Table 4. Regime changes: Removal of the... | Emerald Publishing

Table 4.

Regime changes: Removal of the labor market and financial imperfections

Variable	Year		Counterfactuals: (%) variation zero firing cost			No dividend constraint
		Benchmark case	Wage increases:			Wage increases:
		Level	0%	10%	20%	0%	10%	20%
Capital	1986	396	0.8	−0.5	−3.5	6.3	5.8	3.3
	1990	427	15.2	15.9	11.9	24.1	21.3	10.3
	1996	517	30.8	33.3	32.3	30.9	28.0	16.1
Debt	1986	199	0.0	5.5	1.0	−81.9	−81.9	−81.9
	1990	172	−72.1	−69.2	−69.2	−91.3	−91.3	−91.3
	1996	136	−87.5	−85.3	−81.6	−100.0	−100.0	−100.0
Permanent workers	1986	122	−10.7	−24.6	−36.9	7.4	−1.6	−16.4
	1990	111	38.7	21.6	9.9	45.0	27.9	9.0
	1996	127	54.3	40.2	28.3	69.3	49.6	29.9
Temporary workers	1986	13	7.7	−15.4	−38.5	7.7	−23.1	−38.5
	1990	28	42.9	10.7	−17.9	57.1	14.3	−17.9
	1996	35	85.7	42.9	14.3	91.4	42.9	8.6

Variable	Year		Counterfactuals: (%)variation zero firing cost			No dividend constraint
		Benchmark case	Wage increases:			Wage increases:
		Level	0%	10%	20%	0%	10%	20%
Capital	1986	396	0.8	−0.5	−3.5	6.3	5.8	3.3
	1990	427	15.2	15.9	11.9	24.1	21.3	10.3
	1996	517	30.8	33.3	32.3	30.9	28.0	16.1
Debt	1986	199	0.0	5.5	1.0	−81.9	−81.9	−81.9
	1990	172	−72.1	−69.2	−69.2	−91.3	−91.3	−91.3
	1996	136	−87.5	−85.3	−81.6	−100.0	−100.0	−100.0
Permanent workers	1986	122	−10.7	−24.6	−36.9	7.4	−1.6	−16.4
	1990	111	38.7	21.6	9.9	45.0	27.9	9.0
	1996	127	54.3	40.2	28.3	69.3	49.6	29.9
Temporary workers	1986	13	7.7	−15.4	−38.5	7.7	−23.1	−38.5
	1990	28	42.9	10.7	−17.9	57.1	14.3	−17.9
	1996	35	85.7	42.9	14.3	91.4	42.9	8.6