Income Inequality and Market Fragility: A Model and Some Empirics in the Political Economy of Finance, Part II

Robert Hockett and Daniel Dillon

Challenge, 2019, vol. 62, issue 6, 427-452

Abstract: In this analysis, we find significant links between an income and wealth inequality and financial market fragility. This analysis goes a long way toward explaining, among other things, a remarkably rich set of parallels that we find between the paired inequality and market calamity of 1928–1929 on the one hand and that of 2008–2009 on the other hand. In part I, our previous installment, we reviewed prior literature, elaborated our alternative model, and reported some preliminary empirical findings. The present installment reports more “granular” empirical results corroborating the presence and operation of the processes that we modeled in the previous piece.

Date: 2019
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DOI: 10.1080/05775132.2019.1656894

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