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Pro-Poor Growth Meets Dualistic Development 扶贫增长遇上二元发展
Pub Date : 2022-10-02 DOI: 10.25071/1874-6322.40544
G. Fields
Pro-poor growth refers to how incomes change for the poor and for otherswhen economic growth occurs. Dualistic development refers to three typesof economic growth patterns in a two-sector economy: 1) modern sectorenrichment, 2) traditional sector enrichment, and 3) modern sectorenlargement. The question asked in this article is, what can we say aboutthe pro-poorness of each of the three types of dualistic development? Themain conclusion I reach is that pro-poor growth works well for the first twodualistic growth types but runs into some difficulties for the third. Toovercome these problems, I posit some axioms for dualistic development –particularly, by treating pro-richness and pro-poorness as distinct orderings.
扶贫增长指的是经济增长时穷人和其他人的收入如何变化。二元发展是指两部门经济的三种经济增长方式:1)现代部门充实,2)传统部门充实,3)现代部门扩大。本文提出的问题是,对于三种二元发展类型中的每一种,我们能说些什么?我得出的主要结论是,对穷人有利的增长对前两种二元增长类型很有效,但对第三种增长类型则遇到了一些困难。为了克服这些问题,我为二元发展设定了一些公理——特别是,通过将有利于富裕和有利于贫穷视为不同的顺序。
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引用次数: 0
Does the Gender of the Owner Affect the Productivity of Enterprises in India’s Informal Economy? 所有者性别对印度非正规经济企业生产率的影响?
Pub Date : 2022-10-02 DOI: 10.25071/1874-6322.40548
Ira N. Gang, R. Natarajan, K. Sen, Myeong-Su Yun
We examine the patterns and correlates of the productivity gap betweenmale- and female-owned enterprises in India’s informal sector.Female-owned firms are 45 per cent less productive than male-owned firmson average, with the greatest productivity gaps observed at the lower end ofthe productivity distribution. We measure a firm’s productivity in terms ofits labour productivity. Using decomposition methods, we find thatstructural effects account for approximately 73 per cent of the productivitygap, with the remainder attributable to differences in observablecharacteristics captured by composition effects. We also find that, amongobservable characteristics, the most important set of factors explaining thegender productivity gap are the characteristics of a firm, such as its size,age, receipt of government assistance, registration with state authorities,contract-based work, and accounting records. Male-owned firms have acompetitive advantage over female-owned enterprises with respect to thesecharacteristics.
我们研究的模式和相关的生产力差距之间的男性和女性拥有的企业在印度的非正规部门。女性所有的公司的生产率平均比男性所有的公司低45%,在生产率分布的低端,生产率差距最大。我们用劳动生产率来衡量一个企业的生产率。使用分解方法,我们发现结构效应约占生产率差距的73%,其余部分归因于组成效应捕获的可观察特征的差异。我们还发现,在不可观察的特征中,解释性别生产率差距的最重要因素是企业的特征,如规模、年龄、接受政府援助、在国家当局注册、基于合同的工作和会计记录。就这些特点而言,男性所有的企业比女性所有的企业具有竞争优势。
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引用次数: 0
Targeted Poverty Alleviation and Pro-Poor Growth 精准扶贫和扶贫增长
Pub Date : 2022-10-02 DOI: 10.25071/1874-6322.40546
Shi Li, Yangyang Shen
This article assesses the pro-poor growth effect in China’s rural populationsover the period 2007–2018 using the strict pro-poor index proposed byNanak Kakwani. The results show that while China’s rural areas did notexperience strictly defined pro-poor growth between 2007–2013, acontemporary pro-poor effect was observed during which Targeted PovertyAlleviation (TPA) policies were implemented. The conclusion is robust inthe dimensions of income and expenditure and non-income well-being.Through a heterogeneity analysis, this article finds differences in pro-poorgrowth among various groups. In particular, poor women, seniors, children,and geographic areas (such as western China) benefited more during thetargeted poverty-alleviation policy period than their counterparts. Finally,we use Kakwani’s shared prosperity index to show that China is activelymaking more positive efforts and preparations towards attaining commonlyshared prosperity.
