金融发展、经济增长和收入不平等：Toda Yamamoto面板因果检验

IF 0.9 Q3 ECONOMICS

Economics and Business Letters Pub Date : 2023-07-13 DOI:10.17811/ebl.12.2.2023.172-185

Theodora Sotiropoulou, S. Giakoumatos, Antonios Georgopoulos

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引用次数: 1

摘要

本文利用1987-2017年期间23个欧盟国家的面板数据，研究了金融发展、经济增长和收入不平等之间的因果关系。实证研究采用了三变量Granger非因果关系检验的异质面板，采用了Toda和Yamamoto方法，使用了几个金融发展指标来捕捉银行系统和股票市场的不同维度。研究结果表明，金融发展与经济增长、金融发展与收入不平等之间的因果关系方向喜忧参半。此外，研究结果支持经济增长与不平等之间的双向因果关系以及不平等与增长之间的单向因果关系。政策制定者可以主要关注经济增长，以提高对金融服务的需求并鼓励收入分配。

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Financial development, economic growth, and income inequality: a Toda-Yamamoto panel causality test

This paper examines the causality between financial development, economic growth, and income inequality using panel data for 23 European Union countries over the period 1987-2017. The empirical study employs a trivariate setting of Granger non-causality test of heterogeneous panels adopting the Toda and Yamamoto approach using several proxies of financial development capturing different dimensions of the banking system and stock markets. The findings suggest mixed evidence for the causality direction between financial development and economic growth and financial development and income inequality. In addition, the results support bidirectional causality between economic growth and inequality and one-way causality from inequality to growth. The policymakers can focus primarily on economic growth to raise the demand for financial services and encourage income distribution.

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来源期刊

Economics and Business Letters ECONOMICS-

CiteScore

1.80

自引率

11.10%

发文量

期刊介绍： Economics and Business Letters is an open access journal that publishes both theoretical and empirical quality original papers in all economics and business fields. In addition, relevant discussions on current policy issues will be considered for the Policy Watch section. As general strategy of EBL, the journal will launch calls for papers for special issues on topics of interest, generally with invited guest editors. The maximum length of the letters is limited to 2,500 words.