The effect of the declining labor share of income on inequality: An empirical evidence
Başlık çevirisi mevcut değil.
- Tez No: 789060
- Danışmanlar: PROF. DR. MİCHAEL BÖHM
- Tez Türü: Yüksek Lisans
- Konular: Ekonomi, Economics
- Anahtar Kelimeler: Belirtilmemiş.
- Yıl: 2022
- Dil: İngilizce
- Üniversite: Rheinische Friedrich-Wilhelms-Universität Bonn
- Enstitü: Yurtdışı Enstitü
- Ana Bilim Dalı: Belirtilmemiş.
- Bilim Dalı: Belirtilmemiş.
- Sayfa Sayısı: 52
Özet
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Özet (Çeviri)
The labor share of income, in other words, the share of total wages and benefits received by workers as a share of GDP, has shown a global downward trend in most countries. Meanwhile, income inequality has been shown to have increased in many countries, especially in the last two decades, as evidenced by various empirical findings. Therefore, the aim of this paper is to provide a comprehensive empirical investigation of the relationship between the labor share and income inequality as measured by the Gini coefficient and Palma ratio through a panel analysis covering 36 OECD countries over the period 1990-2017. Our data encouraged us to construct an empirical model arising from the relationship between non-stationarity and superconsistency. To overcome potential endogeneity in the model, we had to construct an IV-2SLS model. In the first stage of the model, we used instruments for trade openness, international financial integration and market concentration, as well as technological progress, the unionization rate and the corporate tax rate. In the second stage estimation, we wanted to test the relationship between the labor share and income inequality using the two-stage IV-GMM, which is superior to the IV-2SLS specification. We also checked our results with non-dynamic GMM and heteroskedastic OLS specifications. Our IV-GMM model discovered a negative and statistically significant relationship between the labor share and the Gini coefficient or Palma ratio, and diagnostic tests confirmed the appropriateness of our specification. As a result, we have proved that a lower labor share is an influential and significant factor in the development of increasing overall income inequality.
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