Ups and downs in finance, ups without downs in inequality

Kód výsledku v IS VaVaI

<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F68378025%3A_____%2F23%3A00559547" target="_blank" >RIV/68378025:_____/23:00559547 - isvavai.cz</a>

Výsledek na webu

<a href="https://academic.oup.com/ser/advance-article/doi/10.1093/ser/mwac036/6644998" target="_blank" >https://academic.oup.com/ser/advance-article/doi/10.1093/ser/mwac036/6644998</a>

DOI - Digital Object Identifier

<a href="http://dx.doi.org/10.1093/ser/mwac036" target="_blank" >10.1093/ser/mwac036</a>

Jazyk výsledku

angličtina

Název v původním jazyce

Ups and downs in finance, ups without downs in inequality

Popis výsledku v původním jazyce

The upswing in finance in recent decades has led to rising inequality, but do downswings in finance lead to a symmetric decline in inequality? We analyze the asymmetry of the effect of ups and downs in finance, and the effect of increased capital requirements and the bonus cap on national earnings inequality. We use administrative employer–employee-linked data from 1990 to 2019 for 12 countries and data from bank reports, from 2009 to 2017 in 13 European countries. We find a strong asymmetry in the effect of upswings and downswings in finance on earnings inequality, a weak, if any, mitigating effect of capital requirements on finance’s contribution to inequality, and a restructuring but no absolute effect of the bonus cap on financiers’ earnings. We suggest that while rising financiers’ wages increase inequality in upswings, they are resilient in downswings and thus downswings do not contribute to a symmetric decline in inequality.

Název v anglickém jazyce

Ups and downs in finance, ups without downs in inequality

Popis výsledku anglicky

The upswing in finance in recent decades has led to rising inequality, but do downswings in finance lead to a symmetric decline in inequality? We analyze the asymmetry of the effect of ups and downs in finance, and the effect of increased capital requirements and the bonus cap on national earnings inequality. We use administrative employer–employee-linked data from 1990 to 2019 for 12 countries and data from bank reports, from 2009 to 2017 in 13 European countries. We find a strong asymmetry in the effect of upswings and downswings in finance on earnings inequality, a weak, if any, mitigating effect of capital requirements on finance’s contribution to inequality, and a restructuring but no absolute effect of the bonus cap on financiers’ earnings. We suggest that while rising financiers’ wages increase inequality in upswings, they are resilient in downswings and thus downswings do not contribute to a symmetric decline in inequality.

Druh

J_imp - Článek v periodiku v databázi Web of Science

CEP obor

—

OECD FORD obor

50401 - Sociology

Projekt

<a href="/cs/project/LX22NPO5101" target="_blank" >LX22NPO5101: Národní institut pro výzkum socioekonomických dopadů nemocí a systémových rizik</a><br>

Návaznosti

I - Institucionalni podpora na dlouhodoby koncepcni rozvoj vyzkumne organizace

Rok uplatnění

2023

Kód důvěrnosti údajů

S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

Název periodika

Socio-Economic Review

ISSN

1475-1461

e-ISSN

1475-147X

Svazek periodika

21

Číslo periodika v rámci svazku

3

Stát vydavatele periodika

GB - Spojené království Velké Británie a Severního Irska

Počet stran výsledku

27

Strana od-do

1601-1627

Kód UT WoS článku

000826569800001

EID výsledku v databázi Scopus

2-s2.0-85168115314