{"title":"Temporal effects of Financial Globalization on Income Inequality","authors":"H. Khan, C. T. Shehzad, F. Ahmad","doi":"10.2139/ssrn.3509061","DOIUrl":"https://doi.org/10.2139/ssrn.3509061","url":null,"abstract":"Abstract Through parametric accelerated failure-time survival analysis on a panel of 117 countries for 1970–2018, the study finds robust and generalizable empirical evidence that TTUII (Total Time to Upsurge in Income Inequality) declines after a country allows capital flow across borders. This arguably occurs via the channel of wage inequality, and one or more channels of patrimonial capitalism, labor replacement with capital and market concentration which are transmitted through foreign direct investment. This occurs with a nonmonotonic, unimodal hazard rate of income inequality upsurge which keeps rising for around first three decades of financial globalization exposure before starting to taper off. This implies the need for utilizing FDI as a source of distributional spending targeted towards the low-skilled part of the labor force and the structurally unemployed for the first three decades of an exposure to financial globalization, as well as implementing robust antitrust laws before opening capital markets to the world.","PeriodicalId":448175,"journal":{"name":"Comparative Political Economy: Comparative Capitalism eJournal","volume":"43 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-12-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127536239","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":"How Can A World Polity Approach be Used to Analyze the Establishment and Redevelopment of Transitional States?","authors":"Nadine Yassin","doi":"10.2139/ssrn.3541157","DOIUrl":"https://doi.org/10.2139/ssrn.3541157","url":null,"abstract":"This paper uses a world polity approach to analyze the establishment and development of transitional states. To do so, I shed light on the world polity theory as specified by previous literature. The notion of an interconnected set of actors and institutions as being part of a world society is introduced to understand how action in the international community is a byproduct of an interrelated set of context specific processes. Special attention is given to nation states, and international non-governmental organizations to set the stage for where transitional states fall within this paradigm. A causal historical analysis of the Arab Spring is used to describe how a world polity model can be used to analyze how transitional states come into fruition. From this, I offer a case analysis of the ways international non-governmental organizations influenced humanitarian aid in post-revolutionary Egypt as part of redeveloping this transitional state by using the example of anti-female genital cutting campaigns. It was found that these organizations were able to effectively translate world cultural scripts to influence humanitarian action. Overall, this paper highlights how the world polity theory can indeed be used to examine complex transitional states in an innovative and profound manner.","PeriodicalId":448175,"journal":{"name":"Comparative Political Economy: Comparative Capitalism eJournal","volume":"82 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-12-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128977888","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":"Mind the Gap: Inequality and Diversification","authors":"James White, Victor Haghani, Jeffrey Rosenbluth","doi":"10.2139/ssrn.3502522","DOIUrl":"https://doi.org/10.2139/ssrn.3502522","url":null,"abstract":"Understanding the origins of wealth inequality is critical in the debate over what, if anything, to do about it. In this note, we propose a simple model which is still rich enough to reproduce observed patterns of wealth inequality. We call it the Concentrated Asset Betting (CAB) model. A key element of CAB is a phenomenon known in the gambling world as “over-betting the edge.” The model we propose is based on the observation that a high fraction of investors have experienced sub-par growth in their savings, after allowing for consumption and philanthropy, relative to the tremendous long-term growth in the public stock market. Some of the reasons put forward to explain the shortfall in investor returns include investment fees, commissions and taxes. Our model suggests there may be something even larger and more insidious at work – pervasive and systematically poor money management.","PeriodicalId":448175,"journal":{"name":"Comparative Political Economy: Comparative Capitalism eJournal","volume":"13 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-12-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123564818","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":"Reevaluating Distributional Consequences of the Transition to Market Economy in Poland: New Results From Combined Household Survey and Tax Return Data","authors":"M. Brzeziński, Michał Myck, Mateusz Najsztub","doi":"10.2139/ssrn.3497394","DOIUrl":"https://doi.org/10.2139/ssrn.3497394","url":null,"abstract":"We use Pareto imputation, survey reweighting, and microsimulation methods applied to combined household survey and tax return data to reevaluate distributional consequences of the post-socialist transition in Poland. Our approach results in the first estimates of top-corrected inequality trends for real equivalized disposable incomes over the years 1994-2015. We find that the top-corrected Gini coefficient grew by 14-26% more compared to the unadjusted survey-based estimates. This implies that over the last three decades Poland has become one of the most unequal European countries among those for which top-corrected inequality estimates exist. The highest-income earners benefited the most during the post-socialist transformation: the annual rate of in-come growth for the top 5% of the population exceeded 3.5%, while the median income grew by about 2.5%.","PeriodicalId":448175,"journal":{"name":"Comparative Political Economy: Comparative Capitalism eJournal","volume":"16 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-12-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128389073","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":"When Don’t Developing Countries Benefit from Capital Account Liberalization? The Role of Labor Market Institutions","authors":"Qingyuan Du, Jun Nie, S. Wei","doi":"10.2139/ssrn.3494416","DOIUrl":"https://doi.org/10.2139/ssrn.3494416","url":null,"abstract":"We propose a new channel to explain why developing countries may fail to benefit from financial globalization, based on labor market institutions. In our model, financial openness in a developing country with a rigid labor market leads to capital outflow, and both employment and output fall. In contrast, financial openness in a developing country with a flexible labor market benefits the country. Our model suggests that enhancing labor market flexibility is a complementary reform for developing countries opening capital accounts.","PeriodicalId":448175,"journal":{"name":"Comparative Political Economy: Comparative Capitalism eJournal","volume":"83 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-11-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125841536","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":"The