| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP15745 |
| DP15745 Financial Globalization vs. Income Inequality: The Surprising Role of Delegated Portfolio Flows in Taming the Top 1% | |
| Massimo Massa; Si Cheng; Hong Zhang | |
| 发表日期 | 2021-02-01 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | We document a surprising finding that foreign capital inflows delegated through global mutual funds reduce the income of the top 1%. To rationalize this observation, we utilize a comprehensive database of worldwide ownership of both private and public firms for 2001-2013, which allows us to trace income inequality to its micro-foundations of sales revenue accrued to rich families. We find that large delegated foreign inflows induce local rich families to sell concentrated yet profitable assets, consistent with a diversification channel for financial globalization to influence income inequality. Alternative mechanisms fail to explain these findings. Our results have important normative implications |
| 主题 | Financial Economics |
| 关键词 | Financial globalization Income inequality Delegated portfolio management Mutual funds |
| URL | https://cepr.org/publications/dp15745 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/544748 |
| 推荐引用方式 GB/T 7714 | Massimo Massa,Si Cheng,Hong Zhang. DP15745 Financial Globalization vs. Income Inequality: The Surprising Role of Delegated Portfolio Flows in Taming the Top 1%. 2021. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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