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Big Business Stability and Social Welfare

In: Financial Sector Development in the Pacific Rim, East Asia Seminar on Economics, Volume 18

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  • Kathy Fogel
  • Randall Morck
  • Bernard Yeung

Abstract

Many countries appear to have excessively stable big business sectors, in that higher rates of big business turnover have been correlated with faster economy growth. Public policies that stabilize big business sectors are sometimes justified as supportive of social objectives. We find no consistent link between big business stability and public goods provision, egalitarianism, or labor empowerment. While absence of evidence is not evidence of absence, these findings suggest that other explanations, such as special interest politics or behavioral biases favoring the status quo also be considered.

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This chapter was published in:

  • Takatoshi Ito & Andrew K. Rose, 2009. "Financial Sector Development in the Pacific Rim, East Asia Seminar on Economics, Volume 18," NBER Books, National Bureau of Economic Research, Inc, number ito_07-2.
    This item is provided by National Bureau of Economic Research, Inc in its series NBER Chapters with number 0426.

    Handle: RePEc:nbr:nberch:0426

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    1. Krueger, Anne O, 1993. "Virtuous and Vicious Circles in Economic Development," American Economic Review, American Economic Association, vol. 83(2), pages 351-55, May.
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    8. Shleifer, Andrei, 2000. "Inefficient Markets: An Introduction to Behavioral Finance," OUP Catalogue, Oxford University Press, number 9780198292272.
    9. Rajan, Raghuram G. & Zingales, Luigi, 2003. "The great reversals: the politics of financial development in the twentieth century," Journal of Financial Economics, Elsevier, vol. 69(1), pages 5-50, July.
    10. Barro, Robert J & Lee, Jong-Wha, 2001. "International Data on Educational Attainment: Updates and Implications," Oxford Economic Papers, Oxford University Press, vol. 53(3), pages 541-63, July.
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