{"title":"The Impact of Financial Liberalization Policies on Income Inequality","authors":"F. Saci","doi":"10.2139/ssrn.3948240","DOIUrl":"https://doi.org/10.2139/ssrn.3948240","url":null,"abstract":"<p style=\"text-align:justify\"><br />\u0000<span style=\"font-size:10.5pt\"><span style=\"font-family:等线\"><span dir=\"ltr\" lang=\"EN-US\" style=\"font-family:\"Cambria\",serif\">This paper examines impacts of China’s financial liberalization policy on income inequality, through three channels: financial scale, financial structure and financial efficiency, an empirical analysis based on panel data of 30 provinces in China from 1996 to 2013 is conducted. The results confirm the Kuznets effect between financial scale, financial structure and income inequality. As the size of the financial sector expands, the financial structure is tilted toward direct financing, and the income gap among residents will experience a \"reverse U-shaped\" trend that rises first and then falls. Most of China has not yet passed the turning point, and is still in the upper bound of the \"inverted U-shaped\" curve. Financial liberalization policies will continue to exacerbate income inequality. The impact of financial efficiency on income distribution is quite different in different regions of China. After dividing the whole China into three regions according to the degree of economic development, it is found that the financial efficiency of the eastern and western regions has a Kuznets effect on the income gap, but compared with the eastern region, more provinces and cities in the western region have entered the stage of reducing the income inequality, and the financial development has a great impact on the western region. The effects of financial development on central China are weak, and income inequality increases with financial efficiency.</span></span></span></p>","PeriodicalId":346888,"journal":{"name":"PSN: Income Inequality (Topic)","volume":"34 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-10-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126636673","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Commuting, Children and the Gender Wage Gap","authors":"Jos N. van Ommeren, I. Mulalic","doi":"10.2139/ssrn.3942449","DOIUrl":"https://doi.org/10.2139/ssrn.3942449","url":null,"abstract":"It has been documented that the gender pay gap strongly increases after the birth of the first child. We focus on Denmark and show that gender differences regarding commuting play an important role in explaining this. We offer 3 pieces of evidence. First, the gender pay and commuting gaps come into existence at the same moment: when the first child is born. Second, wage compensation for commuting is lower for women after the birth compared to men: about 3-4 percentage points of the overall gender pay gap is due to gender differences related to compensation for commuting when having children. Third, women who get a child are much more likely to leave their job when they have a long commute, which is not true for men. Using information on job moving through the lens of a dynamic search model, these results imply that the marginal cost of commuting increases substantially for women with a child. For female workers with a child, a one standard deviation increase in commuting distance induces costs equivalent to about 10% of their wage, whereas for all other workers these costs are equivalent to only 3-4% of their wages.","PeriodicalId":346888,"journal":{"name":"PSN: Income Inequality (Topic)","volume":"287 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-10-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132280575","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Wealth Inequality and Endogenous Fairness Views","authors":"Richard A. Gallenstein","doi":"10.2139/ssrn.3886795","DOIUrl":"https://doi.org/10.2139/ssrn.3886795","url":null,"abstract":"The growth in wealth and income inequality in recent decades has sparked debate about the impact of inequality on economic efficiency and social stability. I present experimental evidence that makes an important contribution to this discussion by demonstrating a causal link between wealth inequality and fairness views. I show that fairness views are set endogenously as a function of one’s position in the wealth distribution. Moreover, both high- and low-wealth individuals exhibit a self-serving bias in their fairness views. These results have important implications for social cohesion as they suggest that inequality may create divergences in views between wealth classes.","PeriodicalId":346888,"journal":{"name":"PSN: Income Inequality (Topic)","volume":"56 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-07-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132289671","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"A Decomposable Index of Multidimensional Inequality of Opportunity","authors":"S. Javadekar, J. Krishnakumar","doi":"10.2139/ssrn.3885082","DOIUrl":"https://doi.org/10.2139/ssrn.3885082","url":null,"abstract":"This paper proposes a measure of multidimensional inequality of opportunity - the Kullback Leibler divergence index, based on the opportunity equality definition of Roemer (1993, 1998, 2016). We prove theoretically and numerically that this measure satisfies a larger set of properties mainly the additive decomposability by dimensions. We show that the Kullback Leibler divergence index for multiple dimensions can be decomposed into Kullback Leibler divergence index for each of these dimensions along with a measure of association which is interpreted as the mutual information Sugiyama et al. (2013). We provide an empirical application of our proposed method using the Indian Demographic and Health Survey 2015/16 data for adult males.","PeriodicalId":346888,"journal":{"name":"PSN: Income Inequality (Topic)","volume":"13 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123272505","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Consumption of the Nonrich and Rising Income Inequality: Evidence from Italy","authors":"E. Malkov","doi":"10.2139/ssrn.3853514","DOIUrl":"https://doi.org/10.2139/ssrn.3853514","url":null,"abstract":"I study the relationship between consumption of the nonrich households and the rise in income inequality in Italy over 1993-2016. A 10% increase in the 90th percentile of the regional income distribution is associated with an increase in consumption of households below the 90th percentile by 2.22%. Furthermore, this consumption response varies across the income quintiles.","PeriodicalId":346888,"journal":{"name":"PSN: Income Inequality (Topic)","volume":"55 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-05-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124759607","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Francine D. Blau, Lawrence M. Kahn, N. Boboshko, Matthew Comey
