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The claim of globalization critics that the income gap to industrial countries is bound to widen for essentially all … developing countries as a consequence of economic globalization is in conflict with empirical evidence. Economic performance … and foreign indebtedness which may explain the varying experience with globalization in regard to per capita income growth …
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This paper examines the long-run determinants of the evolution of top in-come shares. Using a newly assembled panel of 16 developed countries over the entire twentieth century, we find that financial development dis-proportionately boosts top incomes. This effect appears to be particularly...
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