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Financialisation and Income Inequality in OECD Nations:1995-2007

Listed author(s):
  • BASAK KUS

    (Wesleyan University,Connecticut)

Registered author(s):

    This paper attempts to examine the link between financialisation and income inequality in advanced countries from a comparative perspective using data from 20 OECD countries over a period of 13 years (1995-2007). The initial regression results show an overall strong correlation between several of the financialisation indicators and income inequality net of conventional explanations including economic growth rate, unemployment, globalisation, left party power, social spending, union density, female participation in the labour market, and wage bargaining centralisation. The results also show that although financialisation has a positive association with income inequality in nations with strong as well as weak unions, the association is stronger in the latter.

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    File URL: http://www.esr.ie/vol%2043_4/01%20Basak%20Kus%20article.pdf
    File Function: First version,2012
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    Article provided by Economic and Social Studies in its journal Economic and Social Review.

    Volume (Year): 43 (2012)
    Issue (Month): 4 ()
    Pages: 477-495

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    Handle: RePEc:eso:journl:v:43:y:2012:i:4:p:477-495
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    1. Thomas I. Palley, 2007. "Financialization: What It Is and Why It Matters," Working Papers wp153, Political Economy Research Institute, University of Massachusetts at Amherst.
    2. James Crotty, 2005. "The Neoliberal Paradox: The Impact of Destructive Product Market Competition and Impatient Finance on Nonfinancial Corporations in the Neoliberal Era," Research Briefs rb2003-5, Political Economy Research Institute, University of Massachusetts at Amherst.
    3. Checchi, Daniele & Visser, Jelle & van de Werfhorst, Herman G., 2007. "Inequality and Union Membership: The Impact of Relative Earnings Position and Inequality Attitudes," IZA Discussion Papers 2691, Institute for the Study of Labor (IZA).
    4. David Roodman, 2009. "How to do xtabond2: An introduction to difference and system GMM in Stata," Stata Journal, StataCorp LP, vol. 9(1), pages 86-136, March.
    5. Engelbert Stockhammer, 2004. "Is there an equilibrium rate of unemployment in the long run?," Review of Political Economy, Taylor & Francis Journals, vol. 16(1), pages 59-77.
    6. David Metcalf & Kirstine Hansen & Andy Charlwood, 2001. "Unions and the Sword of Justice: Unions and Pay Systems, Pay Inequality, Pay Discrimination and Low Pay," National Institute Economic Review, National Institute of Economic and Social Research, vol. 176(1), pages 61-75, April.
    7. David Card & Thomas Lemieux & W. Craig Riddell, 2004. "Unions and Wage Inequality," Journal of Labor Research, Transaction Publishers, vol. 25(4), pages 519-562, October.
    8. Blundell, Richard & Bond, Stephen, 1998. "Initial conditions and moment restrictions in dynamic panel data models," Journal of Econometrics, Elsevier, vol. 87(1), pages 115-143, August.
    9. Beck , Thorsten & Demirguc-Kunt, Asli & Levine, Ross, 2009. "Financial institutions and markets across countries and over time - data and analysis," Policy Research Working Paper Series 4943, The World Bank.
    10. Pontusson, Jonas & Rueda, David & Way, Christopher R., 2002. "Comparative Political Economy of Wage Distribution: The Role of Partisanship and Labour Market Institutions," British Journal of Political Science, Cambridge University Press, vol. 32(02), pages 281-308, April.
    11. David Card, 1998. "Falling Union Membership and Rising Wage Inequality: What's the Connection?," NBER Working Papers 6520, National Bureau of Economic Research, Inc.
    12. Frederick Solt, 2009. "Standardizing the World Income Inequality Database," Social Science Quarterly, Southwestern Social Science Association, vol. 90(2), pages 231-242.
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