{"title":"The Impact of Selection into the Labor Force on the Gender Wage Gap","authors":"Francine D. Blau, Lawrence M. Kahn, N. Boboshko, Matthew Comey","doi":"10.2139/ssrn.3857555","DOIUrl":"https://doi.org/10.2139/ssrn.3857555","url":null,"abstract":"We study the impact of selection bias on estimates of the gender pay gap, focusing on whether the gender pay gap has fallen since 1981. Previous research has found divergent results across techniques, identification strategies, data sets, and time periods. Using Michigan Panel Study of Income Dynamics data and a number of different identification strategies, we find robust evidence that, after controlling for selection, there were large declines in the raw and the unexplained gender wage gaps over the 1981-2015 period. Under our preferred method of accounting for selection, we find that the raw median wage gap declined by 0.378 log points, while the median unexplained gap declined by a more modest but still substantial 0.204 log points. These declines are larger than estimates that do not account for selection. Our results suggest that women’s relative wage offers have increased over this period, even after controlling for their measured covariates, including education and actual labor market experience. However, we note that substantial gender wage gaps remain. In 2015, at the median, the selectivity-corrected gaps were 0.242 log points (raw gap) and 0.206 log points (unexplained gap).","PeriodicalId":346888,"journal":{"name":"PSN: Income Inequality (Topic)","volume":"43 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130264355","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Lehman's Lemons: Do Career Disruptions Matter for the Top 5%?","authors":"A. Fedyk, James Hodson","doi":"10.2139/ssrn.3819317","DOIUrl":"https://doi.org/10.2139/ssrn.3819317","url":null,"abstract":"How resilient are high-skilled, white collar workers? We exploit a uniquely comprehensive dataset of individual-level resumes of bank employees and the setting of the Lehman Brothers bankruptcy to estimate the effect of an unanticipated shock on the career paths of mobile and high skilled labor. We find evidence of short-term effects that largely dissipate over the course of the decade and that touch only the senior-most employees. We match each employee of Lehman Brothers in January 2008 to the most similar employees at Goldman Sachs, Morgan Stanley, Deutsche Bank, and UBS based on job positions, skills, education, and demographics. By 2019, the former Lehman Brothers employees are 2% more likely to have experienced at least a six-months-long break from reported employment and 3% more likely to have left the financial services industry. However, these effects concentrate among the senior individuals such as vice presidents and managing directors and are absent for junior employees such as analysts and associates. Furthermore, in terms of subsequent career growth, junior employees of Lehman Brothers fare no worse than their counterparts at the other banks. Analysts and associates employed at Lehman Brothers in January 2008 have equal or greater likelihoods of achieving senior roles such as managing director in existing enterprises by January 2019 and are more likely to found their own businesses.","PeriodicalId":346888,"journal":{"name":"PSN: Income Inequality (Topic)","volume":"136 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-04-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124277469","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Bénédicte Baduel, Anna Ter-Martirosyan, A. Isakova
{"title":"Generational Aspects of Inclusive Growth","authors":"Bénédicte Baduel, Anna Ter-Martirosyan, A. Isakova","doi":"10.5089/9781513572642.001.A001","DOIUrl":"https://doi.org/10.5089/9781513572642.001.A001","url":null,"abstract":"Sharing economic benefits equitably across all segments of society includes addressing the specific challenges of different generations. At present, youth and elderly are particularly vulnerable to poverty relative to adults in their middle years. Broad-based policies should aim to foster youth integration into the labor market and ensure adequate income and health care support for the elderly. Turning to the intergenerational dimension, everyone should have the same chances in life, regardless of their family background. Policies that promote social mobility include improving access to high-quality care and education starting from a very early age, supporting lifelong learning, effective social protection schemes, and investing in infrastructure and other services to reduce spatial segregation.","PeriodicalId":346888,"journal":{"name":"PSN: Income Inequality (Topic)","volume":"42 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132960602","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Daniel L. Greenwald, Matteo Leombroni, Hanno Lustig, Stijn Van Nieuwerburgh
{"title":"Financial and Total Wealth Inequality with Declining Interest Rates","authors":"Daniel L. Greenwald, Matteo Leombroni, Hanno Lustig, Stijn Van Nieuwerburgh","doi":"10.2139/ssrn.3789220","DOIUrl":"https://doi.org/10.2139/ssrn.3789220","url":null,"abstract":"Financial wealth inequality and long-term real interest rates track each other closely over the post-war period. Faced with lower returns on financial wealth, households with high levels of financial wealth must increase savings to afford the consumption that they planned before the decline in rates. Lower rates beget higher financial wealth inequality. Inequality in total wealth, the sum of financial and human wealth and the relevant concept for household welfare, rises much less than financial wealth inequality and even declines at the top of the wealth distribution. A standard Bewley model produces the observed increase in financial wealth inequality in response to a decline in real interest rates, when high financial-wealth households have a financial portfolio with high duration.","PeriodicalId":346888,"journal":{"name":"PSN: Income Inequality (Topic)","volume":"17 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-02-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115482888","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}