Capital Market Integration and Wages

• 成果类型: Article
• 署名作者: Chari, Anusha; Henry, Peter Blair; Sasson, Diego
• 署名单位: University of North Carolina; University of North Carolina Chapel Hill; National Bureau of Economic Research; New York University; Brookings Institution
• 刊物名称: AMERICAN ECONOMIC JOURNAL-MACROECONOMICS
• ISSN/ISSBN: 1945-7707
• DOI: 10.1257/mac.4.2.102
• 发表日期: 2012
• 页码: 102-132
• 关键词: account liberalization; TRADE; Mexico; TECHNOLOGY; INVESTMENT; GROWTH; gains

摘要

For three years after the typical emerging economy opens its stock market to inflows of foreign capital, the average annual growth rate of the real wage in the manufacturing sector increases by a factor of three. No such increase occurs in a control group of countries that do not liberalize. The temporary increase in wage growth drives up the level of the average worker's annual compensation by US $487-an increase equal to nearly one-fifth of their annual pre-liberalization salary. Overall, the results suggest that trade in capital may have a larger impact on wages than trade in goods. (JEL E25, E44, F16, F43, G18, O16)