本文使用纳纳克·卡瓦尼提出的严格的扶贫指数,评估了2007-2018年中国农村人口的扶贫增长效应。结果表明,2007-2013年中国农村地区没有经历严格定义的扶贫增长,但在实施精准扶贫政策期间,观察到当代扶贫效应。这一结论在收入、支出和非收入幸福感的维度上是稳健的。通过异质性分析,本文发现不同群体在促进贫困增长方面存在差异。特别是,贫困妇女、老年人、儿童和地理区域(如中国西部)在精准扶贫政策期间受益更多。最后,我们使用Kakwani的共享繁荣指数来表明中国正在为实现共同繁荣做出更积极的努力和准备。
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引用次数: 0
Finance-induced Innovation: A New Mechanism Explaining Finance-Inequality Relationship 金融诱导创新:解释金融-不平等关系的新机制
Pub Date : 2022-09-04 DOI: 10.25071/1874-6322.40477
Xiaoyang Zhu, Ying-Min Kuo
This paper uncovers a new mechanism through which financial development affects in- come inequality. We first revisit the effect of financial development on inequality using a panel of 94 countries from 1980 to 2017. The results show that both credit and equity markets development are positively related to different measurements of inequality, and the results are robust to endogeneity tests and other specifications. We then show empirically that this positive finance-inequality relationship can be explained by finance-induced innova- tion, especially by the finance-induced high-technology innovation. We further find that this mechanism seems to be more important than other innovation-related factors in explaining the finance-inequality relationship in low- and middle-income countries.
本文揭示了金融发展影响收入不平等的新机制。我们首先利用一个由94个国家组成的小组,从1980年到2017年,重新审视了金融发展对不平等的影响。结果表明,信贷和股票市场的发展与不平等的不同度量呈正相关,并且结果对内生性检验和其他规范具有鲁棒性。实证研究表明,金融诱导的创新,特别是金融诱导的高科技创新,可以解释这种正向的金融-不平等关系。我们进一步发现,在解释中低收入国家的金融不平等关系时,这一机制似乎比其他创新相关因素更重要。
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引用次数: 0
Distributive Justice, Democracy and Growth 分配正义、民主与增长
Pub Date : 2022-07-10 DOI: 10.25071/1874-6322.40494
S. Khalifa
This paper argues that the effect of income inequality on economic growth depends on the level of democracy in a country and whether people believe that redistribution is an essential component of the democratic process. The paper uses the World Values Survey to focus on countries where the majority believe that taxing the rich and subsidizing the poor an essential component of democracy, and on countries where the majority believe that the rich do not buy elections in their country. Using the threshold estimation technique introduced by Hansen (1999), the analysis suggests the presence of a statistically significant threshold income inequality level, below which democracy does not have a statistically significant effect on growth, and above which an increase in the dose of democratization has a statistically significant negative effect on economic growth. The interpretation is that in countries where income inequality is high, and the majority believe that taxing the rich and subsidizing the poor is an essential component of democracy, a higher level of democratic governance allows people to support redistribution policies which can deter investment and economic growth.
本文认为,收入不平等对经济增长的影响取决于一个国家的民主水平,以及人们是否相信再分配是民主进程的重要组成部分。这篇论文利用世界价值观调查(World Values Survey)来关注那些大多数人认为对富人征税和补贴穷人是民主的重要组成部分的国家,以及那些大多数人认为富人不会收买本国选举的国家。利用Hansen(1999)引入的阈值估计技术,分析表明存在一个统计上显著的收入不平等阈值水平,低于这个阈值,民主对经济增长没有统计上显著的影响,高于这个阈值,民主化剂量的增加对经济增长有统计上显著的负面影响。其解释是,在收入不平等严重的国家,大多数人认为对富人征税和补贴穷人是民主的重要组成部分,更高水平的民主治理使人们能够支持可能阻碍投资和经济增长的再分配政策。
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引用次数: 0
Power, Policy, and the Compensation of Top Executives 高层管理人员的权力、政策和薪酬
Pub Date : 2022-06-12 DOI: 10.25071/1874-6322.40474
Jordan Rosenblum, L. Kenworthy, Mikael Nygård
This article contributes to the quantitative analysis of international differences in executive compensation with a novel emphasis on the role of political drivers—specifically, labor power, owner power, and executive power—while controlling for market factors. It leverages nested analysis, pairing a 2016 cross-sectional analysis of 179 firms in 20 countries with case studies of Finland, from 1971 to 2017, and the United States, from 1936 to 2016. The 2016 cross-sectional analysis of the world's largest firms finds market forces are important, but leave a large portion of international differences in top executive compensation unexplained. Also important are labor power and executive power. Similarly, while controlling for market forces, the longitudinal case studies of large firms in the US and Finland each find stronger labor power relative to executive power associated with lower executive pay. The theoretical framework advanced in this paper helps to explain why top CEO pay—and consequent top-end income inequality—are each extreme in certain countries and periods, and modest in others.
