Showing 1 - 10 of 131
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 1983-2007 both exhibited a large increase in the income share of the rich, a large increase in leverage for the remainder, and an eventual financial...
Persistent link: https://www.econbiz.de/10008784720
-tax reforms using a model economy that replicates the U.S. distributions of earnings, income and wealth in very much detail. We …
Persistent link: https://www.econbiz.de/10005662104
Large and persistent global financial imbalances need not be the harbinger of a world financial crash. Instead, we show that these imbalances can be the outcome of financial integration when countries differ in financial markets deepness. In particular, countries with more advanced financial...
Persistent link: https://www.econbiz.de/10005123587
This paper presents series on top shares of income and wealth in Spain over the 20th century using personal income and … wealth tax return statistics. Top income shares are highest in the 1930s, fall sharply during the first two decades of the … and avoidance among top income earners in Spain before 1980 was much less prevalent than previously thought. Wealth …
Persistent link: https://www.econbiz.de/10005667012
increase in the concentration of financial wealth makes the occurrence of media bias more likely. Media bias is not necessarily …
Persistent link: https://www.econbiz.de/10005789042
of wealth, though in potentially complex ways. A non-parametric model of the wealth effect on self-employment is …, and tests are made for selection bias and separability between wealth and the controls. There is no sign of increasing … returns at low wealth, suggesting generally low start-up costs in this setting. The aggregate self-employment rate is an …
Persistent link: https://www.econbiz.de/10005124477
determined not only by wealth inequality but also by sectoral reallocation from agriculture to manufacturing. The model shows … that the dynamics of capital accumulation induce a reduction of wealth inequality, which is further accelerated by the … redistributive impact of the bequest tax. Through a standard politico-economic mechanism, wealth equalization pushes toward a reduced …
Persistent link: https://www.econbiz.de/10005067461
Globalization increasingly involves less-developed countries (LDCs), i.e., economies which usually suffer from severe imperfections in their financial systems. Taking these imperfections seriously, we analyze how credit frictions affect the distributive impact of trade liberalizations. We find...
Persistent link: https://www.econbiz.de/10008577810
I discuss available evidence about the evolution of top wealth shares in the United States over the last one hundred … increase in wealth concentration and the other two methods showing at best a small increase. I discuss strengths and weaknesses … incomes and the increased importance of self-made wealth may explain difficulties in implementing each of the methods and …
Persistent link: https://www.econbiz.de/10011145466
This paper presents homogeneous series on top shares of income and wealth in Switzerland since 1913 using personal … Netherlands or the United States, top income and wealth shares in Switzerland are strikingly flat over the century, and display no … income and wealth tax return statistics. In contrast to other countries such as Canada, France, the United Kingdom, the …
Persistent link: https://www.econbiz.de/10005114325