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American Economic Review: Vol. 91 No. 4 (September 2001)

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The Division of Spoils: Rent-Sharing and Discrimination in a Regulated Industry

Article Citation

Black, Sandra E., and Philip E. Strahan. 2001. "The Division of Spoils: Rent-Sharing and Discrimination in a Regulated Industry." American Economic Review, 91(4): 814-831.

DOI: 10.1257/aer.91.4.814

Abstract

Until the middle of the 1970s, regulations constrained banks' ability to enter new markets. Over the subsequent 25 years, states gradually lifted these restrictions. This paper tests whether rents fostered by regulation were shared with labor, and whether firms were discriminating by sharing these rents disproportionately with male workers. We find that average compensation and average wages for banking employees fell after states deregulated. Male wages fell by about 12 percent after deregulation, whereas women's wages fell by only 3 percent, suggesting that rents were shared mainly with men. Women's share of employment in managerial positions also increased following deregulation.

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Authors

Black, Sandra E. (UCLA)
Strahan, Philip E. (Boston College)

JEL Classifications

J71: Labor Discrimination
J31: Wage Level and Structure; Wage Differentials
G21: Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
G28: Financial Institutions and Services: Government Policy and Regulation
L51: Economics of Regulation


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