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Size Dependent Policies, Informality and Misallocation.

Author: Era Dabla-Norris; Laura Jaramillo; Frederico Lima
Publisher: Washington, D.C. : International Monetary Fund, 2018.
Edition/Format:   eBook : Document : English
Summary:
We examine the effect of size-dependent policies in developing economies by focusing on a set of regulations that are applicable to firms with 20 or more formal employees in Peru. Firms can adjust to the regulations by (a) reducing their size, (b) shifting employment composition, or (c) splitting into subunits that fall below the regulatory threshold. We show that these actions are consistent with observed  Read more...
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Genre/Form: Electronic books
Additional Physical Format: Print version:
Dabla-Norris, Era.
Size Dependent Policies, Informality and Misallocation.
Washington, D.C. : International Monetary Fund, ©2018
Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Era Dabla-Norris; Laura Jaramillo; Frederico Lima
ISBN: 9781484372852 1484372859
OCLC Number: 1049913657
Description: 1 online resource (63 pages)
Contents: Cover; Contents; 1 Introduction; 2 Institutional setting; 3 Data and stylized Facts; 3.1 Firm size distribution; 3.2 Salaried and non-salaried employment; 3.3 Sales, profits and wages; 4 Model; 4.1 Firm's problem; 4.2 Introducing size-dependent policies; 4.3 Characterizing the labor demands; 4.4 Equilibrium; 5 Extensions; 5.1 Firm splitting; 5.2 Partially rigid wages; 6 Model estimation; 6.1 Empirical implications of the model; 6.2 Estimation; 7 Counterfactuals; 7.1 The cost of regulation; 7.2 Removing non-salaried labor; 7.3 Changing the value of the threshold; 8 Conclusion. 5 Model predictions for labor demands and density of total employment6 Firm size distribution; 7 Effects of removing size-dependent regulations; 8 Winners and losers from introducing regulations (% change in income); 9 Effects of removing non-salaried labor; 10 Winners and losers from removing non-salaried labor (% change in income); 11 Adopting a different policy threshold (% change relative to existing threshold); A.1 Wages around the policy threshold --
ENE; A.2 Firm size distribution with splitting; List of Tables; 1 Regressions of log-sales on log-inputs and controls. 2 Regressions of log-sales on level of inputs and controls3 Parameters from maximum likelihood estimation; 4 Aggregate impact of the size-dependent regulations (in percent); 5 Aggregate impact of eliminating non-salaried labor (in percent); A.1 Distribution of the fi rm's labor cost share; A.2 Regressions of log-sales on level of inputs and controls; A.3 Parameters from GMM estimation.

Abstract:

We examine the effect of size-dependent policies in developing economies by focusing on a set of regulations that are applicable to firms with 20 or more formal employees in Peru. Firms can adjust to the regulations by (a) reducing their size, (b) shifting employment composition, or (c) splitting into subunits that fall below the regulatory threshold. We show that these actions are consistent with observed discontinuities in the distributions of firm size and employment composition. We extend the framework proposed by Garicano et al. (2016) to model and estimate the Peruvian economy and perform counterfactual exercises. Size-dependent regulations are costly for the economy, especially in the presence of labor market rigidities, and lead to lower aggregate wages, profits, and output. We also find that access to informal labor does not mitigate the economic impact of the size-dependent regulations, as the increase in informal employment is largely offset by a decline in formal employment.

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