Capital Market Integration and Wages
نویسندگان
چکیده
منابع مشابه
Capital Market Integration and Wages
For three years after the typical emerging economy opens its stock market to inflows of foreign capital, the average annual growth rate of the real wage in the manufacturing sector increases by a factor of three. No such increase occurs in a control group of countries that do not liberalize. The temporary increase in the growth rate of the real wage drives up the level of average annual compens...
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When it is costly for agents to ̄nd a match, integrating small markets into a large one increases the matching di±culty. We examine such dependence of the number of matches on the market size by explicitly modelling ̄rms' attempt to attract workers by posting wages. It is shown that integration reduces the relative market power of agents on the much shorter side of the market. Thus, if there ar...
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For three years after developing countries open their stock markets to inflows of foreign capital, the average annual growth rate of the real wage in the manufacturing sector increases by a factor of seven. No such increase occurs in a control group of developing countries that do not liberalize. The temporary increase in the growth rate of the real wage permanently drives up the level of avera...
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We re-examine, from a political economy perspective, the standard view that higher capital mobility results in lower capital taxes a view, in fact, that is not confirmed by the available empirical evidence. We show that when a small economy is opened to capital mobility, the change of incidence of a tax on capital from capital owners to owners of the immobile factor may interact in such a way w...
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ژورنال
عنوان ژورنال: American Economic Journal: Macroeconomics
سال: 2012
ISSN: 1945-7707,1945-7715
DOI: 10.1257/mac.4.2.102