자산 특정성 (Asset Specificity)과 정치경제제도의 다양성

다국어 초록 (Multilingual Abstract)

Despite convincing theoretical predictions of varieties of capitalism (VOC) argument about the effects of institutions on the performance of capitalist political economies, there is little empirical evidence to support major predictions from VOC theory. The lack of valid measures that allow cross?country analysis of institutional effects may be one reason for the paucity of empirical studies. Formal analysis of the relationship between price changes and factor returns shows that factor intensity and the elasticity of substitution between °∞specific°± capital and °∞mobile°± labor determine the magnitude of changes in factor incomes. Following the formal analysis of the specific factors model of trade, I suggest payroll to value?added ratio in total manufacturing sector (MPVA) as an indicator to distinguish types of political regimes as well as market institutions. By use of MPVA, this article tests the theoretical predictions from VOC theory.

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