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Finance and Income Inequality: investigating their long-run relationship

  • Full or part time
    Dr D Bakas
  • Application Deadline
    Applications accepted all year round
  • Self-Funded PhD Students Only
    Self-Funded PhD Students Only

Project Description

There is an extensive literature investigating the relationship between finance and inequality. Theoretically, the impact of financial development on income inequality is ambiguous (Claessens and Perotti, 2007; Demirgüç‐Kunt and Levine, 2009), while on the empirical side, the numerous studies on the relationship between finance and inequality provide mixed findings (Demirgüç‐Kunt and Levine, 2009; Denk and Cournède, 2015). In addition, while there are several empirical papers on the relationship between the two variables there is no work that explores the long-run effects of financial development on income inequality. Finally, there is a renewed interest on the topic following the recent financial crisis. This research project aims to examine empirically the relationship between finance and income inequality. The first part of the project will be a systematic quantitative review of the empirical literature that aims to explore the dimensions of the observed heterogeneity of the empirical estimates using a meta-regression analysis. Additionally, the second part of the project will aim to investigate the long-run relationship between finance and income inequality. The empirical analysis on the second part will be conducted using data on a large sample of developed and developing countries by employing state-of-the-art panel data regression methods.


Beck, T., A. Demirgüç‐Kunt and R. Levine (2007), Finance, Inequality and the Poor, Journal of Economic Growth, 12, 27–49.
Claessens, S. and E. Perotti (2007), Finance and Inequality: Channels and Evidence, Journal of Comparative Economics, 35, 748–773.
Clarke, G., L. C. Xu and H. Zou (2006), Finance and Income Inequality: What Do the Data Tell Us?, Southern Economic Journal, 72, 578–596.
De Haan, J. and J. E. Sturm (2017), Finance and Income Inequality: A Review and New Evidence, European Journal of Political Economy, forthcoming.
Demirgüç‐Kunt, A. and R. Levine (2009), Finance and Inequality: Theory and Evidence, Annual Review of Financial Economics, 1, 287–318.
Denk, O. and B. Cournède (2015), Finance and Income Inequality in OECD Countries, OECD Economics Department Working Papers, No. 1224, OECD.
Greenwood, J. and B. Jovanovic (1990), Financial Development, Growth, and the Distribution of Income, Journal of Political Economy, 98, 1076–1107.

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