Financialization Of The Economy Business And Household Inequality In The United States
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Financialization Of The Economy Business And Household Inequality In The United States
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Author : Kurt Mettenheim
language : en
Publisher: Routledge
Release Date : 2021-11-17
Financialization Of The Economy Business And Household Inequality In The United States written by Kurt Mettenheim and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-11-17 with Business & Economics categories.
This second volume on the political and social economy of financialization in the US focuses on the consequences of the rise of finance for the American macroeconomy, household inequality, and the management of nonfinancial business enterprises. A historical–institutional balance-sheet approach to long-term trends and recent change in the US reveals a series of anomalies and provisos for critical, heterodox, and mainstream economic approaches and provides new perspectives on debates about political economic change in advanced economies since the 2007–2008 financial crisis. This book marks a significant contribution to the literature on financialization and studies in social economics, household economics, the structure and management of nonfinancial business enterprises, and American political economy.
Divested
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Author : Ken-Hou Lin
language : en
Publisher: Oxford University Press, USA
Release Date : 2020-01-06
Divested written by Ken-Hou Lin and has been published by Oxford University Press, USA this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-01-06 with Business & Economics categories.
Finance is an inescapable part of American life. From how one pursues an education, buys a home, runs a business, or saves for retirement, finance orders the lives of ordinary Americans. And as finance continues to expand, inequality soars. In Divested, Ken-Hou Lin and Megan Tobias Neely demonstrate why widening inequality cannot be understood without examining the rise of big finance. The growth of the financial sector has dramatically transformed the American economy by redistributing resources from workers and families into the hands of owners, executives, and financial professionals. The average American is now divested from a world driven by the maximization of financial profit. Lin and Neely provide systematic evidence to document how the ascendance of finance on Wall Street, Main Street, and among households is a fundamental cause of economic inequality. They argue that finance has reshaped the economy in three important ways. First, the financial sector extracts resources from the economy at large without providing economic benefits to those outside the financial services industry. Second, firms in other economic sectors have become increasingly involved in lending and investing, which weakens the demand for labor and the bargaining power of workers. And third, the escalating consumption of financial products by households shifts risks and uncertainties once shouldered by unions, corporations, and governments onto families. A clear, comprehensive, and convincing account of the forces driving economic inequality in America, Divested warns us that the most damaging consequence of the expanding financial system is not simply recurrent financial crises but a widening social divide between the have and have-nots.
Finance Growth And Inequality
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Author : Mr. Ross Levine
language : en
Publisher: International Monetary Fund
Release Date : 2021-06-11
Finance Growth And Inequality written by Mr. Ross Levine and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-06-11 with Business & Economics categories.
Finance and growth emerged as a distinct field of economics during the last three decades as economists integrated the fields of finance and economic growth and then explored the ramifications of the functioning of financial systems on economic growth, income distribution, and poverty. In this paper, I review theoretical and empirical research on the connections between the operation of the financial system and economic growth and inequality. While subject to ample qualifications, the preponderance of evidence suggests that (1) financial development—both the development of banks and stock markets—spurs economic growth and (2) better functioning financial systems foster growth primarily by improving resource allocation and technological change, not by increasing saving rates. Some research also suggests that financial development expands economic opportunities and tightens income distribution, primarily by boosting the incomes of the poor. This work implies that financial development fosters growth by expanding opportunities. Finally, and more tentatively, financial innovation—improvements in the ability of financial systems to ameliorate information and transaction costs—may be necessary for sustaining growth.
Finance And Inequality
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Author : Mr.Martin Cihak
language : en
Publisher: International Monetary Fund
Release Date : 2020-01-17
Finance And Inequality written by Mr.Martin Cihak and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-01-17 with Business & Economics categories.
The study examines empirical relationships between income inequality and three features of finance: depth (financial sector size relative to the economy), inclusion (access to and use of financial services by individuals and firms), and stability (absence of financial distress). Using new data covering a wide range of countries, the analysis finds that the financial sector can play a role in reducing inequality, complementing redistributive fiscal policy. By expanding the provision of financial services to low-income households and small businesses, it can serve as a powerful lever in helping create a more inclusive society but—if not well managed—it can amplify inequalities.
Divested
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Author : Ken-Hou Lin
language : en
Publisher:
Release Date : 2020
Divested written by Ken-Hou Lin and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020 with Equality categories.
'Divested' documents how the ascendance of finance on Wall Street, Main Street, and in households is a fundamental cause of economic inequality in the United States. This wide-ranging and comprehensive account demonstrates the many ways financial sector has reshaped the economy, leaving the average American adrift in a world driven by the logic of finance and the maximisation of profit.
