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Effects of labor market and business regulations on unemployment: evidence from EU transition economies

ABSTRACT Despite numerous debates among researchers and policymakers, the literature lacks a comprehensive study investigating the actual interaction between labor market and business regulations on the one hand and unemployment on the other. Existing research is focused either on the relationship between labor market regulations and unemployment or the link between business regulations and employment, though studies on the latter are fewer. This study aims to fill these gaps by conducting a statistical investigation of the labor market and business regulations’ effects on unemployment in 11 EU transition economies during the 2000–2016 period. To achieve our purpose, we used the panel cointegration test. The individual cointegration coefficients revealed that market-oriented labor market regulations diminished unemployment in Bulgaria, Poland, and Romania, but they raised it in Hungary, Latvia, Lithuania, and Slovenia. Meanwhile, market-oriented business regulations decreased unemployment in the Czech Republic, Latvia, and Poland, but they increased it in Croatia and Slovenia.