Finance And Income Inequality

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Finance and Inequality

Mr.Martin Cihak,Ms.Ratna Sahay
Finance and Inequality Book PDF

Author : Mr.Martin Cihak,Ms.Ratna Sahay
Publisher : International Monetary Fund
Page : 50 pages
File Size : 47,8 Mb
Release : 2020-01-17
Category : Business & Economics
ISBN : 9781513526546

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Finance and Inequality by Mr.Martin Cihak,Ms.Ratna Sahay Pdf

The study examines empirical relationships between income inequality and three features of finance: depth (financial sector size relative to the economy), inclusion (access to and use of financial services by individuals and firms), and stability (absence of financial distress). Using new data covering a wide range of countries, the analysis finds that the financial sector can play a role in reducing inequality, complementing redistributive fiscal policy. By expanding the provision of financial services to low-income households and small businesses, it can serve as a powerful lever in helping create a more inclusive society but—if not well managed—it can amplify inequalities.

Finance and Income Inequality

George R. G. Clarke,Heng-fu Zou,Lixin Colin Xu
Finance and Income Inequality Book PDF

Author : George R. G. Clarke,Heng-fu Zou,Lixin Colin Xu
Publisher : World Bank Publications
Page : 32 pages
File Size : 42,9 Mb
Release : 2003
Category : Equality
ISBN : 8210379456XXX

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Finance and Income Inequality by George R. G. Clarke,Heng-fu Zou,Lixin Colin Xu Pdf

Although theoretical models make distinct predictions about the relationship between financial sector development and income inequality, little empirical research has been conducted to compare their relative explanatory power. Clarke, Xu, and Zou examine the relation between financial intermediary development and income inequality in a panel data set of 91 countries for the period 1960-95. Their results provide evidence that inequality decreases as economies develop their financial intermediaries, consistent with the theoretical models in Galor and Zeira (1993) and Banerjee and Newman (1993). Moreover, consistent with the insight of Kuznets, the relation between the Gini coefficient and financial intermediary development appears to depend on the sectoral structure of the economy: a larger modern sector is associated with a smaller drop in the Gini coefficient for the same level of financial intermediary development. But there is no evidence of an inverted-U-shaped relation between financial sector development and income inequality, as suggested by Greenwood and Jovanovic (1990). The results are robust to controlling for biases introduced by simultaneity. This paper--a product of Investment Climate, Development Research Group--is part of a larger effort in the group to understand the link between economic development and financial sector performance.

Finance, Growth, and Inequality

Mr. Ross Levine
Finance Growth and Inequality Book PDF

Author : Mr. Ross Levine
Publisher : International Monetary Fund
Page : 80 pages
File Size : 46,8 Mb
Release : 2021-06-11
Category : Business & Economics
ISBN : 9781513583365

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Finance, Growth, and Inequality by Mr. Ross Levine Pdf

Finance and growth emerged as a distinct field of economics during the last three decades as economists integrated the fields of finance and economic growth and then explored the ramifications of the functioning of financial systems on economic growth, income distribution, and poverty. In this paper, I review theoretical and empirical research on the connections between the operation of the financial system and economic growth and inequality. While subject to ample qualifications, the preponderance of evidence suggests that (1) financial development—both the development of banks and stock markets—spurs economic growth and (2) better functioning financial systems foster growth primarily by improving resource allocation and technological change, not by increasing saving rates. Some research also suggests that financial development expands economic opportunities and tightens income distribution, primarily by boosting the incomes of the poor. This work implies that financial development fosters growth by expanding opportunities. Finally, and more tentatively, financial innovation—improvements in the ability of financial systems to ameliorate information and transaction costs—may be necessary for sustaining growth.

Finance, Inequality, and Poverty

Thorsten Beck,Asl? Demirgüç-Kunt,Ross Levine
Finance Inequality and Poverty Book PDF

Author : Thorsten Beck,Asl? Demirgüç-Kunt,Ross Levine
Publisher : World Bank Publications
Page : 36 pages
File Size : 42,9 Mb
Release : 2004
Category : Finance
ISBN : 8210379456XXX

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Finance, Inequality, and Poverty by Thorsten Beck,Asl? Demirgüç-Kunt,Ross Levine Pdf

"While substantial research finds that financial development boosts overall economic growth, we study whether financial development disproportionately raises the incomes of the poor and alleviates poverty. Using a broad cross-country sample, we distinguish among competing theoretical predictions about the impact of financial development on changes in income distribution and poverty alleviation. We find that financial development reduces income inequality by disproportionately boosting the incomes of the poor. Countries with better-developed financial intermediaries experience faster declines in measures of both poverty and income inequality. These results are robust to controlling for other country characteristics and potential reverse causality"--National Bureau of Economic Research web site.

