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• W744492317 abstract "This chapter aims at understanding the pattern of the labor share during the development process. On the one hand, the labor share is substancially higher in developed than in developing countries. On the other hand, the labor share has decreased during the past two decades in less advanced economies. Our theory emphasizes the enterplay between firm's monopsony power and the size of the informal sector when the formal labor market is frictional. The size of the informal sector parameterizes workers'outside opportunities in wage setting. In a first stage of development, productivity gains are not compensed by wage increases, as most of workers'outside opportunities depend on the informal sector whose productivity remains unchanged. The labor share decreases as a result. In a second stage of development, outside opportunities rely more on productivity in formal firms as the formal sector expands. Consequently, the labor share increases. We address the effects of FDI on the labor share in developing countries. Our theory relies on the impacts of FDI on productive heterogeneity in a frictional labor market. FDI have two opposit effects : a negative force originated by technological advance, and a positive force due to increased labor market competition between rms. We test this theory on aggregate panel data through fixed effects and system-GMM estimations. We find a U-shaped relationship between the labor share in the manufacturing sector and the ratio of FDI stock to GDP. Howeever, most countries are stuck in the decreasing part of the curve. This chapter identifies wich of the two factors, namely labour and capital, bears the cost of currency crises and for what reasons. It analyzes two main types of effects that currency crises may have on the labour share : within sector effects due to a decrease in bargaining strength of workers and across sector effects due to reallocation of factors in sector with different capital intensities. We build a descriptive model with a tradable sector and a non-tradable sector one which differ in their factor intensities and labor market is characterized by frictions that highlight the two effects. We show using data at sector level that the decrease of the labor share observed following a currency crise corresponds to a decrease within each sector. This chapter revisits the impact of wage rigidities on the labor share (LS) in the context of globalization. We use a standard HOS model with capital, labor and wage rigidity in a sub-group of countries. Globalization alters the aggregate elasticity of substitution between capital and labor through factor reallocation across sectors. We derive four main implications. First, decliningwage rigidities are more likely to increase the LS in a globalized world than in a closed economy. Second, international trade with Asian countries originates a decrease in LS in continental Europe, while keeping the US share constant. Third, globalization modifies the aggregate LS through factor reallocation, which is compatible with constant factor shares at sector or firm level. Fourth, once enriched with capital-skill complementarity, the model can predict that LS increase with development and that LS fall over time in developing countries. Those implications are broadly consistent with the empirical evidence." @default.
• W744492317 created "2016-06-24" @default.
• W744492317 creator A5014926569 @default.
• W744492317 date "2010-01-01" @default.
• W744492317 modified "2023-09-23" @default.
• W744492317 title "Développement, mondialisation et part des salaires dans la valeur ajoutée" @default.
• W744492317 hasPublicationYear "2010" @default.
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