Journal of Financial and Quantitative Analysis Vol. 20 No. 2 1985
Implicit Contracts in the Japanese Bank Loan Market
Abstract
The implicit contract theory explored by Azariadis [2] suggests that wage rigidity and underemployment are explained by the microeconomic optimizing behavior of each agent in the labor market. In this theory, the former phenomenon is interpreted as risk-sharing arrangements between firms and workers, whereas the latter may occur when workers have the opportunity to use leisure or unemployment insurance benefits.
- DOI
- 10.2307/2330956
- Volume
- 20
- Issue
- 2
- Pages
- 211
- Sources
- openalex crossref