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4 years ago

Capital market opening leads to wealth redistribution, benefiting workers over owners.

Applied Economics Letters
Opposition to capital market opening
Philipp Engler, Alexander Wulff

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The article examines how opening up a developing country's financial markets affects capital owners and workers. Capital owners see a 42% decrease in their consumption due to lower returns, while workers gain 8% more consumption from higher wages. Despite these big changes, the overall impact is small.