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Bankers and their bonuses

Bell, Brian and Van Reenen, John (2014) Bankers and their bonuses. The Economic Journal, 124 (574). F1-F21. ISSN 0013-0133

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Abstract

We analyse the role of financial sector workers in the huge rise of the share of earnings going to those at the very top of the pay distribution in the UK. Rising bankers' bonuses accounted for two-thirds of the increase in the share of the top 1% after 1999. Surprisingly, bankers' share of earnings showed no decline between the peak of the financial boom in 2007 and 2011, three years after the global crisis began. Nor did bankers' relative employment position deteriorate over this period. We discuss proposed policy responses such as transparency, bonus 'clawbacks', numerical bonus targets and tax

Item Type: Article
Official URL: http://www.res.org.uk/view/economichome.html
Additional Information: © 2013 Royal Economic Society
Library of Congress subject classification: H Social Sciences > HC Economic History and Conditions
H Social Sciences > HG Finance
Sets: Departments > Economics
Research centres and groups > Centre for Economic Performance (CEP)
Rights: http://www.lse.ac.uk/library/usingTheLibrary/academicSupport/OA/depositYourResearch.aspx
Funders: Economic and Social Research Council
Date Deposited: 12 Mar 2014 08:54
URL: http://eprints.lse.ac.uk/56057/

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