Inequality, Industrialization and Financial Structure

Agricultural Development, Industrialization and Rural Inequality

Financial Structure and Financial Crisis

For many years the economies of South East Asia were regarded as models for economic development. The four tigers, Hong Kong, South Korea, Singapore and Taiwan, grew from low levels of income per head to among the highest in the world in a few decades. The newly industrializing economies of Indonesia, Malaysia and Thailand had also started to grow at an extremely rapid rate. The Philippines had...

Inequality and Financial Crises : Some Early Findings

We employ the UTIP data set on the evolution of earnings inequality in manufacturing in the global economy to illuminate two questions. First, do regional patterns of similarity in the movement of large macroeconomic aggregates, such as real GDP, imply underlying similarities of industrial structure, so that knowledge of one national economy in a GDP cluster can reasonably be assumed to convey ...

Optimal Financial Knowledge and Wealth Inequality.

We show that financial knowledge is a key determinant of wealth inequality in a stochastic lifecycle model with endogenous financial knowledge accumulation, where financial knowledge enables individuals to better allocate lifetime resources in a world of uncertainty and imperfect insurance. Moreover, because of how the U.S. social insurance system works, better-educated individuals have most to...

Financial Services and Inequality In New York

As global cities have mushroomed in significance, mounting concern has accompanied the visible inequality that such centers contain. Sassen’s influential dual city thesis maintains that the growth of the finance industry is largely to blame for inequality by generating an elite of well-paid occupations and large numbers of poorly paid ones. This approach, however, suffers from an inadequate exp...