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Identifier to cite or link to this item: https://doi.org/10.15057/hje.2022007
Identifier to cite or link to this item: https://hdl.handle.net/10086/78380

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Title
Determinants of Extreme Wealth: the Role of Corruption
Creator
Creator Name
Castillo, Omar Neme Castillo, Omar Neme
Affiliation
Affiliation Name
Instituto Politécnico Nacional, School of Economics
Creator Name
Chiatchoua, Cesaire Chiatchoua, Cesaire
Affiliation
Affiliation Name
Instituto Politécnico Nacional, School of Economics
Creator Name
Santibáñez, Ana Lilia Valderrama Santibáñez, Ana Lilia Valderrama
Affiliation
Affiliation Name
Instituto Politécnico Nacional, School of Economics
Creator Name
Márquez, Héctor Flores Márquez, Héctor Flores
Affiliation
Affiliation Name
Benemérita Universidad Autónoma de Puebla at School of Economics
Key Word
corruption
extreme wealth
not-meritocratic determinants
individual merits
JEL
D31
D73
E2
K4
P46
P48
Abstract
The aim of the paper is to determine the effect of corruption on extreme wealth of individuals included in Forbes list of super-rich over the period 2006-2015. The methodology used is sys-GMM since it allows to control heterogeneity/ endogeneity among individuals. Three novel and different measures of direct corruption are used. The main finding shows that structural corruption positively affects individual extreme wealth, in a context of political/institutional, economic and personal factors. Although it is identified that sporadic or one-time corruption limits extreme wealth. Nevertheless, it is also found that the extreme accumulation is based on a combination of factors, such as meritocratic, non-meritocratic, and personal traits. In any case, this tends to perpetuate the corrupt systems and their accumulated effect on elites. Based on the foregoing, this research recommends certain corruption control mechanisms such as: the establishment of a global tax on extreme wealth, teamwork between the company, civil society and the government, public and private anti-corruption measures and a public investment of high quality that promotes more public well-being.
Publisher
Hitotsubashi University
Issued Date
2022-12
Language
English(eng)
Resource Type
departmental bulletin paper
Version Type
VoR
selfDOI
10.15057/hje.2022007
ISSN
2436-097X
NCID
AA12909202
Source Title
Hitotsubashi Journal of Economics
Volume Number
63
Issue Number
2
Page Start
126
Page End
148
Appears in Collections
Vol. 63, no. 2(Dec. 2022)
URL
https://hdl.handle.net/10086/78380