An Empirical Analysis of the Impact of Financialisation on the Rate of Profit for the US (1955–2019)
本文用结构向量自回归模型分析美国1955-2019年数据，发现金融化对利润率影响不明确，但显著且持续压低实际工资水平，对研究收入分配的学者有参考价值。
ABSTRACT The purpose of this article is to examine the relationship between financialisation and functional income distribution. To this end, we empirically analyse the relationship between financialisation, the real wage level and the rate of profit in the US (1955–2019) using structural vector autoregressive modelling. According to our results, while an increase in financialisation leads to changes in the rate of profit with ambiguous signs and unclear statistical significance, financialisation has a clear, negative and persistent effect on the real wage level. We conclude with a reconsideration of the role of financialisation in shaping functional income distribution, as it appears to contribute directly to restraining real wage levels rather than directly impacting profitability.