Rentier Incomes and Financial Crises: An Empirical Examination of Trends and Cycles in Some OECD Countries
We present new estimates of the rentier share of national income for OECD countries for the years between 1960 and 2000. For most countries, the rentier share of income significantly increased during the last several decades, starting in the early 1980's and coinciding with the shift to neo-liberal monetary and financial policies initiated by Margaret Thatcher and Paul Volcker. There is no evidence of a negative correlation between rentier shares and non-financial corporate shares of income. However, rentier shares do decline in those semi-industrialized countries that experienced financial crises. These findings are consistent with the view that financial liberalization has been associated with the increased power of an international rentier class, whose interests are aligned with those of non-financial corporations in the richer countries, but whose interests conflict with rentiers in developing countries that experience financial crises.
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- Ute Pieper & Lance Taylor, 1996. "The Revival of the Liberal Creed: The IMF, The World Bank, and Inequality in a Globalized Economy," SCEPA working paper series. SCEPA's main areas of research are macroeconomic policy, inequality and poverty, and globalization. 1996-05, Schwartz Center for Economic Policy Analysis (SCEPA), The New School, revised Jan 1998.
- repec:cup:cbooks:9780521643764 is not listed on IDEAS
- Harrison, Ann, 2005. "Has Globalization Eroded Labor’s Share? Some Cross-Country Evidence," MPRA Paper 39649, University Library of Munich, Germany.
- Yeldan, A.E., 2000. "The Impact of Financial Liberalization and the Rise of Financial Rents on Income Inequality: The Case of Turkey," Research Paper 206, World Institute for Development Economics Research.
- Gabriel Palma, 2000. "The Three Routes to Financial Crises: The Need for Capital Controls," SCEPA working paper series. SCEPA's main areas of research are macroeconomic policy, inequality and poverty, and globalization. 2000-17, Schwartz Center for Economic Policy Analysis (SCEPA), The New School.
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