Wages and human capital in finance: international evidence, 1970-2005
研究了1970-2011年发达经济体金融业的人力资本配置和工资变化，发现金融放松管制是推高工资的主因，交易活动贡献了50%的工资增长，高工资吸引国际人才流入，引发“人才流失”担忧。
We study the allocation and compensation of human capital in the finance industry in a set of developed economies in 1970–2011. Finance relative wages generally increase—but not in all countries, and to varying degrees. Trading-related activities account for 50% of the increases, despite accounting for only 13% of finance employment, on average. Financial deregulation is the most important factor driving up wages in finance; it has a larger effect in environments where informational rents and socially inefficient risk taking are likely to be prevalent. Differential investment in information and communication technology does not have causal explanatory power. High finance wages attract skilled international immigration to finance, raising concerns for “brain drain.”