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Rising Income Inequality: Technology, or Trade and Financial Globalization&quest

Florence Jaumotte (), Subir Lall () and Chris Papageorgiou ()

IMF Economic Review, 2013, vol. 61, issue 2, 271-309

Abstract: The paper examines the relationship between the rapid pace of trade and financial globalization and the rise in income inequality observed in most countries over the past two decades. Using a newly compiled panel of 51 countries over a 23-year period from 1981 to 2003, the paper reports estimates that support a greater impact of technological progress than globalization on inequality. The limited overall impact of globalization reflects two offsetting tendencies: whereas trade globalization is associated with a reduction in inequality, financial globalization—and foreign direct investment in particular—is associated with an increase in inequality.

Date: 2013
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