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dc.contributor.authorÖzdemir, Onur
dc.date.accessioned2020-07-30T12:24:04Z
dc.date.available2020-07-30T12:24:04Z
dc.date.issued2019en_US
dc.identifier.issn1213-2446
dc.identifier.issn1804-1663
dc.identifier.urihttps://hdl.handle.net/11363/2333
dc.description.abstractFinancialization has been growing importance in macroeconomic perspectives since the finance-dominated capitalist relations have captured many of the specific positions in an aggregate economy. However, the empirical literature has substantially ignored the examination of the link between an increasing scale of financialization and the rising income inequality. In this study, a major hypothesis is based on the fact that the finance-dominated capitalism has a considerable effect on distributional practices through the channels of bargaining power. By applying the Kaleckian approach, the paper investigates the relationship between financialization and the labor share of national income using a panel dataset of 52 countries over the 1992-2012 period. The results suggest that a higher level of stock market development leads to a more unequal distribution of income and, thus, to the decline of wage share in the national income. Other factors such as globalization and technical change can also exacerbate the decline of wages, coupled with a decrease in the bargaining position of labor measured by unemployment rate and labor force participation rate.en_US
dc.language.isoengen_US
dc.publisherSCIENDO, DE GRUYTER POLAND SP Z O O, BOGUMILA ZUGA 32A STR, 01-811 WARSAW, POLANDen_US
dc.relation.isversionof10.2478/revecp-2019-0015en_US
dc.rightsinfo:eu-repo/semantics/openAccessen_US
dc.rightsAttribution-NonCommercial-NoDerivs 3.0 United States*
dc.rights.urihttp://creativecommons.org/licenses/by-nc-nd/3.0/us/*
dc.subjectBargaining Poweren_US
dc.subjectFinancializationen_US
dc.subjectGlobalizationen_US
dc.subjectLabor Shareen_US
dc.subjectStock Marketsen_US
dc.subjectFOREIGN DIRECT-INVESTMENTen_US
dc.subjectCAPITAL ACCOUNT LIBERALIZATIONen_US
dc.subjectDEVELOPING-COUNTRIESen_US
dc.subjectSHAREHOLDER VALUEen_US
dc.subjectWAGE INEQUALITYen_US
dc.subjectOPENNESSen_US
dc.subjectGROWTHen_US
dc.subjectTRADEen_US
dc.subjectGLOBALIZATIONen_US
dc.subjectFINANCIALISATIONen_US
dc.titleFinancialization and the Labor Share of Incomeen_US
dc.typearticleen_US
dc.relation.ispartofREVIEW OF ECONOMIC PERSPECTIVESen_US
dc.departmentİktisadi İdari ve Sosyal Bilimler Fakültesien_US
dc.authoridhttps://orcid.org/0000-0002-3804-0062en_US
dc.identifier.volume19en_US
dc.identifier.issue4en_US
dc.identifier.startpage265en_US
dc.identifier.endpage306en_US
dc.relation.publicationcategoryMakale - Uluslararası Hakemli Dergi - Kurum Öğretim Elemanıen_US


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