Class and Inequality in the Time of Finance

Niamh Mulcahy
Class and Inequality in the Time of Finance Book PDF

Author : Niamh Mulcahy
Publisher : Routledge
Page : 176 pages
File Size : 50,7 Mb
Release : 2021-09-09
Category : Social Science
ISBN : 9781000427813

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Class and Inequality in the Time of Finance by Niamh Mulcahy Pdf

This book explores the effects of the gradual liberalisation of capital markets and the expansion of consumer credit on poorer households in the United Kingdom, with particular attention to the precariousness caused by a lack of savings and a reliance on debt. Asking what it means for poorer working individuals and households to be subject to the demands of finance, the author draws on Michel Foucault’s theory of subjectivation as well as Louis Althusser’s interest in class, actively theorising the constraints of low income or precarious work on financial planning, alongside the reorganisation or rollback of government benefits. A contribution to our understanding of the ways in which financial concerns deepen and expand economic inequality, Class and Inequality in the Time of Finance shows how finance stratifies individual subjects rather than simply individualising and separating them. As such, it will appeal to scholars of sociology with interests in neoliberalism, economic austerity, and consumer credit and debt.

Divested

Ken-Hou Lin,Megan Tobias Neely
Divested Book PDF

Author : Ken-Hou Lin,Megan Tobias Neely
Publisher : Oxford University Press, USA
Page : 241 pages
File Size : 46,5 Mb
Release : 2020-01-06
Category : Business & Economics
ISBN : 9780190638313

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Divested by Ken-Hou Lin,Megan Tobias Neely Pdf

Finance is an inescapable part of American life. From how one pursues an education, buys a home, runs a business, or saves for retirement, finance orders the lives of ordinary Americans. And as finance continues to expand, inequality soars. In Divested, Ken-Hou Lin and Megan Tobias Neely demonstrate why widening inequality cannot be understood without examining the rise of big finance. The growth of the financial sector has dramatically transformed the American economy by redistributing resources from workers and families into the hands of owners, executives, and financial professionals. The average American is now divested from a world driven by the maximization of financial profit. Lin and Neely provide systematic evidence to document how the ascendance of finance on Wall Street, Main Street, and among households is a fundamental cause of economic inequality. They argue that finance has reshaped the economy in three important ways. First, the financial sector extracts resources from the economy at large without providing economic benefits to those outside the financial services industry. Second, firms in other economic sectors have become increasingly involved in lending and investing, which weakens the demand for labor and the bargaining power of workers. And third, the escalating consumption of financial products by households shifts risks and uncertainties once shouldered by unions, corporations, and governments onto families. A clear, comprehensive, and convincing account of the forces driving economic inequality in America, Divested warns us that the most damaging consequence of the expanding financial system is not simply recurrent financial crises but a widening social divide between the have and have-nots.

Financial Development, Inequality and Poverty

Mr.Sami Ben Naceur,RuiXin Zhang
Financial Development Inequality and Poverty Book PDF

Author : Mr.Sami Ben Naceur,RuiXin Zhang
Publisher : International Monetary Fund
Page : 28 pages
File Size : 44,9 Mb
Release : 2016-02-19
Category : Business & Economics
ISBN : 9781498359283

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Financial Development, Inequality and Poverty by Mr.Sami Ben Naceur,RuiXin Zhang Pdf

This paper provides evidence on the link between financial development and income distribution. Several dimensions of financial development are considered: financial access, efficiency, stability, and liberalization. Each aspect is represented by two indicators: one related to financial institutions, and the other to financial markets. Using a sample of 143 countries from 1961 to 2011, the paper finds that four of the five dimensions of financial development can significantly reduce income inequality and poverty, except financial liberalization, which tends to exacerbate them. Also, banking sector development tends to provide a more significant impact on changing income distribution than stock market development. Together, these findings are consistent with the view that macroeconomic stability and reforms that strengthen creditor rights, contract enforcement, and financial institution regulation are needed to ensure that financial development and liberalization fully support the reduction of poverty and income equality.

