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@book{ Dögüs2017, title = {Wage Dispersion and Pension Funds: Financialisation of Non-Financial Corporations in the USA, 1966-2013}, author = {Dögüs, Ilhan}, year = {2017}, series = {ZÖSS Discussion Paper}, pages = {28}, volume = {63}, address = {Hamburg}, publisher = {Universität Hamburg, Fak. Wirtschafts- und Sozialwissenschaften, FB Sozialökonomie, Zentrum für Ökonomische und Soziologische Studien (ZÖSS)}, issn = {1868-4947}, urn = {https://nbn-resolving.org/urn:nbn:de:0168-ssoar-59934-9}, abstract = {It has already been pointed out in the literature on financialisation that private pension funds have played a key role in the inflation of financial markets. This paper argues that an increase in wage dispersion between white-collar and blue-collar workers affects pension funds in a direct and structural manner. Using Saez-Zucman and fred.stlouisfed annual datasets, the proposed argument is statistically analysed by applying Vector Autoregressive modelling for the period 1966-2013 in the USA. The results show that the responses of share of pension funds within US-household wealth to one-unit shock in wage dispersion are positive and significant over the first three years. Furthermore, wage dispersion explains 11% of variations in pension funds’ share in household wealth in the short-run and 19% of variations in the long-run. The study concludes that wage dispersion has a direct and structural impact on pension funds and contributes to the literature by clarifying the rise and expansion of pension funds.}, keywords = {Pension; retirement pension; Rente; pension; Finanzierung; funding; Lohn; wage; Lohnunterschied; wage difference; Arbeiter; worker; Angestellter; salaried employee; Rentenfond; pension fund; Finanzmarkt; financial market; USA; United States of America}}