Financial Crisis and Long-Run Labor Demand: Evidence from the Swedish Banking Crisis in the Early 90s - HAL Accéder directement au contenu
Pré-publication, Document de travail (Working Paper) Année : 2023

Financial Crisis and Long-Run Labor Demand: Evidence from the Swedish Banking Crisis in the Early 90s

Résumé

The Swedish banking crisis in the early 90s counts as one of the five most severe financial crises in history. We examine how firms more exposed to this event adjusted employment in the longrun and the mechanisms involved. Our analysis draws on matched employer-employee data containing the financial statements for a large sample of firms. Our difference-indifferences estimates show that firms with a greater pre-crisis debt burden experienced more difficulties in accessing external capital during the crisis compared to firms with lower baseline debts. This is consistent with the most exposed firms becoming financially constrained. More exposed firms exhibit stronger downward employment adjustments than less exposed firms, and the reductions are mainly concentrated among low-skilled workers. Employment in more exposed firms started to recover four years after the crisis and had fully recuperated about a decade later. These firms also temporarily saw a larger drop in both productivity and investment. We do not find a significant effect on the wage bill, and the estimates are precise enough to rule out even moderate effect sizes.
Fichier principal
Vignette du fichier
wp_202302_.pdf ( 1.58 Mo ) Télécharger
Origine : Fichiers produits par l'(les) auteur(s)
Loading...

Dates et versions

halshs-03920377, version 1 (03-01-2023)

Identifiants

  • HAL Id : halshs-03920377 , version 1

Citer

Julien Grenet, Hans Grönqvist, Daniel Jahnson. Financial Crisis and Long-Run Labor Demand: Evidence from the Swedish Banking Crisis in the Early 90s. 2023. ⟨halshs-03920377⟩
46 Consultations
422 Téléchargements
Dernière date de mise à jour le 20/04/2024
comment ces indicateurs sont-ils produits

Partager

Gmail Facebook Twitter LinkedIn Plus