Minimum wage and manufacturing labor share : Evidence from North Macedonia
Petreski, M., & Pehkonen, J. (2024). Minimum wage and manufacturing labor share : Evidence from North Macedonia. Ekonomska Misao i Praksa, 33(2), 377-402. https://doi.org/10.17818/emip/2024/2.2
Julkaistu sarjassa
Ekonomska Misao i PraksaPäivämäärä
2024Tekijänoikeudet
© Authors 2024
The objective of the paper is to understand whether the minimum wage plays a role in the labor share in the manufacturing sector in North Macedonia. We decompose the movements of the labor share into those along a share-capital curve, shifts of this locus, and deviations from it. We use the capital-output ratio, total factor productivity and input prices to capture these factors, while the minimum wage is introduced as an element that shifts the curve. We estimate a panel of 20 manufacturing branches over the period 2012-2019 with FE, IV and system-GMM estimators. We find that the role of the minimum wage for the labor share is industry-specific. In labor-intensive and low-paid industries, it increases workers’ labor share, which corresponds to a complementarity between capital and labor. For capital-intensive branches, it reduces labor share, likely through the job loss channel and along a substitutability between labor and capital. This applies to both branches where foreign investment and heavy industry are integrated.
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Julkaisija
University of DubrovnikISSN Hae Julkaisufoorumista
1330-1039Asiasanat
Julkaisu tutkimustietojärjestelmässä
https://converis.jyu.fi/converis/portal/detail/Publication/244359415
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Näytä kaikki kuvailutiedotKokoelmat
- Kauppakorkeakoulu [1381]
Lisätietoja rahoituksesta
The paper was produced during Marjan Petreski’s research stay at the University of Jyväskylä, Finland, 23 October – 20 November 2021, within the University’s funded program for visiting researchers.Lisenssi
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