Financialization of the economy and income inequality in selected OIC and OECD countries

Fatima Muhammad Abdulkarim,Abbas Mirakhor,Baharom Abdul Hamid
Financialization of the economy and income inequality in selected OIC and OECD countries Book PDF

Author : Fatima Muhammad Abdulkarim,Abbas Mirakhor,Baharom Abdul Hamid
Publisher : Walter de Gruyter GmbH & Co KG
Page : 133 pages
File Size : 43,6 Mb
Release : 2019-11-18
Category : Business & Economics
ISBN : 9783110599404

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Financialization of the economy and income inequality in selected OIC and OECD countries by Fatima Muhammad Abdulkarim,Abbas Mirakhor,Baharom Abdul Hamid Pdf

Income inequality is a serious problem confronting not only the developed world but also developing countries. Recently, financialization has been one of the culprits identified in literature as one of the cause of income inequality. This book offers the only detailed presentation of the how financialization aided the spread of income inequality in Organization of Islamic Cooperation, OIC countries. Finance has taking a center stage in the affairs of most developing economies, surpassing the real sector of the economy. The result is the creation of an indebted society in which people are comfortable with financing their financial needs through credit. This creates a debt laden society that is trapped in the cycle of debt. This book represents a comprehensive and indispensable source for students, practitioners and the general public at large. It presents data which shows the buildup of debt and the rising income inequality in Muslim countries. It includes discussion of the rise in rentier income, financialization of everyday life, decline in physical capital accumulation and deregulation of the financial sector. The book therefore, proffers solutions on how Muslim countries can come out of the present economic problem facing them. The promotion and adoption of Islamic principles, which promotes risk sharing based contracts as against debt based transaction is the way to go. When financial contracts are based on the principles of risk sharing, any gains from economic activities get to be shared equitably. Hence, not only capital owners get to enjoy the benefit from the income derived from investments, but rather, all parties that partake in the contract. Distinguished by its clarity and readability as it is written in a very easy to understand language, it is an important reference work for any concerned individual interested on the recent causes of income inequality in Muslim World.

Inequality and Finance in Macrodynamics

Bettina Bökemeier,Alfred Greiner
Inequality and Finance in Macrodynamics Book PDF

Author : Bettina Bökemeier,Alfred Greiner
Publisher : Springer
Page : 270 pages
File Size : 44,6 Mb
Release : 2017-04-26
Category : Business & Economics
ISBN : 9783319546902

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Inequality and Finance in Macrodynamics by Bettina Bökemeier,Alfred Greiner Pdf

This contributed volume combines approaches of the current inequality debate with aspects of finance based on profound macroeconomic model analyses. Research on inequality has had a long tradition in economics. With the financial crisis from 2007, not only output decreased tremendously, but also inequality has risen since then. The book presents selected contributions of a workshop held at Bielefeld University in 2016 and features additional papers written by experts in the field. A mixture of established researchers and young scholars presents both theoretical and empirical frameworks to analyze the subject.

Finance, Inequality, and Poverty

Thorsten Beck,Asli Demirguc-Kunt,Ross Levine
Finance Inequality and Poverty Book PDF

Author : Thorsten Beck,Asli Demirguc-Kunt,Ross Levine
Publisher : Unknown
Page : 128 pages
File Size : 46,7 Mb
Release : 2013
Category : Electronic
ISBN : OCLC:931678579

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Finance, Inequality, and Poverty by Thorsten Beck,Asli Demirguc-Kunt,Ross Levine Pdf

While substantial research finds that financial development boosts overall economic growth, the authors study whether financial development is pro-poor: Does financial development disproportionately raise the income of the poor? Using a broad cross-country sample, the authors find that the answer is yes: Financial intermediary development reduces income inequality by disproportionately boosting the income of the poor and therefore reduces poverty. This result is robust to controlling for simultaneity bias and reverse causation.

Finance, Growth and Inequality

Louis-Philippe Rochon,Virginie Monvoisin
Finance Growth and Inequality Book PDF

Author : Louis-Philippe Rochon,Virginie Monvoisin
Publisher : Edward Elgar Publishing
Page : 328 pages
File Size : 42,9 Mb
Release : 2019
Category : Electronic
ISBN : 9781788973694

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Finance, Growth and Inequality by Louis-Philippe Rochon,Virginie Monvoisin Pdf

This book brings together some leading and emerging scholars who bring an alternative view on some of the most pressing issues of today. In addition to key concepts in post-Keynesian and heterodox economics, the authors also explore financialization, debt, income distribution, and policies, and the emerging threat of dualism. Policy makers and scholars alike will find the book a much need addition to the field.

