Capital Account Liberalization and Inequality - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Capital Account Liberalization and Inequality write by Davide Furceri. This book was released on 2015-11-24. Capital Account Liberalization and Inequality available in PDF, EPUB and Kindle. This paper examines the distributional impact of capital account liberalization. Using panel data for 149 countries from 1970 to 2010, we find that, on average, capital account liberalization reforms increase inequality and reduce the labor share of income in the short and medium term. We also find that the level of financial development and the occurrence of crises play a key role in shaping the response of inequality to capital account liberalization reforms.
Capital Account Liberalization and Wage Inequality: Evidence from Firm Level Data
Capital Account Liberalization and Wage Inequality: Evidence from Firm Level Data - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Capital Account Liberalization and Wage Inequality: Evidence from Firm Level Data write by Kodjovi M. Eklou. This book was released on 2023-03-03. Capital Account Liberalization and Wage Inequality: Evidence from Firm Level Data available in PDF, EPUB and Kindle. Firms play an important role in shaping income inequality at the aggregated country level, given that wages represent a significant proportion of household income. We investigate the distributional consequences of capital account liberalization, relying on firm level data to explore the implications for betweenfirms earning inequality in ASEAN5 countries over the period 1995-2019. We find that between-firms wage dispersion alone, accounts for a nontrivial proportion of the variation in the market Gini. Our empirical findings show that capital account liberalization increases between-firms wage inequality, as wages grow faster at initially high-paying firms and slow-down at firms at the lower portion of the wage distribution. These results are robust to a battery of robustness checks. Further, the directions and categories of capital account liberalization matter as results are pronounced for inflow liberalization and equity capital flows. We also show that capital account liberalization induces an increase in Profit-to-Wage ratios. Furthermore, the impact depends on country characteristics (wage setting institutions, the level of financial development and the size of the informal sector) as well as industry characteristics (export orientation and external finance dependence).
Financial Globalization and Inequality: Capital Flows as a Two-Edged Sword
Financial Globalization and Inequality: Capital Flows as a Two-Edged Sword - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Financial Globalization and Inequality: Capital Flows as a Two-Edged Sword write by Mr.Barry J. Eichengreen. This book was released on 2021-01-08. Financial Globalization and Inequality: Capital Flows as a Two-Edged Sword available in PDF, EPUB and Kindle. We review the debate on the association of financial globalization with inequality. We show that the within-country distributional impact of capital account liberalization is context specific and that different types of flows have different distributional effects. Their overall impact depends on the composition of capital flows, their interaction, and on broader economic and institutional conditions. A comprehensive set of policies – macroeconomic, financial and labor- and product-market specific – is important for facilitating wider sharing of the benefits of financial globalization.
Capital Account Liberalisation Does Worsen Income Inequality
Capital Account Liberalisation Does Worsen Income Inequality - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Capital Account Liberalisation Does Worsen Income Inequality write by Xiang Li. This book was released on 2020. Capital Account Liberalisation Does Worsen Income Inequality available in PDF, EPUB and Kindle. This study examines the relationship between capital account liberalisation and income inequality. Adopting a novel identification strategy, namely a difference-in-difference estimation combined with propensity score matching between the liberalised and closed countries, we provide robust evidence that opening the capital account is associated with an adverse impact on income inequality in developing countries. The main findings are threefold. First, fully liberalising the capital account is associated with a small rise of 0.07-0.30 standard deviations in the Gini coefficient in the short-run and a rise as large as 0.32-0.62 standard deviations in the ten years after liberalisation, on average. Second, widening income inequality is the outcome of the growing income share of the rich at the cost of the poor. The long-term effect of capital account liberalisation includes a reduction in the income share of the poorest half by 2.66-3.79 percentage points and an increase in the income share of the richest 10% by 5.19-8.76 percentage points. Third, the directions and categories of capital account liberalisation matter. Inward capital account liberalisation is more detrimental to income equality than outward capital account liberalisation, and free access to the international equity market exacerbates income inequality the most, while foreign direct investment has an insignificant impact on inequality.
Capital Account Liberalization & Income Inequality
Capital Account Liberalization & Income Inequality - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Capital Account Liberalization & Income Inequality write by Jess Esplin. This book was released on 2016. Capital Account Liberalization & Income Inequality available in PDF, EPUB and Kindle.
