OUP accepted manuscript
研究了金融化如何通过四个渠道影响工资份额，利用14个OECD国家1992-2014年的面板数据，发现金融自由化和非金融企业的金融支付对工资份额有显著的负面影响，其影响程度与全球化相当。
It is frequently asserted that financialisation has contributed to the decline in the wage share. This paper provides a theoretical clarification and a systematic empirical investigation. We identify four channels through which financialisation can affect the wage share: (1) enhanced exit options of firms; (2) rising price mark-ups due to financial overhead costs for businesses; (3) increased competition on capital markets; and (4) the role of household debt in increasing workers’ financial vulnerability and undermining their class consciousness. The paper compiles a comprehensive set of empirical measures of financialisation and uses it to test these hypotheses with a panel regression of 14 OECD countries over the 1992-2014 period. We find strong evidence for negative effects of financial liberalisation and financial payments of nonfinancial corporations on the wage share that are in the same order of magnitude as the effects of globalisation.