Finance and Inequality : Theory and Evidence

In this paper, we critically review the literature on finance and inequality, highlighting substantive gaps in the literature. Finance plays a crucial role in the preponderance of theories of persistent inequality. Unsurprisingly, therefore, economic theory provides a rich set of predictions concern...

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Main Authors:	Demirguc-Kunt, Asli, Levine, Ross
Format:	Journal Article
Language:	EN
Published:	2012
Subjects:	Personal Income, Wealth, and Their Distributions D310 Equity, Justice, Inequality, and Other Normative Criteria and Measurement D630 Banks Other Depository Institutions Micro Finance Institutions Mortgages G210 Economic Development: Financial Markets Saving and Capital Investment Corporate Finance and Governance O160 Measurement of Economic Growth Aggregate Productivity Cross-Country Output Convergence O470
Online Access:	http://hdl.handle.net/10986/5639

id	okr-10986-5639
recordtype	oai_dc
spelling	okr-10986-56392021-04-23T14:02:23Z Finance and Inequality : Theory and Evidence Demirguc-Kunt, Asli Levine, Ross Personal Income, Wealth, and Their Distributions D310 Equity, Justice, Inequality, and Other Normative Criteria and Measurement D630 Banks Other Depository Institutions Micro Finance Institutions Mortgages G210 Economic Development: Financial Markets Saving and Capital Investment Corporate Finance and Governance O160 Measurement of Economic Growth Aggregate Productivity Cross-Country Output Convergence O470 In this paper, we critically review the literature on finance and inequality, highlighting substantive gaps in the literature. Finance plays a crucial role in the preponderance of theories of persistent inequality. Unsurprisingly, therefore, economic theory provides a rich set of predictions concerning both the impact of finance on inequality and about the relevant mechanisms. While subject to ample qualifications, the bulk of empirical research suggests that improvements in financial contracts, markets, and intermediaries expand economic opportunities and reduce inequality. Yet, there is a shortage of theoretical and empirical research on the potentially enormous impact of formal financial sector policies, such as bank regulations and securities law, on persistent inequality. Furthermore, we lack a conceptual framework for considering the joint and endogenous evolution of finance, inequality, and economic growth. 2012-03-30T07:33:48Z 2012-03-30T07:33:48Z 2009 Journal Article Annual Review of Financial Economics 19411367 http://hdl.handle.net/10986/5639 EN http://creativecommons.org/licenses/by-nc-nd/3.0/igo World Bank Journal Article
repository_type	Digital Repository
institution_category	Foreign Institution
institution	Digital Repositories
building	World Bank Open Knowledge Repository
collection	World Bank
language	EN
topic	Personal Income, Wealth, and Their Distributions D310 Equity, Justice, Inequality, and Other Normative Criteria and Measurement D630 Banks Other Depository Institutions Micro Finance Institutions Mortgages G210 Economic Development: Financial Markets Saving and Capital Investment Corporate Finance and Governance O160 Measurement of Economic Growth Aggregate Productivity Cross-Country Output Convergence O470
spellingShingle	Personal Income, Wealth, and Their Distributions D310 Equity, Justice, Inequality, and Other Normative Criteria and Measurement D630 Banks Other Depository Institutions Micro Finance Institutions Mortgages G210 Economic Development: Financial Markets Saving and Capital Investment Corporate Finance and Governance O160 Measurement of Economic Growth Aggregate Productivity Cross-Country Output Convergence O470 Demirguc-Kunt, Asli Levine, Ross Finance and Inequality : Theory and Evidence
relation	http://creativecommons.org/licenses/by-nc-nd/3.0/igo
description	In this paper, we critically review the literature on finance and inequality, highlighting substantive gaps in the literature. Finance plays a crucial role in the preponderance of theories of persistent inequality. Unsurprisingly, therefore, economic theory provides a rich set of predictions concerning both the impact of finance on inequality and about the relevant mechanisms. While subject to ample qualifications, the bulk of empirical research suggests that improvements in financial contracts, markets, and intermediaries expand economic opportunities and reduce inequality. Yet, there is a shortage of theoretical and empirical research on the potentially enormous impact of formal financial sector policies, such as bank regulations and securities law, on persistent inequality. Furthermore, we lack a conceptual framework for considering the joint and endogenous evolution of finance, inequality, and economic growth.
format	Journal Article
author	Demirguc-Kunt, Asli Levine, Ross
author_facet	Demirguc-Kunt, Asli Levine, Ross
author_sort	Demirguc-Kunt, Asli
title	Finance and Inequality : Theory and Evidence
title_short	Finance and Inequality : Theory and Evidence
title_full	Finance and Inequality : Theory and Evidence
title_fullStr	Finance and Inequality : Theory and Evidence
title_full_unstemmed	Finance and Inequality : Theory and Evidence
title_sort	finance and inequality : theory and evidence
publishDate	2012
url	http://hdl.handle.net/10986/5639
_version_	1764395779501326336

Finance and Inequality : Theory and Evidence

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