Abstract Financialization has been growing importance in macroeconomic perspectives since the finance-dominated capitalist relations have captured many of the specific positions in an aggregate economy. However, the empirical literature has substantially ignored the examination of the link between an increasing scale of financialization and the rising income inequality. In this study, a major hypothesis is based on the fact that the finance-dominated capitalism has a considerable effect on distributional practices through the channels of bargaining power. By applying the Kaleckian approach, the paper investigates the relationship between financialization and the labor share of national income using a panel dataset of 52 countries over the 1992-2012 period. The results suggest that a higher level of stock market development leads to a more unequal distribution of income and, thus, to the decline of wage share in the national income. Other factors such as globalization and technical change can also exacerbate the decline of wages, coupled with a decrease in the bargaining position of labor measured by unemployment rate and labor force participation rate.

中文翻译：

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金融化与劳动收入比重

摘要金融化在宏观经济方面已变得越来越重要，因为金融主导的资本主义关系已经占据了总体经济中的许多特定位置。但是，经验文献基本上忽略了对金融规模扩大和收入不平等加剧之间联系的研究。在这项研究中，一个主要的假设是基于这样一个事实，即金融主导的资本主义通过讨价还价的渠道对分配实践产生了重大影响。通过应用Kaleckian方法，本文使用1992-2012年期间52个国家的面板数据集，研究了金融化与国民收入中劳动份额之间的关系。结果表明，较高的股票市场发展水平会导致收入分配更加不平等，从而导致工资占国民收入的比重下降。诸如全球化和技术变革之类的其他因素也可能加剧工资的下降，以及以失业率和劳动力参与率衡量的劳动力的议价地位下降。