Verteilungseffekte von Finanzialisierung |
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Authors: | Karsten Köhler Alexander Guschanski Engelbert Stockhammer |
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Institution: | 1.Department of Economics,Kingston University London,Kingston upon Thames,Gro?britannien;2.Greenwich Political Economy Research Center (GPERC),University of Greenwich,London,Gro?britannien;3.Department of European & International Studies,King’s College London,London,Gro?britannien |
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Abstract: | Financialisation is often associated with rising income inequality. The article describes the major aspects of financialisation in the foreign, financial, business and household sector, and identifies several hypotheses how financialisation affects functional income distribution. We discuss enhanced exit options of firms, rising financial overhead costs for businesses, increased competition in capital markets, and weakened bargaining power of workers due to indebtedness. The different hypotheses are operationalised through empirical measures and their effect on the wage share is tested econometrically by means of a panel data set of 14 OECD countries over the period 1992–2014. We find statistically significant negative effects of financial payments of firms and financial openness on the wage share. |
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