本文对高管薪酬的国际差异进行了定量分析,在控制市场因素的情况下,新颖地强调了政治驱动因素的作用,特别是劳动力、所有者权力和行政权力。它利用嵌套分析,将2016年对20个国家179家公司的横断面分析与芬兰(1971年至2017年)和美国(1936年至2016年)的案例研究相结合。2016年对全球最大公司的横断面分析发现,市场力量很重要,但高管薪酬的很大一部分国际差异无法解释。劳动力和执行力也很重要。同样,在控制市场力量的同时,对美国和芬兰大公司的纵向案例研究都发现,相对于高管权力,更强的劳动力与较低的高管薪酬相关。本文提出的理论框架有助于解释,为什么高管薪酬——以及由此导致的高端收入不平等——在某些国家和时期是极端的,而在其他国家和时期则是适度的。
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引用次数: 0
Understanding Rising Concentration at the Extremes of the U.S. Income Distribution 理解美国收入分配两极的集中度上升
Pub Date : 2022-06-12 DOI: 10.25071/1874-6322.40475
Jeffrey Thompson, Jesse Bricker, Michael Parisi
We explore the importance of income fluctuations at the top of the U.S. income distribution in understanding rising income concentration. Very high income families—including the top .001 percent—account for much of the recent top income growth, but are under-studied even in the literature exploring high-income groups. Using 3-year panels of tax records from 1997 to 2013 we document that top-income shares are lower—typically by about 20 percent—when measured by using a three-year income average, and that cyclical income fluctuations are greatest at the very top of the income distribution. Trends toward rising concentration over time, however, cannot be explained by these fluctuations, as growth in top-income shares is comparable for annual and three-year average income, and measured income dispersion has increased only for the very top group. Further, the probability of remaining in the highest income groups over multiple years increased over the sample period.
我们探讨了美国收入分配顶端的收入波动对理解收入集中度上升的重要性。非常高的收入家庭——包括收入最高的0.001%——占了最近收入增长的大部分,但即使在探索高收入群体的文献中,也没有得到充分的研究。利用1997年至2013年3年的税收记录面板,我们发现,当使用三年收入平均值来衡量时,最高收入占比较低——通常为20%左右,而且在收入分配的最顶层,周期性收入波动最大。然而,随着时间的推移,集中度上升的趋势不能用这些波动来解释,因为最高收入份额的增长与年度和三年平均收入相当,而测量的收入分散只在最高收入群体中增加。此外,在样本期内,多年保持在最高收入群体中的可能性增加了。
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引用次数: 0
Wealth Inequality, Network Topology and Financial Instability 财富不平等、网络拓扑与金融不稳定性
Pub Date : 2021-12-13 DOI: 10.25071/1874-6322.40445
Thomas Hauner
This paper asks if two, otherwise identical, economies were distinguished only by their distributions of wealth, are they equally stable in response to a random shock? A theoretical financial network model is proposed to understand the relationship between wealth inequality and financial crises. In a financial network, financial assets link individual asset and liability holders to form a web of economic connections. The total connectivity of an individual is described by their degree, and the overall distribution of connections in the network is imposed through a degree distribution--equivalent to the wealth distribution as incoming connections represent assets and outgoing connections liabilities. A network's topology varies with the level of wealth inequality and total wealth and together, simulations show, they determine network contagion in the event of a random negative income shock to some individual. Random network simulations, whereby each financial connection is randomly placed, reveal that increasing wealth inequality makes a wealthy network less stable--as measured by the share of individuals failing financially or the decline in financial asset values. These results suggest a unique architectural role for accumulated assets and their distribution in macro-financial stability.
