tailieunhanh - Rising Income Inequality: Technology, or Trade and Financial Globalization?

The Global Findex data show sharp disparities in the use of financial services between high-income and developing economies and across individual character- istics. The share of adults in high-income economies with an account at a formal financial institution is more than twice that in developing economies. And around the world, men and more educated, wealthier, and older adults make greater use of formal financial services. Novel cross-country data on self-reported reasons for not having a formal ac- count make it possible to identify barriers to financial inclusion. Moreover, the ability to disaggregate data by individual characteristics allows researchers and policy makers to identify. | Rising Income Inequality Technology or Trade and Financial Globalization Florence Jaumotte Subir Lall and Chris Papageorgiou INTERNATIONAL MONETARY FUND 2008 International Monetary Fund WP 08 185 IMF Working Paper Research Department Rising Income Inequality Technology or Trade and Financial Globalization Prepared by Florence Jaumotte Subir Lall and Chris Papageorgiou1 Authorized for distribution by Jorg Decressin July 2008 Abstract This Working Paper should not be reported as representing the views of the IMF. The views expressed in this Working Paper are those of the author s and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author s and are published to elicit comments and to further debate. We examine the relationship between trade and financial globalization and the rise in inequality in most countries in recent decades. We find technological progress as having a greater impact than globalization on inequality. The limited overall impact of globalization reflects two offsetting tendencies whereas trade globalization is associated with a reduction in inequality financial globalization and foreign direct investment in particular is associated with an increase. A key finding is that both globalization and technological changes increase the returns on human capital underscoring the importance of education and training in both developed and developing countries in addressing rising inequality. JEL Classification Numbers F13 G32 O11 O15 O16 O33 Keywords Income inequality mechanisms trade globalization financial globalization technological progress FDI. Author s E-Mail Address fjaumotte@ slall@ cpapageorgiou@ 1We thank Nancy Birdsall Francois Bourgignon Stijn Claessens Daniel Cohen Timothy Callen Charles Collyns Angus Deaton Jorg Decressin Gordon Hanson Simon Johnson Ayhan Kose Petia Topalova Shang-Jin Wei and seminar participants at the Federal Reserve Board Getulio Vargas .

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