Distribution of Household Income in the United States, 1946-2015","authors":"John Schwendel, H. Mohtadi","doi":"10.2139/ssrn.3496365","DOIUrl":"https://doi.org/10.2139/ssrn.3496365","url":null,"abstract":"Collecting long run and geographically precise income data from the Internal Revenue Service, this paper estimates annual, state-level distributions of household income of the United States population from 1946 to 2015. Additionally and critically, by studying the central range of the U.S. distribution of income over this time period, it focuses on an area of investigation that has received little or no attention in the literature which either focuses on a shorter time period or on top earners. Simulations also demonstrate the appropriateness of our estimation technique. Specifically, if earnings follow a known distributional form, the proposed method is found to be superior for estimating inequality indices when compared to alternatives for dealing with binned data. Various measures of inequality derived from the estimated distributional parameters are presented. National inequality represented by the Theil index shows the rise of inequality is concentrated in periods beginning in the late 1940s and the early 1960s. The movement of relative earnings among the 10th, 50th, and 90th percentile of earners supports the well-known “hollowing out” effect. Owing to the rich historical aspect of the data collected, we extend the understanding of the presence of this effect to the mid-20th century, i.e., the late 1940s and 1950s. State-level inequality follows a similar pattern to the national trend, but with some variation. While within-state inequality is the most substantial part of national inequality, an inverted W shaped pattern of between-state inequality is also found, with peaks in the early 1950s and early 2010s.","PeriodicalId":448175,"journal":{"name":"Comparative Political Economy: Comparative Capitalism eJournal","volume":"16 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-11-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133893530","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":"Italia 3 Trim 2019: Pil, Debito & Co (Italy 3Q 2019: GDP, Debt & Co.)","authors":"Maurizio Mazziero, A. Lawford, Gabriele Serafini","doi":"10.2139/ssrn.3491123","DOIUrl":"https://doi.org/10.2139/ssrn.3491123","url":null,"abstract":"<b>Italian Abstract:</b> Ricerca sulla situazione economica italiana basata sui dati economici ufficiali; vengono analizzati e confrontati con il passato il debito pubblico, le riserve ufficiali, il PIL, l'inflazione e la disoccupazione. <br><br><b>English Abstract:</b> Research into the state of the Italian economy based on official economic data; the current Sovereign Debt, Official Reserves, GDP, Inflation and Unemployment situation is presented and and compared with the past.<br>","PeriodicalId":448175,"journal":{"name":"Comparative Political Economy: Comparative Capitalism eJournal","volume":"36 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-11-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114374553","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":"The Power-Ownership As a Remedy from the Owner’s Power (Власть-собственность как средство от власти собственников)","authors":"Pavel Simashenkov","doi":"10.2139/ssrn.3662904","DOIUrl":"https://doi.org/10.2139/ssrn.3662904","url":null,"abstract":"The article analyzes the phenomenon of ownership in its legal, economic, political and philosophical perspectives. Ownership is considered as an opportunity and as a guarantee of sustainable development. Comparative context is used to identify the specificity of the bourgeois model of owners’ power (social state) and the domestic concept of power-ownership (including socialist state). The author draws conclusions about ways to overcome the competition between the state and the market for the human resource and proposes to explore the ideological provision of power-ownership in order to appreciate its progressive potential and predilection in relation to the liberal model of social development","PeriodicalId":448175,"journal":{"name":"Comparative Political Economy: Comparative Capitalism eJournal","volume":"18 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-11-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123572829","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":"Samuelson on Populist Democracy, Fascist Capitalism, and the Vicissitudes of South American Economic Development (1948-1997)","authors":"M. Boianovsky","doi":"10.2139/ssrn.3481498","DOIUrl":"https://doi.org/10.2139/ssrn.3481498","url":null,"abstract":"Paul Samuelson was attracted to the economic dynamics of South American countries because of the links between economic performance and political factors. He discussed the influence of “populist democracy” on Argentina’s relative stagnation, which, he argued in the 1970s and early 1980s, served as a dangerous paradigm for the American economy under stagflation. Moreover, he applied his concept of “capitalist fascism” to deal with military dictatorships in Brazil and (especially) in Chile. The Brazilian translation of his Economics in 1973 brought about a correspondence with Brazilian economists about the “fascist” features of the regime. The main variable behind the South American economic and political processes discussed by Samuelson was inequality, which became also a feature of the American economy since the adoption of market-based policies in the 1980s and after. <br>","PeriodicalId":448175,"journal":{"name":"Comparative Political Economy: Comparative Capitalism eJournal","volume":"29 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-11-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127750421","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":"The Drivers, Implications and Outlook for China's Shrinking Current Account Surplus","authors":"Pragyan Deb, A. Gjonbalaj, Swarnali Ahmed Hannan","doi":"10.5089/9781513516097.001","DOIUrl":"https://doi.org/10.5089/9781513516097.001","url":null,"abstract":"China’s current account surplus has declined significantly from its peak in 2008 and the external position in 2018 was in line with medium-term fundamentals and desirable policies. While cyclical factors and expansionary credit and fiscal policies contributed, the trend decline has been largely structural, driven by economic rebalancing from investment to consumption, appreciation of the real effective exchange rate (REER) towards equilibrium, increase in outbound tourism, and moderation in goods surplus reflecting market saturation and China’s faster growth compared with trading partners. Policies should focus on continued rebalancing and opening up to ensure excessive surpluses do not return, and to prepare the economy and the financial system to handle more volatile capital flows. From a global perspective, the decline in China’s surplus has lowered global imbalances, but with different impact across countries. The analysis is based on data as of July 2019.","PeriodicalId":448175,"journal":{"name":"Comparative Political Economy: Comparative Capitalism eJournal","volume":"50 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130869917","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}