Michael D. Bordo Christopher M. Meissner Working Paper 178
Michael D. Bordo Christopher M. Meissner Working Paper 178
Michael D. Bordo Christopher M. Meissner Working Paper 178
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Table 2 Credit Growth and the Share of Income of the Top 1 Percent, Five year periods between 1920 and 2008<br />
(1) (2) (3) (4)<br />
� Top 1% Share 0.024 -0.003 0.011 0.015<br />
[0.019] [0.018] [0.024] [0.027]<br />
� ln(GDP/Capita) --- 1.248*** 1.204** 1.215**<br />
[0.392] [0.442] [0.437]<br />
� Top 1% Share x � ln(GDP/Capita) --- --- -0.294 -0.294<br />
[0.<strong>178</strong>] [0.193]<br />
� Short term nominal interest rate --- --- --- -0.238<br />
[0.487]<br />
� (investment/GDP) --- --- --- -0.216<br />
[0.563]<br />
� ln (Money/Price Level) --- --- --- -0.07<br />
[0.313]<br />
� ln(Credit/Price Level) t-1 0.152 0.139 0.142 0.133<br />
[0.144] [0.101] [0.102] [0.097]<br />
Total Observations 115 115 115 115<br />
R-Squared 0.507 0.583 0.595 0.596<br />
Number of Countries 14 14 14 14<br />
Notes: Dependent variable is the cumulative change in the share of total income earned by the top percentile over the five years leading up to and<br />
including 1920, 1925, 1930, 1935, 1940, 1955, 1960, 1965,…,2005. Estimation is by OLS. Quinquennial period dummies are included in all<br />
regressions as are country fixed effects and period fixed effects. Robust standard errors are reported throughout. *** p
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