Shifting Paradigms
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Author : Zia Qureshi
language : en
Publisher: Brookings Institution Press
Release Date : 2022-01-11
Shifting Paradigms written by Zia Qureshi and has been published by Brookings Institution Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-01-11 with Business & Economics categories.
Addressing the big questions about how technological change is transforming economies and societies Rapid technological change—likely to accelerate as a consequence of the COVID-19 pandemic—is reshaping economies and how they grow. But change also causes disruption, creates winners and losers, and produces social stress. This book examines the challenges of digital transformation and suggests how creative policies can make it more productive and inclusive. Shifting Paradigms is the second book on technological change produced by a joint research project of the Brookings Institution and the Korea Development Institute. Contributors are experts from the United States, Europe, and Korea. The first volume, Growth in a Time of Change, was published by Brookings in February 2020. The book's underlying thesis is that the future is arriving faster than expected. Long-accepted paradigms about economic growth are changing as digital technologies transform markets and nearly every aspect of business and work. Change will only intensify with advances in artificial intelligence and other innovations. Investors, business leaders, workers, and public officials face many questions. Is rising market concentration inevitable with the new technologies or can their benefits be more widely shared? How can the promise of FinTech be captured while managing risks? Should workers fear the new automation? Are technology-driven shifts in business and work causing income inequality to rise? How should public policy respond? Shifting Paradigms addresses these questions in an engaging manner for anyone interested in understanding how the economic and social agenda is being transformed by today's winds of change.
Inequality Leverage And Crises
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Author : Mr.Michael Kumhof
language : en
Publisher: International Monetary Fund
Release Date : 2010-11-01
Inequality Leverage And Crises written by Mr.Michael Kumhof and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-11-01 with Business & Economics categories.
The paper studies how high leverage and crises can arise as a result of changes in the income distribution. Empirically, the periods 1920-1929 and 1983-2008 both exhibited a large increase in the income share of the rich, a large increase in leverage for the remainder, and an eventual financial and real crisis. The paper presents a theoretical model where these features arise endogenously as a result of a shift in bargaining powers over incomes. A financial crisis can reduce leverage if it is very large and not accompanied by a real contraction. But restoration of the lower income group's bargaining power is more effective.
Financialization And The Economy
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Author : Agata Gemzik-Salwach
language : en
Publisher: Taylor & Francis
Release Date : 2017-07-14
Financialization And The Economy written by Agata Gemzik-Salwach and has been published by Taylor & Francis this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-07-14 with Business & Economics categories.
There can be no doubt that the influence of the financial sphere has intensified rapidly in recent years, but there is much debate about the effect of that influence. The aftermath of the Financial Crisis has led to numerous discussions of the phenomenon of so-called financialization: the increasing impact of financial institutions on the activity of all business entities; emerging threats related with dynamically developing financial markets and the growing importance of financial themes. In light of these issues, which appear in all economies and touch all entities and every area of economic activity, there is a need for a summary and evaluation of the role of financialization in the world today. This monograph presents the role of financialization in the modern world. It shows positive as well as negative effects of financialization on the stability of the whole economy, the functioning of different types of markets, activity of enterprises, state institutions and behaviours of households. Written by expert contributors, this book plays an important role in the debate concerning future directions of development of the financial sector and financial markets. Financialization and the Economy is of great importance to those who study political economy, macroeconomics and banking.
Innocent Bystanders Monetary Policy And Inequality In The U S
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Author : Mr.Olivier Coibion
language : en
Publisher: International Monetary Fund
Release Date : 2012-08-01
Innocent Bystanders Monetary Policy And Inequality In The U S written by Mr.Olivier Coibion and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-08-01 with Business & Economics categories.
We study the effects and historical contribution of monetary policy shocks to consumption and income inequality in the United States since 1980. Contractionary monetary policy actions systematically increase inequality in labor earnings, total income, consumption and total expenditures. Furthermore, monetary shocks can account for a significant component of the historical cyclical variation in income and consumption inequality. Using detailed micro-level data on income and consumption, we document the different channels via which monetary policy shocks affect inequality, as well as how these channels depend on the nature of the change in monetary policy.
Macroeconomic Inequality From Reagan To Trump
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Author : Lance Taylor
language : en
Publisher: Cambridge University Press
Release Date : 2020-08-20
Macroeconomic Inequality From Reagan To Trump written by Lance Taylor and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-08-20 with Business & Economics categories.
An innovative approach to measuring inequality providing the first full integration of distributional and macro level data for the US.