Identifying Constraints to Financial Inclusion and Their Impact on GDP and Inequality

Ms.Era Dabla-Norris,Yan Ji,Robert Townsend,Ms.Filiz Unsal
Identifying Constraints to Financial Inclusion and Their Impact on GDP and Inequality Book PDF

Author : Ms.Era Dabla-Norris,Yan Ji,Robert Townsend,Ms.Filiz Unsal
Publisher : International Monetary Fund
Page : 49 pages
File Size : 40,9 Mb
Release : 2015-01-27
Category : Business & Economics
ISBN : 9781498381598

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Identifying Constraints to Financial Inclusion and Their Impact on GDP and Inequality by Ms.Era Dabla-Norris,Yan Ji,Robert Townsend,Ms.Filiz Unsal Pdf

We develop a micro-founded general equilibrium model with heterogeneous agents to identify pertinent constraints to financial inclusion. We evaluate quantitatively the policy impacts of relaxing each of these constraints separately, and in combination, on GDP and inequality. We focus on three dimensions of financial inclusion: access (determined by the size of participation costs), depth (determined by the size of collateral constraints resulting from limited commitment), and intermediation efficiency (determined by the size of interest rate spreads and default possibilities due to costly monitoring). We take the model to a firm-level data from the World Bank Enterprise Survey for six countries at varying degrees of economic development—three low-income countries (Uganda, Kenya, Mozambique), and three emerging market countries (Malaysia, the Philippines, and Egypt). The results suggest that alleviating different financial frictions have a differential impact across countries, with country-specific characteristics playing a central role in determining the linkages and tradeoffs between inclusion, GDP, inequality, and the distribution of gains and losses.

Financial Globalization and Inequality: Capital Flows as a Two-Edged Sword

Mr.Barry J. Eichengreen,Mr.Balazs Csonto,Ms.Asmaa A ElGanainy,Zsoka Koczan
Financial Globalization and Inequality Capital Flows as a Two Edged Sword Book PDF

Author : Mr.Barry J. Eichengreen,Mr.Balazs Csonto,Ms.Asmaa A ElGanainy,Zsoka Koczan
Publisher : International Monetary Fund
Page : 37 pages
File Size : 48,8 Mb
Release : 2021-01-08
Category : Business & Economics
ISBN : 9781513566382

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Financial Globalization and Inequality: Capital Flows as a Two-Edged Sword by Mr.Barry J. Eichengreen,Mr.Balazs Csonto,Ms.Asmaa A ElGanainy,Zsoka Koczan Pdf

We review the debate on the association of financial globalization with inequality. We show that the within-country distributional impact of capital account liberalization is context specific and that different types of flows have different distributional effects. Their overall impact depends on the composition of capital flows, their interaction, and on broader economic and institutional conditions. A comprehensive set of policies – macroeconomic, financial and labor- and product-market specific – is important for facilitating wider sharing of the benefits of financial globalization.

Inequality in Financial Inclusion and Income Inequality

Goksu Aslan,Corinne Deléchat,Ms.Monique Newiak,Mr.Fan Yang
Inequality in Financial Inclusion and Income Inequality Book PDF

Author : Goksu Aslan,Corinne Deléchat,Ms.Monique Newiak,Mr.Fan Yang
Publisher : International Monetary Fund
Page : 32 pages
File Size : 44,8 Mb
Release : 2017-11-07
Category : Business & Economics
ISBN : 9781484328729

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Inequality in Financial Inclusion and Income Inequality by Goksu Aslan,Corinne Deléchat,Ms.Monique Newiak,Mr.Fan Yang Pdf

We investigate the link between gender inequality in financial inclusion and income inequality, with three contributions to the recent literature. First, using a micro-dataset covering 146,000 individuals in over 140 countries, we construct novel, synthetic indices of the intensity of financial inclusion at the individual and country level. Second, we derive the distribution of individual financial access “scores” across countries to document a “Kuznets”-curve in financial inclusion. Third, cross-country regressions confirm that our measure of inequality in financial access is significantly related to income inequality, above and beyond other factors previously highlighted in the literature.

Income Inequality

Brian Keeley,Oecd
Income Inequality Book PDF

Author : Brian Keeley,Oecd
Publisher : Org. for Economic Cooperation & Development
Page : 120 pages
File Size : 48,6 Mb
Release : 2015-12-21
Category : Electronic
ISBN : 9264246002

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Income Inequality by Brian Keeley,Oecd Pdf

Income inequality is rising. A quarter of a century ago, the average disposable income of the richest 10% in OECD countries was around seven times higher than that of the poorest 10%; today, it's around 9½ times higher. Why does this matter? Many fear this widening gap is hurting individuals, societies and even economies. This book explores income inequality across five main headings. It starts by explaining some key terms in the inequality debate. It then examines recent trends and explains why income inequality varies between countries. Next it looks at why income gaps are growing and, in particular, at the rise of the 1%. It then looks at the consequences, including research that suggests widening inequality could hurt economic growth. Finally, it examines policies for addressing inequality and making economies more inclusive.