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Financiarisation et creusement des inégalités

Author

Listed:
  • Boris Cournède
  • Oliver Denk

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.

Suggested Citation

  • Boris Cournède & Oliver Denk, 2017. "Financiarisation et creusement des inégalités," Revue d'économie financière, Association d'économie financière, vol. 0(4), pages 153-164.
    • Handle: RePEc:cai:refaef:ecofi_128_0153
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    More about this item

    JEL classification:

    • D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance
    • D63 - Microeconomics - - Welfare Economics - - - Equity, Justice, Inequality, and Other Normative Criteria and Measurement
    • E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers
    • G2 - Financial Economics - - Financial Institutions and Services
    • J16 - Labor and Demographic Economics - - Demographic Economics - - - Economics of Gender; Non-labor Discrimination
    • J31 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Wage Level and Structure; Wage Differentials

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