Size and evolution of the financial wage premium. Unpublished translation of “Ampleur et évolution dela prime salariale financière”, Regards croisés sur l'économie, 2020, 27(2): 97-109

Olivier Godechot, Paula Apascaritei, István Boza, Martin Hallsten, Lasse Henriksen, Are Hermansen, Feng Hou, Jiwook Jung, Alena Křížková, Zoltán Lippényi, Elvira Marta, Silvia Melzer, Eunmi Mun, Halil Sabanci, Naomi Kodama and Max Thaning

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Abstract: We measure the size and evolution of the wage premium for a job in finance. In thirteen developed countries, wages, especially high wages, increased at a sustained pace in this sector during the 1990s and 2000s, contributing strongly to the increase in the share of the national top 1% and hence to inequality. The explanation of this gap by differences in talent is not enough. In France, salaries remain 25 to 30% higher once the effect of the diploma is deducted. We offer an alternative explanation based on the ability of employees to move financial activity with them from one firm to another.

Date: 2021-10-03
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Working Paper: Size and evolution of the financial wage premium. Unpublished translation of “Ampleur et évolution dela prime salariale financière”, Regards croisés sur l'économie, 2020, 27(2): 97-109 (2021)
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