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.
- ISSN
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1868-4947
- Extent
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Seite(n): 28
- Language
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Englisch
- Notes
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Status: Veröffentlichungsversion
- Bibliographic citation
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ZÖSS Discussion Paper (63)
- Subject
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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
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Geistige Schöpfung
- (who)
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Dögüs, Ilhan
- Event
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Veröffentlichung
- (who)
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Universität Hamburg, Fak. Wirtschafts- und Sozialwissenschaften, FB Sozialökonomie, Zentrum für Ökonomische und Soziologische Studien (ZÖSS)
- (where)
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Deutschland, Hamburg
- (when)
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2017
- URN
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urn:nbn:de:0168-ssoar-59934-9
- Rights
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GESIS - Leibniz-Institut für Sozialwissenschaften. Bibliothek Köln
- Last update
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21.06.2024, 4:27 PM CEST
Data provider
GESIS - Leibniz-Institut für Sozialwissenschaften. Bibliothek Köln. If you have any questions about the object, please contact the data provider.
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