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

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dc.contributor.authorRodríguez, José Miguel
dc.contributor.authorCuesta González, Marta María de la
dc.contributor.authorRuza Paz-Curbera, Cristina
dc.date.accessioned2024-05-20T11:23:16Z
dc.date.available2024-05-20T11:23:16Z
dc.date.issued2020-07-06
dc.description.abstractFinancial 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.en
dc.description.versionversión final
dc.identifier.doihttps://doi.org/10.3390/su12135449
dc.identifier.issn2071-1050
dc.identifier.urihttps://hdl.handle.net/20.500.14468/11864
dc.journal.issue13
dc.journal.titleSustainability
dc.journal.volume12
dc.language.isoen
dc.publisherMDPI
dc.relation.centerFacultad de Ciencias Económicas y Empresariales
dc.relation.departmentEconomía Aplicada
dc.rightsinfo:eu-repo/semantics/openAccess
dc.rights.urihttp://creativecommons.org/licenses/by/4.0
dc.subject.keywordsFinancial depth
dc.subject.keywordsresilience
dc.subject.keywordsincome inequality
dc.subject.keywordscomposite indicator
dc.subject.keywordscrisis
dc.subject.keywordsbanking
dc.titleRethinking the Income Inequality and Financial Development Nexus. A Study of Nine OECD Countrieses
dc.typejournal articleen
dc.typeartículoes
dspace.entity.typePublication
relation.isAuthorOfPublication66549a85-3284-4b84-993e-46572705bb8c
relation.isAuthorOfPublication95ac2766-384f-48fe-8330-99ae31120652
relation.isAuthorOfPublication.latestForDiscovery66549a85-3284-4b84-993e-46572705bb8c
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