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- handle: 10670/1.tmzacn
- hal: hal-04126139
- doi: 10.1016/j.jimonfin.2023.102807
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info:eu-repo/semantics/altIdentifier/doi/10.1016/j.jimonfin.2023.102807
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Social inequality Social equality Inequality EgalitarianismCiter ce document
Michael Brei et al., « Financial structure and income inequality », HAL-SHS : économie et finance, ID : 10.1016/j.jimonfin.2023.102807
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We empirically investigate whether financial structures affect income inequality. Using panel data for 97 economies covering above two decades preceding the FinTech surge we uncover a non-monotonic relationship. More finance reduces income inequality up to a certain point, beyond which inequality rises if finance expands via market-based financing, while it does not when finance grows via bank lending. The finance-inequality relationship is not structurally affected by the occurrence of crises, while it is reinforced in countries featuring a higher degree of financial openness. Financial deepening always reduces inequality when it takes the form of improved financial access.