Financialisation and the fall in the labour share: a panel data econometric analysis for the European Union countries

Detalhes bibliográficos
Autor(a) principal: Barradas, Ricardo
Data de Publicação: 2017
Tipo de documento: Artigo
Idioma: eng
Título da fonte: Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
Texto Completo: http://hdl.handle.net/10400.21/8673
Resumo: DINÂMIA'CET-WP - Working papers com arbitragem científica
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spelling Financialisation and the fall in the labour share: a panel data econometric analysis for the European Union countriesFinancialisationFunctional income distributionLabour shareEuropean UnionPanel dataLeast-squares dummy variable bias-corrected estimatorDINÂMIA'CET-WP - Working papers com arbitragem científicaThis paper conducts an empirical analysis of the relationship between financialisation and the labour share using panel data composed of 27 European Union countries over 19 years (from 1995 to 2013). Adopting a Kaleckian perspective, framed in the post-Keynesian literature, financialisation exerts a negative influence on the labour share through three different channels: the change in the sectorial composition of economies (the increasing importance of financial activity and the decreasing importance of general government activity), the proliferation of ‘shareholder value orientation’ and the deterioration of general workers’ bargaining power. We estimate a labour share equation with the traditional variables (lagged labour share, technological progress, globalisation, education and output growth) and four further measures of financialisation (financial activity, general government activity, ‘shareholder value orientation’ and the trade union density rate). The findings show a disruptive relationship between financialisation and the labour share in European Union countries, mainly through the channels of general government activity and ‘shareholder value orientation’. It is also found that financialisation has contributed to a fall in the labour share in European Union countries as a whole and more specifically in non-euro area countries, ‘bank-based’ countries and ‘coordinated market’ countries. The slowdown of output was the main driver of the fall in the labour share in European Union countries, a trend that could persist in the future taking into account the fears of potential ‘secular stagnation’ in the current era of financialisation.DINÂMIA'CET - IULRCIPLBarradas, Ricardo2018-07-06T14:54:49Z2017-122017-12-01T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleapplication/pdfhttp://hdl.handle.net/10400.21/8673engDOI: 10.15847/dinamiacet-iul.wp.2017.02info:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2023-08-03T09:56:27Zoai:repositorio.ipl.pt:10400.21/8673Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-19T20:17:23.415209Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse
dc.title.none.fl_str_mv Financialisation and the fall in the labour share: a panel data econometric analysis for the European Union countries
title Financialisation and the fall in the labour share: a panel data econometric analysis for the European Union countries
spellingShingle Financialisation and the fall in the labour share: a panel data econometric analysis for the European Union countries
Barradas, Ricardo
Financialisation
Functional income distribution
Labour share
European Union
Panel data
Least-squares dummy variable bias-corrected estimator
title_short Financialisation and the fall in the labour share: a panel data econometric analysis for the European Union countries
title_full Financialisation and the fall in the labour share: a panel data econometric analysis for the European Union countries
title_fullStr Financialisation and the fall in the labour share: a panel data econometric analysis for the European Union countries
title_full_unstemmed Financialisation and the fall in the labour share: a panel data econometric analysis for the European Union countries
title_sort Financialisation and the fall in the labour share: a panel data econometric analysis for the European Union countries
author Barradas, Ricardo
author_facet Barradas, Ricardo
author_role author
dc.contributor.none.fl_str_mv RCIPL
dc.contributor.author.fl_str_mv Barradas, Ricardo
dc.subject.por.fl_str_mv Financialisation
Functional income distribution
Labour share
European Union
Panel data
Least-squares dummy variable bias-corrected estimator
topic Financialisation
Functional income distribution
Labour share
European Union
Panel data
Least-squares dummy variable bias-corrected estimator
description DINÂMIA'CET-WP - Working papers com arbitragem científica
publishDate 2017
dc.date.none.fl_str_mv 2017-12
2017-12-01T00:00:00Z
2018-07-06T14:54:49Z
dc.type.status.fl_str_mv info:eu-repo/semantics/publishedVersion
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
format article
status_str publishedVersion
dc.identifier.uri.fl_str_mv http://hdl.handle.net/10400.21/8673
url http://hdl.handle.net/10400.21/8673
dc.language.iso.fl_str_mv eng
language eng
dc.relation.none.fl_str_mv DOI: 10.15847/dinamiacet-iul.wp.2017.02
dc.rights.driver.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv DINÂMIA'CET - IUL
publisher.none.fl_str_mv DINÂMIA'CET - IUL
dc.source.none.fl_str_mv reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
instacron:RCAAP
instname_str Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
instacron_str RCAAP
institution RCAAP
reponame_str Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
collection Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
repository.name.fl_str_mv Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
repository.mail.fl_str_mv
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