Income Inequality and Current Account Imbalances:
Gespeichert in:
Internformat
MARC
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| 520 | 3 | |a This paper studies the empirical and theoretical link between increases in income inequality and increases in current account deficits. Cross-sectional econometric evidence shows that higher top income shares, and also financial liberalization, which is a common policy response to increases in income inequality, are associated with substantially larger external deficits. To study this mechanism we develop a DSGE model that features workers whose income share declines at the expense of investors. Loans to workers from domestic and foreign investors support aggregate demand and result in current account deficits. Financial liberalization helps workers smooth consumption, but at the cost of higher household debt and larger current account deficits. In emerging markets, workers cannot borrow from investors, who instead deploy their surplus funds abroad, leading to current account surpluses instead of deficits | |
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Datensatz im Suchindex
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| author | Ranciere, Romain |
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| id | DE-604.BV048344069 |
| illustrated | Not Illustrated |
| indexdate | 2024-12-20T19:42:06Z |
| institution | BVB |
| isbn | 1463930577 9781463930578 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-033723337 |
| oclc_num | 1337141401 |
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| owner | DE-20 DE-824 DE-70 DE-155 DE-BY-UBR DE-29 DE-22 DE-BY-UBG DE-473 DE-BY-UBG DE-1102 DE-703 DE-859 DE-706 DE-384 DE-860 DE-19 DE-BY-UBM DE-739 DE-355 DE-BY-UBR DE-Aug4 DE-1049 DE-12 DE-91 DE-BY-TUM |
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| physical | 1 Online-Ressource (44 p) |
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| publishDate | 2012 |
| publishDateSearch | 2012 |
| publishDateSort | 2012 |
| publisher | International Monetary Fund |
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| series2 | IMF Working Papers |
| spellingShingle | Ranciere, Romain Income Inequality and Current Account Imbalances |
| title | Income Inequality and Current Account Imbalances |
| title_auth | Income Inequality and Current Account Imbalances |
| title_exact_search | Income Inequality and Current Account Imbalances |
| title_full | Income Inequality and Current Account Imbalances Ranciere, Romain |
| title_fullStr | Income Inequality and Current Account Imbalances Ranciere, Romain |
| title_full_unstemmed | Income Inequality and Current Account Imbalances Ranciere, Romain |
| title_short | Income Inequality and Current Account Imbalances |
| title_sort | income inequality and current account imbalances |
| url | http://elibrary.imf.org/view/IMF001/12526-9781463930578/12526-9781463930578/12526-9781463930578.xml |
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