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Table 5 Correlations between selected indicators, 2009

From: Composite indicators of labour market regulations in a comparative perspective

 

WEF LME

WEF H&F

WEF Flex

WEF Coop

Fraser LMR

IMD LR

WB Rigidity

WB RedCost

OECD EPL

WEF LME

1.00

        

WEF H&F

0.70

1.00

       

WEF Flex

0.41

0.57

1.00

      

WEF Coop

0.78

0.46

0.12

1.00

     

Fraser LMR

0.61

0.48

0.47

0.38

1.00

    

IMD LR

0.75

0.78

0.41

0.66

0.52

1.00

   

WB Rigidity

−0.66

−0.61

−0.39

−0.46

−0.72

−0.67

1.00

  

WB RedCost

−0.47

−0.19

−0.01

−0.26

−0.62

−0.33

0.27

1.00

 

OECD EPL

−0.50

−0.38

−0.17

−0.22

−0.46

−0.36

0.59

0.51

1.00

  1. Correlations are based on the IMD sample of countries
  2. WEF LME—WEF Labor Market Efficiency Index
  3. WEF and Fraser H&F—WEF Hiring and Firing survey question “Hiring and firing workers is… 1=impeded by regulations, 7=flexibly determined by employers”; one of the components of WEF LME and Fraser LMR
  4. WEF and Fraser Flex—WEF Flexibility of Wage Determination survey question, one of the components of WEF LME and of Fraser LMR
  5. WEF Coop—WEF Cooperation in labour-employer relations survey question, one of the components of LME
  6. Fraser LMR—Fraser Labor Market Regulations index
  7. IMD LR—IMD Labor relations survey question “Labor regulations (hiring and firing practices, minimum wages etc.) … 1 = are not flexible enough, 6 = are flexible enough”
  8. WB Rigidity—World Bank Rigidity of Employment index
  9. WB RedCost—World Bank Redundancy Cost
  10. OECD EPL—OECD EPL Strictness Indicator (individual and collective dismissals) (OECD 2014)
  11. Source: own calculations