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Taming Private Leviathans: Regulation versus Taxation

Author

Listed:
  • Rabah Arezki
  • Asif Islam
  • Grégoire Rota-Graziosi

Abstract

This paper explores the interplay between top wealth and policies namely regulation and taxation exploiting variation in exposure to international commodity prices. Using a global panel dataset of billionaire’s net worth, results point to a positive relationship between commodity prices and the concentration of wealth at the top. Regulation especially pertaining to competition is found to limit the effects of commodity price shocks on top wealth concentration while taxation has little effect. Moreover, commodity price shocks crowd out non-resource tax revenue hence limiting the scope for income transfers and redistribution. Results are consistent with the primacy of ex ante interventions over ex post ones to address top wealth inequality.

Suggested Citation

  • Rabah Arezki & Asif Islam & Grégoire Rota-Graziosi, 2021. "Taming Private Leviathans: Regulation versus Taxation," OxCarre Working Papers 226, Oxford Centre for the Analysis of Resource Rich Economies, University of Oxford.
    • Handle: RePEc:oxf:oxcrwp:226
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    JEL classification:

    • D31 - Microeconomics - - Distribution - - - Personal Income and Wealth Distribution
    • D63 - Microeconomics - - Welfare Economics - - - Equity, Justice, Inequality, and Other Normative Criteria and Measurement
    • H26 - Public Economics - - Taxation, Subsidies, and Revenue - - - Tax Evasion and Avoidance
    • H20 - Public Economics - - Taxation, Subsidies, and Revenue - - - General
    • O13 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Agriculture; Natural Resources; Environment; Other Primary Products

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