期刊
JOURNAL OF INTERNATIONAL MONEY AND FINANCE
卷 93, 期 -, 页码 1-18出版社
ELSEVIER SCI LTD
DOI: 10.1016/j.jimonfin.2019.01.001
关键词
Income inequality; Financial development; Economic risk; Financial risk; Political risk; Panel smooth transition regression
资金
- Fundamental Research Funds for the Central Universities of China
- Ministry of Science and Technology of Taiwan [MOST 105-2410-H-110-006-MY2]
This study explores the non-linear effects of both finance development and country risks on income inequality when countries' risk changes through a broad sample of 59 countries over the period 1985-2015. Using the panel smooth transition regression model, our results present evidence of the different relationships among income inequality, finance development, and country risks under different degrees of country risk. For the full sample, we find evidence of the inequality-widening hypothesis under unstable economic, stable financial, and stable political environments. For the sub-samples, under stable economic and financial environments, high-income countries' income inequality can be improved through financial development. Moreover, we find a positive relationship between financial development and income inequality for low-income countries. (C) 2019 Elsevier Ltd. All rights reserved.
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