The Aggregate and Distributional Effects of Financial Globalization: Evidence from Macro and Sectoral Data
研究了资本账户自由化政策对经济总量和收入分配的影响，发现这类政策平均带来有限的产出增长，但显著加剧了不平等，尤其降低了劳动收入份额。
Abstract We take a fresh look at the aggregate and distributional effects of policies to liberalize international capital flows— financial globalization . Both country‐ and industry‐level results suggest that such policies have led on average to limited output gains while contributing to significant increases in inequality. The country‐level results are based on 228 capital account liberalization episodes spanning 149 advanced and developing economies from 1970 to the present. Difference‐in‐difference estimation using industry‐level data for 23 advanced economies suggests that liberalization episodes reduce the share of labor income, particularly for industries with higher external financial dependence, higher natural propensity to use layoffs to adjust to idiosyncratic shocks, and higher elasticity of substitution between capital and labor.