Do Data Show Divergence Revisiting Global Income-Books Pdf

DO DATA SHOW DIVERGENCE REVISITING GLOBAL INCOME
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Asia Pacific Development Journal Vol 24 No 1 June 2017. Sustainable Development 1 The Sustainable Development Goals are expected to. transform the societal approach to the changing nature of the global distribution of. income and transmit the benefits of increasing global income across the countries in. order to share prosperity for all To implement the 2030 Agenda countries need to be. prepared to provide a set of national development policies that are more inclusive and. sustainable, Over the past decade it has become increasingly evident that the regions. around the world are recording growth in varying degrees while on average income. and social inequality has risen across various groups and regions Therefore with the. current cycles of growth volatility the implementation of the 2030 Agenda is even. more demanding especially to achieve Sustainable Development Goal 10 of the. agenda which is to reduce inequality within and among countries 2 and the explicit. commitment to reach the furthest behind first, With global integration increasing countries are facing a greater degree of. uncertainty caused by global growth cycles financial sector crises and trade. deceleration as well from the consequences of the challenges associated with ageing. societies low levels of human capital and productivity growth and natural disasters. and climate change Therefore in implementing the ambitious global development. agenda countries are facing growing challenges from domestic and external forces. which significantly affect the opportunities and equal access to services for citizens to. benefit from the global connectivity through finance trade investment and information. and communication technology, During the past decades the impact of this uncertainty has been witnessed. mostly in the forms of socioeconomic inequalities across sectors and different. groups of people and across developed or developing countries The prevalence. of socioeconomic inequalities in each of the societies across different stages of. development translates into a steady deceleration of economic growth prospects. which hampers the process and efforts aimed at eliminating extreme poverty in order. to create a space for peaceful and inclusive societies. The gap between the rich and the poor is widespread across all regions and. growing rapidly in many countries From the Forbes Billionaires list 3 it appears that. the combined wealth of 1 826 individuals is significantly higher than the total gross. domestic product GDP of all least developed countries landlocked developing. General Assembly resolution 70 1,Available from www forbes com billionaires list. Asia Pacific Development Journal Vol 24 No 1 June 2017. countries and small island developing States and the total GDP of Africa in 2015. figure 1 Importantly an analysis of the Forbes billionaires list shows that persons. with a net worth of 1 billion or more accounted for 9 5 per cent of the global income. in 2015 The 1 826 persons 0 00005 per cent of the global population in 2015 that. are billionaires had a combined net wealth of 7 05 trillion in 2015 In some countries. the total net worth of the billionaires net wealth was more than half that of the current. level of GDP The net wealth of the billionaires was eight times more than the. combined GDP of the least developed countries 0 92 trillion in current prices in. 2015 This implies that income concentration is a major characteristic of inequality. around the world, Figure 1 Comparing billionaires net worth in selected developing countries.
with gross domestic product,Trillion US,1 0 49 0 39. Africa Least developed Landlocked Small island Forbes 1826. countries developing developing States, Source Author s calculations based on Forbes online accessed 18 March 2017 and the World Bank. World Development Indicator Available from http databank worldbank org data reports aspx. source world development indicators, Addition recent evidence is that of the salaries of chief executive officers. CEOs in various developed and developing countries including emerging countries. and their implications to inequalities The theory is that the compensation of top. earners is not only determined by their productivity but also through bargaining If. top marginal tax rates decline then the incentive for top earners to bargain harder. over extra income is higher which is why they put more effort into influencing the. responsible pay committee In this context Piketty Saez and Stantcheva 2014. explain this relationship through the compensation bargaining effect Alvaredo and. others 2013 see also Bebchuk Fried and Walker 2002 They test the hypothesis by. Asia Pacific Development Journal Vol 24 No 1 June 2017. examining the relationship between CEO compensation and top income marginal tax. rates controlling for firm performance and CEO characteristics Furthermore Roine. Vlachos and Waldenstr m 2009 have also shown that tax progressivity reduces top. income shares Indeed they find support for their hypothesis given the strong. negative relationship between CEO compensation and top income marginal tax rates. Figure 2 CEO pay and top income marginal tax rates. Elasticity 1 90 0 29,CEO pay million log scale with controls. Italy United Kingdom,2 5 Canada,United States,Switzerland.
Germany Netherlands,Norway France,0 4 0 5 0 6 0 7 0 8. Top income marginal tax rate,Source Piketty Saez and Stantcheva 2014. Apart from taxation social transfers in particular conditional cash transfers. have played a role in the recent decline in income inequality in countries in Latin. America such as Brazil Arnold and Jalles 2014 and Mexico Schultz 2004. This can be further analysed with respect to lobbying by the top 1 per cent In. particular the financial industry is also cited as a factor behind rising income. inequality and the recent global financial crisis by Acemoglu 2011 who draws upon. the work of Philippon and Reshef Philippon and Reshef 2012 find an education. adjusted wage premium of about 50 per cent for the finance sector of the United. Asia Pacific Development Journal Vol 24 No 1 June 2017. States of America relative to other sectors in 2006 For top executives this premium. even accounts for up to 250 per cent They also report a strong positive correlation. between financial deregulation and relative wages in finance figure 3 suggesting. that financial deregulation may have contributed to the recent increase in income. inequality in the United States, Figure 3 Relationship between financial deregulation and relative wages. in finance in the United States,1 3 1 4 1 5,Relative wage. Deregulation, 1910 1920 1930 1940 1950 1960 1970 1980 1990 2000 2010.
