Abstract/Details

Financial liberalization and its distributional consequences: An empirical exploration


2005 2005

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Abstract (summary)

Although there has been growing interest in the social impacts of financial deregulation in economies across the world, a large research gap persists. Despite voluminous literature, there has been very little empirical work addressing the distributional consequences of a liberal financial regime.

This dissertation seeks to make such an assessment. Developing a theoretical model and a new and improved index of deregulation, this dissertation uses panel data analysis to test the effects of international capital mobility on the share of labor in national income. The results suggest that capital account openness reduces the labor share of national income, thereby providing evidence for the thesis that capital mobility alters the bargaining power of labor and capital to the detriment of the former.

The cross country study is supplemented by two case studies of India and Indonesia which assess the impacts of both international and domestic deregulation on other aspects of distribution. The results suggest that despite the contrasting approaches to financial liberalization, in both economies it has considerably reduced the scope for policy makers to undertake egalitarian developmental policies and to protect vulnerable sections of society.

Indexing (details)


Subject
Economics;
Finance;
Labor economics;
Social impact;
Deregulation;
Models;
Economic policy;
Policy making;
Economic development;
Studies
Classification
0501: Economics
0508: Finance
0510: Labor economics
Identifier / keyword
Social sciences; Bargaining; Distributional; Financial liberalization; India; Indonesia; Labor share
Title
Financial liberalization and its distributional consequences: An empirical exploration
Author
Jayadev, Arjun
Number of pages
188
Publication year
2005
Degree date
2005
School code
0118
Source
DAI-A 66/11, Dissertation Abstracts International
Place of publication
Ann Arbor
Country of publication
United States
ISBN
9780542382857, 0542382857
Advisor
Rao, J. Mohan
University/institution
University of Massachusetts Amherst
University location
United States -- Massachusetts
Degree
Ph.D.
Source type
Dissertations & Theses
Language
English
Document type
Dissertation/Thesis
Dissertation/thesis number
3193913
ProQuest document ID
304997618
Copyright
Database copyright ProQuest LLC; ProQuest does not claim copyright in the individual underlying works.
Document URL
http://search.proquest.com/docview/304997618
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