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Wage Dispersion and Pension Funds: Financialisation of Non-Financial Corporations in the USA, 1966-2013
[Arbeitspapier]
Körperschaftlicher Herausgeber
Universität Hamburg, Fak. Wirtschafts- und Sozialwissenschaften, FB Sozialökonomie, Zentrum für Ökonomische und Soziologische Studien (ZÖSS)
Abstract It has already been pointed out in the literature on financialisation that private pension funds have played a key role in the inflation of financial markets. This paper argues that an increase in wage dispersion between white-collar and blue-collar workers affects pension funds in a direct and stru... mehr
It has already been pointed out in the literature on financialisation that private pension funds have played a key role in the inflation of financial markets. This paper argues that an increase in wage dispersion between white-collar and blue-collar workers affects pension funds in a direct and structural manner. Using Saez-Zucman and fred.stlouisfed annual datasets, the proposed argument is statistically analysed by applying Vector Autoregressive modelling for the period 1966-2013 in the USA. The results show that the responses of share of pension funds within US-household wealth to one-unit shock in wage dispersion are positive and significant over the first three years. Furthermore, wage dispersion explains 11% of variations in pension funds’ share in household wealth in the short-run and 19% of variations in the long-run. The study concludes that wage dispersion has a direct and structural impact on pension funds and contributes to the literature by clarifying the rise and expansion of pension funds.... weniger
Thesaurusschlagwörter
Pension; Rente; Finanzierung; Lohn; Lohnunterschied; Arbeiter; Angestellter; Rentenfond; Finanzmarkt; USA
Klassifikation
Industrie- und Betriebssoziologie, Arbeitssoziologie, industrielle Beziehungen
soziale Sicherung
Volkswirtschaftstheorie
Sprache Dokument
Englisch
Publikationsjahr
2017
Erscheinungsort
Hamburg
Seitenangabe
28 S.
Schriftenreihe
ZÖSS Discussion Paper, 63
ISSN
1868-4947
Status
Veröffentlichungsversion; begutachtet
Lizenz
Deposit Licence - Keine Weiterverbreitung, keine Bearbeitung