Ups and Downs in Finance, Ups without Downs in Inequality
Olivier Godechot
(1)
,
Nils Neumann
(1)
,
Paula Apascaritei
,
István Boza
(2)
,
Martin Hällsten
(3)
,
Lasse Henriksen
(4)
,
Are Hermansen
,
Feng Hou
,
Jiwook Jung
,
Eunmi Melzer
,
Halil Mun
,
Matthew Sabanci
,
Max Soener
,
Naomi Kodama
,
Alena Křížková
,
Zoltán Lippényi
,
Elvira Marta
,
Silvia Maja Melzer
,
Eunmi Mun
,
Halil Sabanci
,
Matthew Soener
,
Max 2021 " Thaning
Olivier Godechot
- Fonction : Auteur
- PersonId : 742658
- IdHAL : olivier-godechot
- ORCID : 0000-0003-3199-8144
- IdRef : 055742025
Nils Neumann
- Fonction : Auteur
- PersonId : 1188698
- ORCID : 0000-0002-3120-9849
Paula Apascaritei
- Fonction : Auteur
Are Hermansen
- Fonction : Auteur
Feng Hou
- Fonction : Auteur
Jiwook Jung
- Fonction : Auteur
Eunmi Melzer
- Fonction : Auteur
Halil Mun
- Fonction : Auteur
Matthew Sabanci
- Fonction : Auteur
Max Soener
- Fonction : Auteur
Naomi Kodama
- Fonction : Auteur
Alena Křížková
- Fonction : Auteur
Zoltán Lippényi
- Fonction : Auteur
Elvira Marta
- Fonction : Auteur
Silvia Maja Melzer
- Fonction : Auteur
Eunmi Mun
- Fonction : Auteur
Halil Sabanci
- Fonction : Auteur
Matthew Soener
- Fonction : Auteur
- PersonId : 1328161
Max 2021 " Thaning
- Fonction : Auteur
Résumé
The upswing in finance over the past several decades has led to rising inequality, but do downswings in finance lead to a symmetric decline in inequality? In this paper, we analyze the asymmetry of the effect of ups and downs in financial markets, as well as the effect of increased capital requirements and the bonus cap on national earnings inequality. We use administrative employer-employee linked data on earnings from 1990 to 2017 for twelve countries. Additionally, we use data on earnings from bank reports, from 2009 to 2017 in thirteen European countries. We find a strong asymmetry in the effects of financial ups and downs on earnings inequality, a mitigating effect of rising capital requirements on the contribution of finance to inequality, and a restructuring effect of the bonus cap for the earnings of financiers, while neither policy affects absolute levels of earnings inequality.
Format du dépôt | Fichier |
---|---|
Type de dépôt | Pré-publication, Document de travail |
Titre |
en
Ups and Downs in Finance, Ups without Downs in Inequality
|
Résumé |
en
The upswing in finance over the past several decades has led to rising inequality, but do downswings in finance lead to a symmetric decline in inequality? In this paper, we analyze the asymmetry of the effect of ups and downs in financial markets, as well as the effect of increased capital requirements and the bonus cap on national earnings inequality. We use administrative employer-employee linked data on earnings from 1990 to 2017 for twelve countries. Additionally, we use data on earnings from bank reports, from 2009 to 2017 in thirteen European countries. We find a strong asymmetry in the effects of financial ups and downs on earnings inequality, a mitigating effect of rising capital requirements on the contribution of finance to inequality, and a restructuring effect of the bonus cap for the earnings of financiers, while neither policy affects absolute levels of earnings inequality.
|
Auteur(s) |
Olivier Godechot
1
, Nils Neumann
1
, Paula Apascaritei
, István Boza
2
, Martin Hällsten
3
, Lasse Henriksen
4
, Are Hermansen
, Feng Hou
, Jiwook Jung
, Eunmi Melzer
, Halil Mun
, Matthew Sabanci
, Max Soener
, Naomi Kodama
, Alena Křížková
, Zoltán Lippényi
, Elvira Marta
, Silvia Maja Melzer
, Eunmi Mun
, Halil Sabanci
, Matthew Soener
, Max 2021 " Thaning
1
MaxPo -
Max Planck Sciences Po Center on Coping with Instability in Market Societies
( 237254 )
- Allemagne
2
Research Centre for Economic and Regional Studies
( 577269 )
- 1097 Budapest Tóth Kálmán u. 4.
- Hongrie
3
Stockholm University
( 300563 )
- SE-106 91 Stockholm
- Suède
4
CBS -
Copenhagen Business School [Copenhagen]
( 300903 )
- Solbjerg Pl. 3, 2000 Frederiksberg, Copenhagen
- Danemark
|
Langue du document |
Anglais
|
Licence |
Paternité - Pas d'utilisation commerciale - Pas de modification
|
Domaine(s) |
|
Référence interne |
|
Projet(s) ANR |
|
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)
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