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Thomas Piketty's Capital in the Twenty-First Century puts forth a logically consistent explanation for changes in income and wealth inequality patterns. However, while rich in data, the book provides no formal empirical testing for its theoretical causal chain. In this paper, I build a set of Panel SVAR models to check if inequality and capital share in the national income move up as the r-g gap grows. Using a sample of 19 advanced economies spanning over 30 years, I find no empirical evidence that dynamics move in the way Piketty suggests. Results are robust to several alternative estimates of r-g.

Income distribution. --- Capital movements. --- Capital flight --- Capital flows --- Capital inflow --- Capital outflow --- Flight of capital --- Flow of capital --- Movements of capital --- Balance of payments --- Foreign exchange --- International finance --- Distribution of income --- Income inequality --- Inequality of income --- Distribution (Economic theory) --- Disposable income --- Aggregate Factor Income Distribution --- Capital income --- Environmental Accounts --- Hypothesis Testing --- Income distribution --- Income --- Institutions and Growth --- Macroeconomics --- Measurement and Data on National Income and Product Accounts and Wealth --- Multiple or Simultaneous Equation Models: Models with Panel Data --- National accounts --- National income --- Personal income --- Personal Income, Wealth, and Their Distributions --- Semiparametric and Nonparametric Methods --- Working capital --- United States

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Infrastructure bottlenecks have been identified as a key obstacle to growth affecting productivity and market efficiency, and hindering domestic integration and export performance. This paper assesses the state of Brazil’s infrastructure, in light of past investment trends and various quality and quantity indicators. Brazil’s infrastructure stock and its quality rank low in relation to that of comparator countries, chosen amongst main export competitors. We provide evidence that infrastructure affects domestic integration by analyzing price convergence of tradable goods across major cities. The government’s concession program will narrow part of the infrastructure gap, however, governance reforms will be crucial to improving investment efficiency.

Infrastructure (Economics) --- Transportation --- Public investments --- Government investments --- Investments, Public --- Expenditures, Public --- Investments --- Capital budget --- Economic development projects --- Investment of public funds --- Finance --- Exports and Imports --- Infrastructure --- Investments: General --- Public Finance --- National Government Expenditures and Related Policies: Infrastructures --- Other Public Investment and Capital Stock --- Economic History: Transport, Trade, Energy, Technology, and Other Services: Latin America --- Caribbean --- Multiple or Simultaneous Equation Models: Models with Panel Data --- Investment --- Capital --- Intangible Capital --- Capacity --- Industry Studies: Transportation and Utilities: General --- Trade: General --- Macroeconomics --- Public finance & taxation --- International economics --- Private investment --- Public investment spending --- Exports --- National accounts --- Expenditure --- International trade --- Saving and investment --- Brazil