Financial development, international financial integration, and income inequality: An emerging markets perspective

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Research in International Business and Finance Pub Date : 2025-05-01 DOI:10.1016/j.ribaf.2025.102917

Zal Yıldırım , İlkay Şendeniz-Yüncü

引用次数: 0

Abstract

This study examines the effect of financial development and financial integration on income inequality in 31 emerging and developing countries over the period 2000–2019. The empirical analysis in this study employs the Generalized Method of Moments (GMM) approach. Our findings show that banking sector development is associated with increased income inequality, whereas stock market development is associated with reduced inequality, particularly when both banking and stock market indicators are simultaneously included in the regressions. This study contributes to the literature by providing evidence on the critical role of both bank-based and market-based development measures in addressing the financial sector’s influence on income inequality. We further show that financial openness mitigates income inequality, contributing to a relatively understudied area of literature.

查看原文本刊更多论文

金融发展、国际金融一体化与收入不平等：新兴市场视角

本研究考察了2000-2019年期间31个新兴和发展中国家的金融发展和金融一体化对收入不平等的影响。本研究的实证分析采用广义矩量法（GMM）方法。我们的研究结果表明，银行业的发展与收入不平等的加剧有关，而股市的发展与收入不平等的减少有关，特别是当银行和股市指标同时被纳入回归时。本研究通过提供证据证明基于银行和基于市场的发展措施在解决金融部门对收入不平等的影响方面的关键作用，为文献做出了贡献。我们进一步表明，金融开放缓解了收入不平等，这有助于一个相对未被充分研究的文献领域。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

求助全文

约1分钟内获得全文求助全文

来源期刊

Research in International Business and Finance BUSINESS, FINANCE-

CiteScore

11.20

自引率

9.20%

发文量

240

期刊介绍： Research in International Business and Finance (RIBAF) seeks to consolidate its position as a premier scholarly vehicle of academic finance. The Journal publishes high quality, insightful, well-written papers that explore current and new issues in international finance. Papers that foster dialogue, innovation, and intellectual risk-taking in financial studies; as well as shed light on the interaction between finance and broader societal concerns are particularly appreciated. The Journal welcomes submissions that seek to expand the boundaries of academic finance and otherwise challenge the discipline. Papers studying finance using a variety of methodologies; as well as interdisciplinary studies will be considered for publication. Papers that examine topical issues using extensive international data sets are welcome. Single-country studies can also be considered for publication provided that they develop novel methodological and theoretical approaches or fall within the Journal''s priority themes. It is especially important that single-country studies communicate to the reader why the particular chosen country is especially relevant to the issue being investigated. [...] The scope of topics that are most interesting to RIBAF readers include the following: -Financial markets and institutions -Financial practices and sustainability -The impact of national culture on finance -The impact of formal and informal institutions on finance -Privatizations, public financing, and nonprofit issues in finance -Interdisciplinary financial studies -Finance and international development -International financial crises and regulation -Financialization studies -International financial integration and architecture -Behavioral aspects in finance -Consumer finance -Methodologies and conceptualization issues related to finance