Ups and Downs in Finance, Ups without Downs in Inequality

The upswing in finance over the past several decades has led to rising inequality, but do downswings in finance lead to a symmetric decline in inequality? In this paper, we analyze the asymmetry of the effect of ups and downs in financial markets, as well as the effect of increased capital requirements and the bonus cap on national earnings in- equality. We use administrative employer–employee linked data on earnings from 1990 to 2017 for twelve countries. Additionally, we use data on earnings from bank reports, from 2009 to 2017 in thirteen European countries. We find a strong asymmetry in the effects of financial ups and downs on earnings inequality, a mitigating effect of rising capital requirements on the contribution of finance to inequality, and a restructuring ef- fect of the bonus cap for the earnings of financiers, while neither policy affects absolute levels of earnings inequality.La hausse de la finance au cours des dernières décennies a entraîné une hausse des inégalités, mais les ralentissements de la finance entraînent-ils une baisse symétrique des inégalités? Dans cet article, nous examinons l'asymétrie de l'effet des hausses et des ralentissements des marchés financiers, ainsi que l'effet de l'augmentation des exi- gences en matière de capital et du plafonnement des primes sur l'inégalité des salaires nationaux. Nous utilisons des données administratives couplées employeur-employé sur les salaires de 1990 à 2017 pour douze pays. De plus, nous employons des données sur les salaires provenant des rapports bancaires, de 2009 à 2017, dans 13 pays euro- péens. Nous constatons une forte asymétrie dans les effets des hausses et des ralentis- sements financières sur l'inégalité des salaires, un effet de mitigation de l'augmentation des exigences de capitalisation sur la contribution de la finance à l'inégalité, et un effet de restructuration du plafonnement des primes pour les salaires des financiers, alors qu'aucune des deux mesures n'affecte les niveaux absolus d'inégalité des salaires.iv MaxPo Discussion Paper 21/2 1 Introduction 2 Data Administrative employer–employee linked data World Bank GFDD database European bank reports 3 The contribution of financiers’ earnings to inequality and its asymmetry in upswings and downswings Less finance, less inequality? The asymmetry of the redistribution of earnings through financialization 4 Finance, regulation, and inequality Capital requirements and inequality The bonus cap 5 Conclusion Appendices A1 Data description A2 Supplementary tables and figures Reference

The Great Separation: Top Earner Segregation at Work in High-Income Countries

Analyzing linked employer-employee panel administrative databases, we study the evolving isolation of higher earners from other employees in eleven countries: Canada, Czechia, Denmark, France, Germany, Hungary, Japan, Norway, Spain, South Korea, and Sweden. We find in almost all countries a growing workplace isolation of top earners and dramatically declining exposure of top earners to bottom earners. We compare these trends to segregation based on occupational class, education, age, gender, and nativity, finding that the rise in top earner isolation is much more dramatic and general across countries. We find that residential segregation is also growing, although more slowly than segregation at work, with top earners and bottom earners increasingly living in different distinct municipalities. While work and residential segregation are correlated, statistical modeling suggests that the primary causal effect is from work to residential segregation. These findings open up a future research program on the causes and consequences of top earner segregation.En nous appuyant sur des données administratives longitudinales employeur–employés, nous analysons l’évolution de la ségrégation sociale des salariés à hauts salaires dans onze pays: Allemagne, Canada, Corée du Sud, Danemark, Espagne, France, Hongrie, Japon, Norvège, République tchèque et Suède. Nous constatons dans presque tous les pays une forte augmentation de l’entre soi des salariés bien payés sur le lieu de travail et une diminution spectaculaire de leur exposition aux bas salaires. Nous comparons ces tendances à l’évolution de la ségrégation fondée sur la catégorie sociale, l’éducation, l’âge, le sexe et le statut migratoire, et nous constatons que l’augmentation de l’entre soi des hauts salaires est celle qui est la plus prononcée et la plus générale. Nous montrons que la ségrégation résidentielle se développe aussi, bien que plus lentement que la ségrégation au travail, avec les hauts et les bas salaires vivant de plus en plus dans des municipalités distinctes. Ségrégation au travail et ségrégation résidentielle sont corrélées. Mais nos modèles statistiques suggèrent aussi que la principale relation de causalité va de la ségrégation au travail vers la ségrégation résidentielle. Ces résultats ouvrent la voie à un futur programme de recherche sur les causes et les conséquences de la ségrégation des hauts salaires.1 Introduction 2 From ethnic residential segregation to earnings segregation at work 3 Administrative data for estimating exposure measures 4 A strong increase in earnings segregation at work 5 A robust trend 17 French robustness tests 6 A specific trend 7 The link between work and residential segregation 8 Elements for a research program on the causes and consequences of increasing segregation at work The roots of growing earnings segregation at work The consequences of growing earnings segregation at work Appendices A1 Data sources and sample definition A2 Demonstration of the symmetry of relative exposure gRh = hRg A3 Figure construction A4 French robustness checks Supplementary figures and tables Reference

