Crisis and Inequality. Mattias Vermeiren
liberalization and the rise of market-based banking Market-based banking and transatlantic financial instability Securitization, the democratization of credit and the US subprime crisis From the subprime crisis to the Eurozone crisis Market-based banking, regulatory capture and financialization Financial policy and growth models Notes
14 7 Macroeconomic Imbalances Before and After the Crisis Widening macroeconomic imbalances before the crises: empirics Macroeconomic imbalances and growth models before the crisis Growth models and macroeconomic adjustment after the crisis Macroeconomic adjustment in finance-led LMEs Macroeconomic adjustment in the Eurozone: export-led CMEs vs debt-led MMEs Macroeconomic imbalances and secular stagnation Notes
15 8 The Future of Egalitarian Capitalism Rising inequality, growth models and crisis Secular stagnation and macroeconomic policy reform The rise of populism and the decline of social democracy Climate change and the decarbonization of the economy The coronavirus crisis and the future of egalitarian capitalism Notes
16 References
17 Index
List of Tables
1 Chapter 1Table 1.1 Total income growth and inequality, 1980–2016Table 1.2 Distribution of net wealth in the OECD world, 2015 or latest available year
2 Chapter 2Table 2.1 Union membership as a percentage of non-agricultural workers, pre-World War I to...Table 2.2 Left percentage of valid votes, pre-World War I to 1980Table 2.3 Indicators of growth models, 1995–2007, and income inequality, 1980...
3 Chapter 3Table 3.1 How inflation influences the tax treatment of interest incomeTable 3.2 Real rentier fraction of national income, selected countries, 1970s–1990sTable 3.3 Keynesian and neoliberal macroeconomic regimes compared
4 Chapter 4Table 4.1 Three worlds of welfare capitalismTable 4.2 Unemployment rate and contribution of exports to GDP growth (in percentages), 19...
5 Chapter 5Table 5.1 Average CEO compensation in the US economy, 1973–2013Table 5.2 CEO-to-worker compensation ratio in selected countries: actual vs ideal, 2012Table 5.3 Selected measures of corporate finance ownership, 1990–2010
6 Chapter 6Table 6.1 Increasing banking concentration in the OECD: C5 ratio, 1985–99Table 6.2 Government support measures of financial institutions (in billion euros unless s...Table 6.3 National index of approach to credit, 2000s
7 Chapter 7Table 7.1 Sectoral financial balances in selected OECD countries (in percentage of GDP), 1...Table 7.2 Average annual change in nominal exchange rate and inflation, 1980s and 1990...
List of Illustrations
1 Chapter 1Figure 1.1 The Lorenz curve and the Gini indexFigure 1.2 Gini indices of selected OECD countries, 1985 and 2017Figure 1.3 Share of the top percentile in total income in Anglo-Saxon countries, 1920...Figure 1.4 Share of the top percentile in total income in continental Europe and Japan, 192...Figure 1.5 Average labour income share, 1970s and 2000sFigure 1.6 The productivity–pay gap in the US economy, 1948–2014Figure 1.7 Wealth shares of top 10 per cent in Europe and the United States, 1810–20...Figure 1.8 The market price mechanismFigure 1.9 Skill-biased technological change and the price mechanism in labour marketsFigure 1.10 Average annual contribution of private consumption and net exports to GDP growth...
2 Chapter 2Figure 2.1 Index of capital mobility and percentage of countries in a banking crisis, 1800...Figure 2.2 Fordist wage-led growth cycle (adapted from Baccaro 2020)Figure 2.3 Unemployment and productivity growth in the United States, 1914–2015Figure 2.4 Average replacement rates for pensions and unemployment and sickness benefits, 1...Figure 2.5 Statutory corporate income tax rate in selected OECD countries, 2000–20
3 Chapter 3Figure 3.1 Ownership structure of government debt in twelve OECD countries, 1900–201...Figure 3.2 Unemployment and inflation rates in advanced economies, 1960–2015Figure 3.3 Public debt in selected regions and countries (in percentage of GDP), 1950...Figure 3.4 Net government debt interest payments (in percentage of GDP), 1960–2019Figure 3.5 Negative demand shock in a sovereign bond marketFigure 3.6 Long-term nominal interest rates, 1960–2019Figure 3.7 Capital share of GDP, 1970–2012
4 Chapter 4Figure 4.1 Hourly compensation costs (in US dollars): manufacturing sector, 2016Figure 4.2 Average per hour worked(in current purchasing power parity (PPP) dollars), 2000...Figure 4.3 Change in employment shares of low-, middle- and high-skill jobs (in percentage ...Figure 4.4 Union density and income equality in selected OECD countries, 1980–2010Figure