Financial Deregulation Index,Real wage in financial sector. Source Philippon and Reshef 2012, Although top executives in all sectors are able to extract economic rents given. their bargaining power to influence their own pay Bebchuk Fried and Walker 2002. executive compensation is particularly high in the financial sector globally not just in. the United States For instance Bell and Van Reenen 2014 and Godechot 2012. document the role the financial sector has played in the increase in the income share. of the top 0 1 per cent in the United Kingdom of Great Britain and Northern Ireland. and France respectively Bonuses have contributed to this trend particularly in the. United Kingdom Bell and Van Reenen 2014 but also in other Organisation for. Economic Coordination and Development OECD member countries OECD 2011. Asia Pacific Development Journal Vol 24 No 1 June 2017. Other studies have shown that the size of the financial sector itself as. measured for example by private credit to GDP stock market capitalization to GDP. or bank deposits to GDP can negatively affect income inequality Claessens and. Perotti 2007 Roine Vlachos and Waldenstr m 2009 unless financial frictions. hindering the poor from access to and use of financial service are removed Dabla. Norris and others 2015b, There has been growing recognition that inequality is an impediment to. inclusive economic growth social development and environmental sustainability First. high levels of income inequality make it more difficult to reduce poverty through. economic growth Unequal societies in terms of wealth constrain the productive. capacity of the poor and the vulnerable groups along with their potential to contribute. to economic growth Second inequality undermines social cohesion and solidarity. A growing divide between the rich and the poor is often a factor behind rising levels of. crime and social unrest as it undermines trust and weakens bonds of solidarity in. societies Third inequality hampers environmental sustainability In societies where. inequality abounds collective action is trumped by the pursuit of individual or vested. group interest In these societies there tends to be less public support for policies. designed to protect the environment, The objective of the present paper is to create a new income inequality dataset. covering 133 countries over the 1990 2014 period and to provide an overview of key. factors and policies related to income inequality The paper also provides a new set of. results on the income inequality trends in the United Nations regions and other. classifications It is organized as follows section II contains an overview of the. literature on income inequality which includes reviews of the literature with a focus on. the key drivers of the rising level of income inequality In section III there is. description of the construction of a new database analysed in this paper which has. been compiled and created by using several available global data sources The. results from the analysis of income inequality are presented in section IV Finally. concluding observations are given in section V,II LITERATURE REVIEW.
This section provides a brief overview of a growing body of literature on. inequality especially in terms of income and social services Figure 4 shows a clear. trend of the growing body of literature that covers the issue of inequality With the. adoption of the Millennium Development Goals in September 2000 social and. economic services gained further momentum and brought the striking disparity in. income in the global policy debates It can be seen that over the years academia and. Asia Pacific Development Journal Vol 24 No 1 June 2017. commentators have invested time and research capacity in discussing and. understanding the economics of inequality and its implications. In particular since the onset of the 2008 2009 Great Recession a majority of. countries have been experiencing growing income social and wealth inequality. These countries are also facing economic social and environmental challenges that. can only be addressed through a concerted effort and forward looking sustainable. development policies The impact of the changing patterns of productivity enhancing. and technology based economic growth movement of capital flows lack of access to. affordable energy services and depressed commodity prices has resulted in falling. income shares especially of the low skilled workers and the most vulnerable and. disadvantaged communities and has unevenly affected developing countries. especially the least developed countries Additionally the relatively low level of. economic growth has tilted the income distribution towards the top 1 per cent and. raised concerns globally At the national level therefore addressing the concerns of. socioeconomic inequality has increasingly become a key priority of development. The literature on inequality has been increasing starting in the 1990s as. compared to discussing only the issues of economic growth The evidence suggests. that beginning in the early 2000s the focus on inequality by researchers increased. in line with the growing debate on the issue of inclusive growth and sustainable. development which lead to the adoption of the Sustainable Development Goals in. 2015 Since the pioneering work of Gini 1912 and in the aftermath of World War II. the implications of inequality and its associated impact on economic growth United. Nations 1951 Singer 1949 Klein 1950 Kuznets 1955 Kaldor 1957 Tinberjen. 1975 Hirschman 1958 Chenery 1960 Scitovsky 1964 have been the focus of. economic literature, During the 1970s to the 1990s research on inequality declined with respect to. the economic growth because of uncertainties related to various global economic. issues However in the academic world some important contributions were made. during this period especially with regard to the measurement issues of inequality. under the overall context of the economic growth and development discourse Tobin. 1970 Atkinson 1970 Sen 1973 Ram 1979 Theil 1979 Shorrocks 1980 As noted. above in 2000 the United Nations adopted the Millennium Declaration 4 which. focused on eight time bound and quantified targets known as the Millennium. Development Goals to be achieved by 2015 This has led to renewed interest among. researchers and think tanks to redirect their focus not only on economic issues but. General Assembly resolution 55 2, Asia Pacific Development Journal Vol 24 No 1 June 2017. also on the implications of economic and social policies on broader ideas and. outcomes of development especially with respect to sustainability of economic growth. Asia Pacific Development Journal Vol 24 No 1 June 2017 25 countries and small island developing States and the total GDP of Africa in 2015 figure 1 Importantly an analysis of the Forbes billionaires list shows that persons with a net worth of 1 billion or more accounted for 9 5 per cent of the global income in 2015 The 1 826 persons

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