Financial sector pay and labour income inequality: Evidence from Europe
Public questioning about the role of finance has been fuelled by the perception that financial sector pay is an important factor behind high economic inequalities. This paper is the first to provide a comprehensive look at the level of earnings in finance and the implications for labour income inequ...
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Paris
OECD Publishing
2015
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| Schriftenreihe: | OECD Economics Department Working Papers
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| Schlagworte: | |
| Online-Zugang: | Volltext |
| Zusammenfassung: | Public questioning about the role of finance has been fuelled by the perception that financial sector pay is an important factor behind high economic inequalities. This paper is the first to provide a comprehensive look at the level of earnings in finance and the implications for labour income inequality for European countries. Financial sector workers are shown to make up 19% among the top 1% earners, although the overall employment share of finance is only 4%. Nonetheless, the relatively small size of the sector limits the contribution that financial sector pay has on income inequality to a small, but noticeable amount. Simulations indicate that most of this contribution is explained by financial institutions paying salaries and bonuses which are above what employees with similar profiles get in other sectors. Estimations that allow for heterogeneity across workers reveal that this wage premium is more than twice as high for financial sector workers at the top of the distribution than at the bottom. The labour market in finance displays other symptoms of imperfection, with, for example, male financial sector workers earning a large wage premium over female financial sector workers, again especially at the top |
| Beschreibung: | 1 Online-Ressource (36 Seiten) 21 x 29.7cm |
| DOI: | 10.1787/5js04v5wjw9p-en |
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| spelling | Denk, Oliver Verfasser aut Financial sector pay and labour income inequality Evidence from Europe Oliver Denk = Rémunérations du secteur financier et inégalités des revenus du travail : Données d'observation en Europe / Oliver Denk Rémunérations du secteur financier et inégalités des revenus du travail Paris OECD Publishing 2015 1 Online-Ressource (36 Seiten) 21 x 29.7cm txt rdacontent c rdamedia cr rdacarrier OECD Economics Department Working Papers Public questioning about the role of finance has been fuelled by the perception that financial sector pay is an important factor behind high economic inequalities. This paper is the first to provide a comprehensive look at the level of earnings in finance and the implications for labour income inequality for European countries. Financial sector workers are shown to make up 19% among the top 1% earners, although the overall employment share of finance is only 4%. Nonetheless, the relatively small size of the sector limits the contribution that financial sector pay has on income inequality to a small, but noticeable amount. Simulations indicate that most of this contribution is explained by financial institutions paying salaries and bonuses which are above what employees with similar profiles get in other sectors. Estimations that allow for heterogeneity across workers reveal that this wage premium is more than twice as high for financial sector workers at the top of the distribution than at the bottom. The labour market in finance displays other symptoms of imperfection, with, for example, male financial sector workers earning a large wage premium over female financial sector workers, again especially at the top Economics https://doi.org/10.1787/5js04v5wjw9p-en Verlag kostenfrei Volltext |
| spellingShingle | Denk, Oliver Financial sector pay and labour income inequality Evidence from Europe Economics |
| title | Financial sector pay and labour income inequality Evidence from Europe |
| title_alt | Rémunérations du secteur financier et inégalités des revenus du travail |
| title_auth | Financial sector pay and labour income inequality Evidence from Europe |
| title_exact_search | Financial sector pay and labour income inequality Evidence from Europe |
| title_exact_search_txtP | Financial sector pay and labour income inequality Evidence from Europe |
| title_full | Financial sector pay and labour income inequality Evidence from Europe Oliver Denk = Rémunérations du secteur financier et inégalités des revenus du travail : Données d'observation en Europe / Oliver Denk |
| title_fullStr | Financial sector pay and labour income inequality Evidence from Europe Oliver Denk = Rémunérations du secteur financier et inégalités des revenus du travail : Données d'observation en Europe / Oliver Denk |
| title_full_unstemmed | Financial sector pay and labour income inequality Evidence from Europe Oliver Denk = Rémunérations du secteur financier et inégalités des revenus du travail : Données d'observation en Europe / Oliver Denk |
| title_short | Financial sector pay and labour income inequality |
| title_sort | financial sector pay and labour income inequality evidence from europe |
| title_sub | Evidence from Europe |
| topic | Economics |
| topic_facet | Economics |
| url | https://doi.org/10.1787/5js04v5wjw9p-en |
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