Finance and income inequality in OECD countries:
Using data from OECD countries over the past three decades, this paper shows that financial expansion has fuelled greater income inequality. Higher levels of credit intermediation and stock markets are both related with a more unequal distribution of income. Greater income inequality may not reduce...
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| Main Author: | |
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| Other Authors: | |
| Format: | Electronic eBook |
| Language: | English |
| Published: |
Paris
OECD Publishing
2015
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| Series: | OECD Economics Department Working Papers
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| Subjects: | |
| Online Access: | Volltext |
| Summary: | Using data from OECD countries over the past three decades, this paper shows that financial expansion has fuelled greater income inequality. Higher levels of credit intermediation and stock markets are both related with a more unequal distribution of income. Greater income inequality may not reduce the welfare of even the lowest earners so long as their income growth is not negatively affected. Numerical simulations based on a novel empirical methodology indicate, however, that the financial expansion has put a brake on the income growth of many low- and middle-income households. No evidence is found that financial crises explain the observed relationships. While causality is difficult to establish beyond doubt, the paper finds credit patterns which are inconsistent with reverse causality running from greater income inequality to more household borrowing |
| Physical Description: | 1 Online-Ressource (41 Seiten) 21 x 29.7cm |
| DOI: | 10.1787/5js04v5jm2hl-en |
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| spelling | Denk, Oliver Verfasser aut Finance and income inequality in OECD countries Oliver Denk and Boris Cournède = Finance et les inégalités de revenus dans les pays de l'OCDE / Oliver Denk et Boris Cournède Finance et les inégalités de revenus dans les pays de l'OCDE Paris OECD Publishing 2015 1 Online-Ressource (41 Seiten) 21 x 29.7cm txt rdacontent c rdamedia cr rdacarrier OECD Economics Department Working Papers Using data from OECD countries over the past three decades, this paper shows that financial expansion has fuelled greater income inequality. Higher levels of credit intermediation and stock markets are both related with a more unequal distribution of income. Greater income inequality may not reduce the welfare of even the lowest earners so long as their income growth is not negatively affected. Numerical simulations based on a novel empirical methodology indicate, however, that the financial expansion has put a brake on the income growth of many low- and middle-income households. No evidence is found that financial crises explain the observed relationships. While causality is difficult to establish beyond doubt, the paper finds credit patterns which are inconsistent with reverse causality running from greater income inequality to more household borrowing Economics Cournède, Boris ctb https://doi.org/10.1787/5js04v5jm2hl-en Verlag kostenfrei Volltext |
| spellingShingle | Denk, Oliver Finance and income inequality in OECD countries Economics |
| title | Finance and income inequality in OECD countries |
| title_alt | Finance et les inégalités de revenus dans les pays de l'OCDE |
| title_auth | Finance and income inequality in OECD countries |
| title_exact_search | Finance and income inequality in OECD countries |
| title_exact_search_txtP | Finance and income inequality in OECD countries |
| title_full | Finance and income inequality in OECD countries Oliver Denk and Boris Cournède = Finance et les inégalités de revenus dans les pays de l'OCDE / Oliver Denk et Boris Cournède |
| title_fullStr | Finance and income inequality in OECD countries Oliver Denk and Boris Cournède = Finance et les inégalités de revenus dans les pays de l'OCDE / Oliver Denk et Boris Cournède |
| title_full_unstemmed | Finance and income inequality in OECD countries Oliver Denk and Boris Cournède = Finance et les inégalités de revenus dans les pays de l'OCDE / Oliver Denk et Boris Cournède |
| title_short | Finance and income inequality in OECD countries |
| title_sort | finance and income inequality in oecd countries |
| topic | Economics |
| topic_facet | Economics |
| url | https://doi.org/10.1787/5js04v5jm2hl-en |
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