Köhler, K, Guschanski, A and Stockhammer, E (2018) Distributional Effects of Financialisation. KZfSS Kölner Zeitschrift für Soziologie und Sozialpsychologie, 70. pp. 37-63. ISSN 0023-2653
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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Item Type: | Article |
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Authors/Creators: |
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Copyright, Publisher and Additional Information: | © Der/die Autor(en) 2018. Dieser Artikel wird unter der Creative Commons Namensnennung 4.0 International Lizenz (http://creativecommons.org/licenses/by/4.0/deed.de) veröffentlicht, welche die Nutzung, Vervielfältigung, Bearbeitung, Verbreitung und Wiedergabe in jeglichem Medium und Format erlaubt, sofern Sie den/die ursprünglichen Autor(en) und die Quelle ordnungsgemäß nennen, einen Link zur Creative Commons Lizenz beifügen und angeben, ob Änderungen vorgenommen wurden. |
Keywords: | Financialisation; Functional income distribution; Wage share; Political economy |
Dates: |
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Institution: | The University of Leeds |
Academic Units: | The University of Leeds > Faculty of Business (Leeds) > Economics Division (LUBS) (Leeds) |
Depositing User: | Symplectic Publications |
Date Deposited: | 15 Sep 2021 10:35 |
Last Modified: | 25 Jun 2023 22:46 |
Status: | Published |
Publisher: | Springer |
Identification Number: | 10.1007/s11577-018-0537-7 |
Open Archives Initiative ID (OAI ID): | oai:eprints.whiterose.ac.uk:178196 |
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