Financialization and the Labor Share of Income

IF 0.4 Q4 ECONOMICS
Onur Özdemir
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引用次数: 6

Abstract

Abstract Financialization has been growing importance in macroeconomic perspectives since the finance-dominated capitalist relations have captured many of the specific positions in an aggregate economy. However, the empirical literature has substantially ignored the examination of the link between an increasing scale of financialization and the rising income inequality. In this study, a major hypothesis is based on the fact that the finance-dominated capitalism has a considerable effect on distributional practices through the channels of bargaining power. By applying the Kaleckian approach, the paper investigates the relationship between financialization and the labor share of national income using a panel dataset of 52 countries over the 1992-2012 period. The results suggest that a higher level of stock market development leads to a more unequal distribution of income and, thus, to the decline of wage share in the national income. Other factors such as globalization and technical change can also exacerbate the decline of wages, coupled with a decrease in the bargaining position of labor measured by unemployment rate and labor force participation rate.
金融化与劳动收入份额
摘要从宏观经济的角度来看,金融化越来越重要,因为金融主导的资本主义关系在总体经济中占据了许多特定的地位。然而,实证文献基本上忽略了对金融化规模不断扩大与收入不平等加剧之间联系的研究。在这项研究中,一个主要假设是基于这样一个事实,即金融主导的资本主义通过议价能力的渠道对分配实践产生了相当大的影响。通过应用Kaleckian方法,本文使用1992-2012年期间52个国家的面板数据集调查了金融化与劳动力占国民收入份额之间的关系。研究结果表明,股票市场发展水平越高,收入分配越不平等,从而导致工资在国民收入中所占份额下降。全球化和技术变革等其他因素也会加剧工资的下降,再加上以失业率和劳动力参与率衡量的劳动力议价地位的下降。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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来源期刊
CiteScore
1.40
自引率
0.00%
发文量
10
审稿时长
38 weeks
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