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Income Distribution and Current Account: A Sectoral Perspective

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  • van Treeck, Till
  • Behringer, Jan

Abstract

We analyse the link between income distribution and the current account for the period 1972-2007. We find that rising (top-end) personal inequality leads to a decrease of the current account, ceteris paribus. This result is consistent with consumption externalities resulting from upward-looking comparisons. Moreover, an increase in the corporate financial balance or a decrease in the labour income share leads to an increase in the current account. This finding is consistent with the view that consumers do not fully pierce the corporate veil . Changes in personal and functional income distribution have contributed considerably to the widening of current account balances.

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  • van Treeck, Till & Behringer, Jan, 2014. "Income Distribution and Current Account: A Sectoral Perspective," VfS Annual Conference 2014 (Hamburg): Evidence-based Economic Policy 100296, Verein für Socialpolitik / German Economic Association.
    • Handle: RePEc:zbw:vfsc14:100296
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    JEL classification:

    • D31 - Microeconomics - - Distribution - - - Personal Income and Wealth Distribution
    • D33 - Microeconomics - - Distribution - - - Factor Income Distribution
    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics

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