to EU countries. Our study suggests that the number of tourists will increase substantially, whereas the increase in the number of labour migrants is unlikely to be very large. We also suggest that the number of legal migrants is likely to increase, but at the same time the number of illegal migrants will decline because currently only a third of migrants from Ukraine have both residence and work permits in the EU, while about a quarter of them stay there illegally.
Topic:
Labor Issues, Partnerships, Social Policy, and Mobility
Political Geography:
Europe, Ukraine, and Eastern Europe

656. Costs and Benefits of Labour Mobility between the EU and the Eastern Partnership Partner Countries. Country report: Moldova

Author:
Georgeta Mincu and Vasile Cantarji
Publication Date:
09-2013
Content Type:
Special Report
Institution:
Center for Social and Economic Research - CASE
Abstract:
This Report is one of six studies in the first phase of the EU project on “Costs and Benefits of Labour Mobility between the EU and the Eastern Partnership Partner Countries.” It aims to provide an informed view on the potential for increased migration flows and their consequences as a result of possible changes in the migration policies of the European Union with regard to Moldova. Since Moldova’s Declaration of Independence in 1990, migration has transformed the country in ways that were impossible to predict. With over a quarter of its labour force now working abroad (a full ten percent of its population), Moldova has become the epitome of a migration-dependent country, with all the costs and benefits associated with this definition. Remittances are as high as one-third of national income, and have helped the country raise its living standards and fuel investment in housing and small businesses. Yet there have also been costs to the large migratory flows, ranging from effects on the macroeconomy to the disruption of social life. All in all, migration has been good for Moldova. This complex socio-economic phenomenon now appears to have stabilized. Further gains for Moldova and its partner countries could be achieved when new agreements are implemented and the institutions dealing with the planning of migration and protection of migrants are strengthened.
Topic:
Migration, Labor Issues, European Union, and Partnerships
Political Geography:
Europe

657. Costs and Benefits of Labour Mobility between the EU and the Eastern Partnership Partner Countries. Country report: Georgia

Author:
Lasha Labadze
Publication Date:
09-2013
Content Type:
Special Report
Institution:
Center for Social and Economic Research - CASE
Abstract:
This study provides an analysis of the costs and benefits of emigration for Georgia, with an emphasis on emigration to the EU. In the concluding section we dwell on the consequences of a possible liberalization of EU migration policies with regard to Eastern Partnership (EaP) countries, and how such a policy change would affect the flow and composition of migration from Georgia to the EU. The study estimates the costs and benefits of migration through the prism of recent economics developments in Georgia and in particular the sweeping liberalization reforms of recent years. While Georgia remains a poor country, its geopolitical position as a Western outpost in the Caucasus and Central Asian region, its role as a key trade and transportation hub, the superior quality of its bureaucracy, lack of corruption, etc., provide a very different context for migration processes, turning migration into a circular phenomenon, a major factor in modernizing the Georgian economy, society, and politics. The EU should give due consideration to this phenomenon as it (re)considers its policy on migration with regard to Georgia and, potentially, other EaP countries.
Topic:
Migration, Labor Issues, European Union, and Partnerships
Political Geography:
Europe and Georgia

658. Costs and Benefits of Labour Mobility between the EU and the Eastern Partnership Partner Countries. Country report: Belarus

Author:
Alaksei Kazlou and Alexander Chubrik
Publication Date:
09-2013
Content Type:
Special Report
Institution:
Center for Social and Economic Research - CASE
Abstract:
Labour migration does not appear to have the same magnitude and socio-economic importance in Belarus as in other EaP countries. It is one of the few post-socialist economies that have preserved the dominance of the state sector and built complicated systems of subsidisation and economic support for the population designed to manage the political-business cycle (see Chubrik, Shymanovich, Zaretsky (2012)). This model has allowed the economy to grow quite steadily until recently. However, the distorted system of incentives that was created for enterprises and households has resulted in the need for a “correction”, which happened in the form of a balance of payments crisis in 2011. The impact of this factor on migration has not been fully visible yet. At the same time the relatively long period of stability and gradual, but steady, increase in welfare payments has played a role as a migration-restraining factor. In order to estimate cost and benefits of labour migration between EU and Belarus, this study utilises publically available literature as background and relies where possible on micro-data: Census-2009, Household Budget Survey (HBS), as well as relevant official data and data from polls related to the topic. Additionally, some sections of this report rely on information collected in the course of a focus group meeting with labour migrants and a series of in-depth interviews with officials from state, international, and non-governmental agencies dealing with migration. Lastly, in some cases anecdotal evidence was collected to support some of the new trends that have not yet been recorded in the statistics.
Topic:
Migration, Labor Issues, European Union, and Partnerships
Political Geography:
Eastern Europe and Belarus

659. Costs and Benefits of Labour Mobility between the EU and the Eastern Partnership Partner Countries. Country report: Azerbaijan

Author:
Azer Allahveranov and Emin Huseynov
Publication Date:
09-2013
Content Type:
Special Report
Institution:
Center for Social and Economic Research - CASE
Abstract:
This Report is one of the six studies in the first phase of the EU project on the “Costs and Benefits of Labour Mobility between the EU and the Eastern Partnership Partner Countries”. It aims at providing an informed view of the potential for increased migration flows and their consequences as a result of possible changes in the migration policies of the European Union with regard to Azerbaijan. The Report is comprised of 7 Chapters. Chapters 1 and 2 provide a discussion of relevant developments in the economy and labour market in the period since independence, with emphasis on developments over the last ten years or so. Chapter 3 provides a detailed discussion of trends in migration, and discusses the labour migration profile. Chapter 4 analyses remittances and their impact on income, investment and consumption. Chapter 5 provides a discussion of the available evidence on the costs and benefits of labour migration, emphasising the economic, social and demographic costs and consequences. Chapter 6 discusses current migration policies and institutions, while Chapter 7 discusses various factors that may be useful in forecasting key migration trends in the future.
Topic:
Migration, Labor Issues, European Union, and Partnerships
Political Geography:
Europe, Eastern Europe, and Azerbaijan

660. Costs and Benefits of Labour Mobility between the EU and the Eastern Partnership Partner Countries. Country report: Armenia

Author:
Gagik Makaryan and Mihran Galstyan
Publication Date:
09-2013
Content Type:
Special Report
Institution:
Center for Social and Economic Research - CASE
Abstract:
The purpose of this study is to explore and assess the costs and benefits of labour migration in Armenia and the potential of migration for contributing to the country’s development. We also examine how policy can be effectively formulated and implemented so that Armenia can get the most out of its migration experience. Lastly, we analyse how a phenomenon that emerged because of limited opportunities for employment – migration – evolved into a strategy towards development and prosperity. Based on this analysis, this paper makes a strong argument in favour of implementing programs in Armenia that involve the active collaboration of government institutions and the Armenian Diaspora, duly considering the unusual influence the latter has on Armenia’s economic and human development.
Topic:
Migration, Labor Issues, European Union, and Partnerships
Political Geography:
Europe and Armenia