Rethinking the Income Inequality and Financial Development Nexus. A Study of Nine OECD Countries

Cuesta, Marta de la, Ruza, Cristina y Rodríguez, José Miguel . (2020) Rethinking the Income Inequality and Financial Development Nexus. A Study of Nine OECD Countries. Sustainability 12 (13), (2020)

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Título Rethinking the Income Inequality and Financial Development Nexus. A Study of Nine OECD Countries
Autor(es) Cuesta, Marta de la
Ruza, Cristina
Rodríguez, José Miguel
Materia(s) Economía
Abstract Financial crises have devastating effects in terms of income inequality. The recent financial crisis has provoked that inequality within advanced countries has returned to the prevailing levels of a century ago. In this article we look at the relationship between financial development and income inequality from a comprehensive perspective. Our hypotheses state that not only financial depth through credit expansion or capital markets activity matter in terms of income inequality, but also the financial system resilience. We look at a group of OCDE developed countries during the period 2000-2015 and the results confirm that in terms of credit provision there is a point of until which income inequality improves, but beyond this threshold further financial deepening will lead to a reverse effect, in line with the "Too much finance hypothesis". The role of capital markets exerts a widening income inequality effect while financial system resilience helps in alleviating existing income inequality. We recommend regulators and policymakers to pay more attention to financial depth variables, the behaviour of financial intermediaries and the environment in which they operate.
Palabras clave Financial depth
income inequality
composite indicator
Editor(es) MDPI
Fecha 2020-07-06
Formato application/pdf
Identificador bibliuned:DptoEA-FECO-Articulos-Cruza-002
DOI - identifier
ISSN - identifier 2071-1050
Nombre de la revista Sustainability
Número de Volumen 12
Número de Issue 13
Publicado en la Revista Sustainability 12 (13), (2020)
Idioma eng
Versión de la publicación acceptedVersion
Tipo de recurso Article
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Tipo de acceso Acceso abierto
Notas adicionales The registered version of this article, first published in Sustainability, is available online at the publisher's website:
Notas adicionales La versión registrada de este artículo, publicado por primera vez en Sustainability, está disponible en línea en el sitio web del editor:

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Creado: Tue, 12 Dec 2023, 06:25:51 CET