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Unequal = Indebted

Abstract : In current research we therefore extend the work reported in "Leveraging Inequality" (F&D, December 2010), which dealt with only the United States, to include an open-economy dimension. We find (see Chart 1) that what unites the experiences of the main deficit countries is a steep increase in income inequality over recent decades, as measured by the share of income going to the richest 5 percent of the country's income distribution
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Submitted on : Tuesday, November 20, 2012 - 9:51:08 AM
Last modification on : Tuesday, September 22, 2020 - 3:55:14 AM

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Michael Kumhof, Romain Rancière. Unequal = Indebted. Finance & Development, 2011, pp.25-27. ⟨halshs-00754519⟩

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