Financiarisation et creusement des inégalités

Boris Cournède and Oliver Denk

Revue d'économie financière, 2017, vol. N° 128, issue 4, 153-164

Abstract: Financial sectors have massively expanded in advanced economies over the past fifty years, a period that has also been characterised by rising income inequality in most OECD countries. These two developments are not just simultaneous but linked. Econometric enquiries suggest that the overaccumulation of debt and the expansion of stock markets have contributed to increases in inequality. Analysis of micro-level pay data uncovers that this effect stems in part from the compensation premium that financial workers enjoy over their peers with similar profiles in other sectors. This analysis also shows that, in finance as elsewhere, men get higher pay than women with similar profiles. There are ways of economic reforms to tackle these challenges, so that the financial sector contributes to a more inclusive path for economic growth. Classification JEL: D14, D63, E51, G2, J16, J31.

JEL-codes: D14 D63 E51 G2 J16 J31 (search for similar items in EconPapers)
Date: 2017
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