Arbeitspapier | Working paper

Wage Dispersion and Pension Funds: Financialisation of Non-Financial Corporations in the USA, 1966-2013

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.

Wage Dispersion and Pension Funds: Financialisation of Non-Financial Corporations in the USA, 1966-2013

Urheber*in: Dögüs, Ilhan

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ISSN
1868-4947
Extent
Seite(n): 28
Language
Englisch
Notes
Status: Veröffentlichungsversion

Bibliographic citation
ZÖSS Discussion Paper (63)

Subject
Soziologie, Anthropologie
Sozialwissenschaften, Soziologie
Wirtschaft
Industrie- und Betriebssoziologie, Arbeitssoziologie, industrielle Beziehungen
soziale Sicherung
Volkswirtschaftstheorie
Pension
Rente
Finanzierung
Lohn
Lohnunterschied
Arbeiter
Angestellter
Rentenfond
Finanzmarkt
USA

Event
Geistige Schöpfung
(who)
Dögüs, Ilhan
Event
Veröffentlichung
(who)
Universität Hamburg, Fak. Wirtschafts- und Sozialwissenschaften, FB Sozialökonomie, Zentrum für Ökonomische und Soziologische Studien (ZÖSS)
(where)
Deutschland, Hamburg
(when)
2017

URN
urn:nbn:de:0168-ssoar-59934-9
Rights
GESIS - Leibniz-Institut für Sozialwissenschaften. Bibliothek Köln
Last update
21.06.2024, 4:27 PM CEST

Data provider

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Object type

  • Arbeitspapier

Associated

  • Dögüs, Ilhan
  • Universität Hamburg, Fak. Wirtschafts- und Sozialwissenschaften, FB Sozialökonomie, Zentrum für Ökonomische und Soziologische Studien (ZÖSS)

Time of origin

  • 2017

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