olivier godechot

Godechot Olivier, 2015, Financialization is marketization! A study of the respective impacts of various dimensions of financialization on the increase in global inequality, MaxPo Discussion Paper , n°15/3.

    In this paper, we study the impact of financialization on the rise in inequality in 18 OECD countries from 1970 to 2011 and measure the respective roles of various forms of financialization: the growth of the financial sector; the growth of one of its subcomponents, financial markets; the financialization of non-financial firms; and the financialization of households. We test these impacts using cross-country panel regressions in OECD countries. As dependent measures we use Solt’s (2009) Gini index, the World Top Incomes Database, and OECD inter-decile inequality measures. We show first that the share of the finance sector within the GDP is a substantial driver of world inequality, explaining between 20 and 40 percent of its increase from 1980 to 2007. When we decompose this financial sector effect, we find that this evolution was mainly driven by the increase in the volume of stocks traded in national stock exchanges and by the volume of shares held as assets in banks’ balance sheets. By contrast, the financialization of non-financial firms and of households does not play a substantial role. Based on this inequality test, we therefore interpret financialization as being mainly a phenomenon of marketization, redefined as the growing amount of social energy devoted to the trade of financial instruments on financial markets.

(site web
        lié) Télécharger
Français | English

Actualités   

OgO: plus ici|more here

[Encadrement] Montagne, Sabine. 2017. Investir pour autrui aux États-Unis. 1950-2000, Habilitation à diriger des recherches, Université de Saint Quentin en Yvelines ...: plus ici|more here

[Encadrement] Benhmarhnia, Sarah. 2017. Les inégalités d’exposition aux pollutions. L’emplacement des incinérateurs de déchets en France: l’importance de l’échelle de ...: plus ici|more here

[Encadrement] Clemessy, Timothée. 2017. “A brand new capital ?”  L’impact des opérations de fusion et acquisition sur le nantissement des ...: plus ici|more here

[Publications] Godechot (Olivier), Introduction: Is sociology of finance a general sociology?, Finance at work: plus ici|more here

[Publications] Tomaskovic-Devey (Donald) (with) Godechot (Olivier et al.), The Comparative Organizational Inequality Network: Toward an Economic Sociology of Inequality, economic sociology: plus ici|more here

[Publications] Godechot (Olivier), Inequality: A Piketty et al. Moment in the Social Sciences, economic sociology_the european electronic newsletter: plus ici|more here

[Webmestre]

[Fil rss]

[V. 0.93]

HOP

Système d'aide à la publication sur Internet


000

clics / mois.