Changes on rheological properties of pomegranate (Punica granatum L., cv. Hicaznar) juices during concentration process

11th International Conference of Food Physicists ICFP -- JUN 10-12, 2014 -- Plovdiv, BULGARIAWOS: 000209738700019The investigation of the changes on rheological properties during evaporation process could diminish the severe effects of thermal processing at any individual soluble solids content. In this study, the rheological properties of pomegranate juices at different soluble solids content (20, 30, 40 and 50 %) during concentration process applied by using the rotary evaporator were determined. Rheological measurements were conducted in the range of 0-264 s(-1) shear rates by using the concentric cylinder type viscometer. It was found expectedly that apparent viscosity increased as the soluble solids content increased. The apparent viscosity was 0.0024 +/- 0.0001 Pa. s for raw pomegranate juices (15.73 +/- 0.30 % soluble solids) while it increased to 0.01342 +/- 0.0003 Pa. s for the concentrated juice having 50 % soluble solids contents. Four different rheological models were applied to find the suitable model best fitting the experimental data; Newton model, Power Law model, Bingham model and Herschel-Bulkley model. The statistical criteria having highest regression coefficient, lowest root mean square error and lowest chi-square were chosen for selection of best model for fitting. It was determined that the Power law model was best described the experimental shear stress-shear rate relation for pomegranate juices at different concentrations. It was predicted that the consistency coefficient of pomegranate juice increased from 0.005 Pa.s(n) to 0.013 Pa. sn as the soluble solid content was increased from 20 % to 50 %. The rheological data obtained in this study could serve valuable data for calculation of changes in flow behaviors of pomegranate juice in pumping systems depending of their concentration.Plovdiv Univ Paisii Hilendarski, Int Soc Food Physicists, Plovdiv Univ Paisii Hilendarski, Fac Phy

Relationship between pinguecula formation and exposure to tandoor ovens in a hospital-based study

AIM: To investigate the relationship between pinguecula and the use of tandoor ovens. METHODS: A total of 539 women, ranging in age from 20 to 86y who attended an outpatient clinic were enrolled. All the patients were asked whether they used tandoor ovens. Women exposed to tandoor ovens (n= 286) were accepted as participants in the study group and they were compared with participants in the control group (n =253). The age, presence of pinguecula, duration of exposure to tandoor ovens as years and occupations were recorded for all the subjects. RESULTS: Mean duration for exposure to tandoor was 20.26y (range 1 -62y) in the study group. The rate of pinguecula in the study group was 82.2% (235/286), and the rate in the control group was 37.5% (95/253); this difference was statistically significant (P<0.05).Pinguecula was seen in 61.2% (330/539) of all the participants. CONCLUSION: Pinguecula is strongly associated with exposure to tandoor ovens. © 2014, Int J Ophthalmol. All rights reserved

Ohmic heating assisted vacuum evaporation of pomegranate juice: Electrical conductivity changes

A novel electrical heating method, named as ohmic heating, was successfully integrated to vacuum evaporation system, and pomegranate juice was concentrated until its total soluble dry matter content reached to 40% by applying three different voltage gradients (7.5, 10, and 12.5 V/cm) at 180 mm Hg absolute pressure in this system. Total evaporation times were determined as 152, 78, and 53 min at the voltage gradients of 7.5, 10, and 12.5 V/cm, respectively. The concentration time of pomegranate juice was shortened about 56% by ohmic heating relative to conventional evaporation. The electrical conductivity values were increased up to reach 25% TSDM for 7.5 V/cm and at 35% TSDM for 10 V/cm, then showed a decreasing pattern. However, it was constant (0.55 ± 0.01 S/m) during evaporation process at 12.5 V/cm. It is recommended that the ohmic heating method could be successfully integrated to vacuum evaporation process to shorten the processing time significantly. Industrial relevance Ohmic heating has been utilized as alternative method for the purpose of heating, pasteurization, cooking etc., and relatively better products can be obtained by ohmic heating. Nowadays, energy efficient systems are needed in concentrated juice production. The integration of ohmic heating to the conventional vacuum systems could serve the production high quality juice concentrates with efficient use of energy. In present study, ohmic heating assisted vacuum evaporation of pomegranate juice was conducted, successfully. This method decreased the total process time for juice concentration, which is critically important for industrial scale productions. This novel method can be implemented to the fruit juice production lines by taking into account of design characteristics of ohmic systems such as electrical conductivity changes depending on both temperature and total soluble solids concentration. The effects of main process parameter, named as voltage gradient, on electrical conductivity changes during electrical heating assisted evaporation process has been also reported in the present study. © 201