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This paper aims to estimate the impact of economic and financial crises onthe unemployment rate in the European Union, taking also into consideration theinstitutional specificities, since unemployment was the main channel throughwhich the economic and financial crisis influenced the social developments.. Inthis context, I performed two institutional clusters depending on theirinclusive or extractive institutional features and, in each cases, I computedthe crisis effect on unemployment rate over the 2003-2017 period. Both modelswere estimated by using Panel Estimated Generalized Least Squares method, andare weighted by Period SUR option in order to remove, in advance the possibleinconveniences of the models. The institutions proved to be a relevantcriterion that drives the impact of economic and financial crises on theunemployment rate, highlighting that countries with inclusive institutions areless vulnerable to economic shocks and are more resilient than countries withextractive institutions. The quality of institutions was also found to have asignificant effect on the response of unemployment rate to the dynamic of itsdrivers.

The Relationship between the Economic and Financial Crises and Unemployment Rate in the European Union -- How Institutions Affected Their Linkage