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Verteilungseffekte von Finanzialisierung

Karsten Kohler (), Alexander Guschanski () and Engelbert Stockhammer ()

No 23471, Greenwich Papers in Political Economy from University of Greenwich, Greenwich Political Economy Research Centre

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 financialisationaffects functional income distribution. We discuss enhanced exit options of firms, rising financial overhead costs for businesses, increased competition in capital mar-kets, and weakened bargaining power of workers due to indebtedness. The different hypotheses are operationalised through empirical measures and their effect on thewage share is tested econometrically by means of a panel data set of 14 OECD coun-tries over the period 1992–2014. We find statistically significant negative effects offinancial payments of firms and financial openness on the wage share.

Keywords: Financialisation; Functional income distribution; Wage share; Political economy (search for similar items in EconPapers)
JEL-codes: G0 (search for similar items in EconPapers)
Date: 2018-08-15
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Published in The Cologne Journal of Sociology / KZfSS Kölner Zeitschrift für Soziologie und Sozialpsychologie 1.70(2018): pp. 37-63

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