FINANCE AND INEQUALITY: HOW DOES GLOBALIZATION CHANGE THEIR RELATIONSHIP?

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<jats:p>This research demonstrates that international financial integration changes the way in which financial development affects inequality within a country. Specifically, both cross-country analysis and dynamic panel data analysis using data collected from more than 100 countries provide evidence indicating that if the financial market of a country is strongly closed to the world market, financial development narrows inequality within that country, whereas if the financial market of a country is strongly open to the world market, financial development widens inequality within that country. Our theoretical framework provides a possible explanation for our empirical findings.</jats:p>

Journal

  • Macroeconomic Dynamics

    Macroeconomic Dynamics 18 (5), 1091-1128, 2013-06-04

    Cambridge University Press (CUP)

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