Rethinking the financial Kuznets curve in the framework of income inequality: Empirical evidence on advanced and developing economies

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Küçük Resim

Tarih

2019

Dergi Başlığı

Dergi ISSN

Cilt Başlığı

Yayıncı

UNIV OVIEDO, CAMPUS HUMANIDADES, EDIFICIO SERVICIOS,, OVIEDO, ASTURIAS 33011, SPAIN

Erişim Hakkı

info:eu-repo/semantics/openAccess
Attribution-NonCommercial-NoDerivs 3.0 United States

Özet

Contrary to the empirical findings that there is a negative link between financial sector development and income inequality, we introduce a different result: in the earlier stages of the financial and economic development, the level of income inequality decreases, but with an ongoing developmental process, the later stages show that the above-mentioned link between finance and inequality turns into positive within the framework of financial Kuznets curve. In terms of finance-inequality nexus, we find that neither markets nor institutions play a significant role for the decrease in income inequality. When the results are measured within this context, the study concludes that the U-shaped financial Kuznets curve hypothesis is valid in the sample countries.

Açıklama

Anahtar Kelimeler

Kuznets curve, financial development, income inequality, Globalization, U-shape, PANEL-DATA, LIBERALIZATION

Kaynak

ECONOMICS AND BUSINESS LETTERS

WoS Q Değeri

N/A

Scopus Q Değeri

Q2

Cilt

8

Sayı

4

Künye