本文提出的问题是,如果两个在其他方面完全相同的经济体仅通过财富分配来区分,那么它们在应对随机冲击时是否同样稳定?本文提出了一个理论金融网络模型来理解财富不平等与金融危机之间的关系。在金融网络中,金融资产将个人资产和负债持有人联系起来,形成一个经济联系网。一个人的总连通性是由他们的程度来描述的,网络中连接的总体分布是通过程度分布来施加的——相当于财富分配,因为传入连接代表资产,传出连接代表负债。一个网络的拓扑结构随着财富不平等程度和总财富水平的变化而变化,模拟表明,它们共同决定了在某个个体遭遇随机的负收入冲击时的网络传染。随机网络模拟显示,财富不平等加剧会让富人网络变得更不稳定——以财务失败的个人比例或金融资产价值下降来衡量。随机网络模拟中,每个金融联系都是随机放置的。这些结果表明,积累资产及其分配在宏观金融稳定中具有独特的结构作用。
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引用次数: 0
Sectoral Heterogeneity, Income Inequality and Productivity Dynamics 部门异质性、收入不平等和生产率动态
Pub Date : 2021-11-05 DOI: 10.25071/1874-6322.40462
Yishay D. Maoz, A. Sarid
An intricate dynamic pattern has been commonly observed in many developed countries during the past decades. This pattern contains a simultaneous rise in the following economic variables: (i) total factor productivity, (ii) educated labor supply, (iii) wage-gap between high- and low-skilled workers, and (iv) income inequality. Typical explanations for the different elements of this pattern assume a skill-biased technical change (SBTC) or capital-skill complementarity. In this study we offer a complementing explanation for these phenomena, which is based on sectoral heterogeneity and endogenous factor mobility, rather than on an SBTC. We show that sectoral heterogeneity can amplify the effects of a technical change, whether skill-biased or general, in a manner that generates the four elements of the above described dynamic pattern. Furthermore, inequality can perform also a Kuznets-curve pattern, as was observed in several countries, in contrast to the inequality dynamics in typical SBTC models.
在过去几十年中,在许多发达国家普遍观察到一种复杂的动态模式。这种模式包含以下经济变量的同时上升:(i)全要素生产率,(ii)受过教育的劳动力供应,(iii)高技能工人和低技能工人之间的工资差距,以及(iv)收入不平等。对这种模式的不同要素的典型解释假设是技能偏向的技术变革(SBTC)或资本-技能互补性。在本研究中,我们对这些现象提供了一个补充解释,该解释基于部门异质性和内生因素流动性,而不是基于SBTC。我们表明,部门异质性可以放大技术变革的影响,无论是技能偏向还是一般,以产生上述动态模式的四个要素的方式。此外,与典型SBTC模型中的不平等动态相比,在几个国家观察到的不平等也可以表现为库兹涅茨曲线模式。
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引用次数: 2
Fitting Pareto Tails to Wealth Survey Data: A Practioners’ Guide 将帕累托尾拟合到财富调查数据:从业者指南
Pub Date : 2021-10-22 DOI: 10.25071/1874-6322.40447
Rafael Wildauer, Jakob Kapeller
Taking survey data of household wealth as our major example, this short article discusses some of the issues applied researchers are facing when fitting (Type I) Pareto distributions to complex survey data. The contribution of this article is threefold. First, we show how the ordering of the data vector is related to alternative definitions of the empirical CCDF. Second, we provide an intuitive reinterpretation of the bias-corrected estimator developed by Gabaix and Ibragimov (2011), in terms of the alternative definitions of the empirical CCDF, which allows us to generalize their result to the case of complex survey data. Third, we provide computational formulas for standard Kolmogorov-Smirnov (KS) and Cramer-von Mises (CvM) goodness- of-fit tests for complex survey data. Taken together the article provides a concise and hopefully useful presentation of the fundamentals of Pareto tail- fitting with complex survey data.
本文以家庭财富调查数据为例,讨论了应用研究人员在对复杂调查数据拟合(I型)帕累托分布时面临的一些问题。这篇文章的贡献有三个方面。首先,我们展示了数据向量的排序如何与经验CCDF的替代定义相关。其次,根据经验CCDF的替代定义,我们对Gabaix和Ibragimov(2011)开发的偏差校正估计量进行了直观的重新解释,这使我们能够将其结果推广到复杂调查数据的情况下。第三,我们提供了复杂调查数据的标准Kolmogorov-Smirnov (KS)和Cramer-von Mises (CvM)拟合优度检验的计算公式。综上所述,本文提供了一个简洁的,希望有用的帕累托尾拟合的基本原理与复杂的调查数据。
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引用次数: 2
期刊
Journal of Income Distribution®
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