银行、金融市场和收入不平等

IF 2.8 3区 经济学 Q2 BUSINESS, FINANCE
Yousef Makhlouf, Neil M. Kellard, Dmitri V. Vinogradov
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引用次数: 0

摘要

虽然人们经常发现金融发展会加剧收入不平等,但目前尚不清楚金融体系的构成是否会产生影响。在1975年至2020年期间的99个国家的样本中,银行在提供金融服务方面相对于市场活动的增加与发展中国家的不平等程度降低密切相关,而与发达经济体的不平等程度增加密切相关。考虑再分配系统并不能改变这一发现;银行业集中度放大了这种影响。研究结果表明,在经济发展的早期阶段,银行的工作范围是广泛的,但在较高的发展水平上,银行的工作范围转向了密集的,在那里它们越来越多地为富人的利益服务。更高的市场支撑力使银行能够更好地追求各自的目标。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Banks, financial markets, and income inequality
Abstract While financial development is often found to raise income inequality, it remains unclear whether the composition of the financial system makes a difference. In our sample of 99 countries over the period 1975–2020, increased activity of banks relative to markets in the provision of financial services is robustly associated with less inequality in the developing world yet with more inequality in developed economies. Accounting for redistribution systems does not alter this finding; banking sector concentration amplifies the effects. Results suggest that banks work at the extensive margin at earlier stages of economic development yet shift to the intensive margin at higher levels of development, where they increasingly serve the interests of the rich. Higher market power enables banks to better pursue their objectives at each of the margins.
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来源期刊
CiteScore
5.70
自引率
6.90%
发文量
143
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