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Stock market development and income inequality

Author

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  • Athanasios Tsagkanos

Abstract

Purpose - The purpose of this paper, in contrast to other studies, is to examine an indirect relationship in terms of the effect of income inequality with stock market development in countries South of the Euro-zone during the period 2002-2013. Design/methodology/approach - The author adopts a new econometric method, the Improved Augmented Regression Method, to obtain bias-reduced and stationary-corrected estimators. Findings - The results reveal a negative relationship that puts into doubt the recovery of growth. Originality/value - The new econometric methodology leads to a novel suggested policy on the need for reforms adopting a low-income tax rate system and reinforcement of export-oriented productivity. This conclusion is strengthened by the respective relationship in USA.

Suggested Citation

  • Athanasios Tsagkanos, 2017. "Stock market development and income inequality," Journal of Economic Studies, Emerald Group Publishing Limited, vol. 44(1), pages 87-98, January.
    • Handle: RePEc:eme:jespps:jes-08-2015-0155
    DOI: 10.1108/JES-08-2015-0155
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    Citations

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    Cited by:

    1. Mostafa Harakeh & Ghida Matar & Nagham Sayour, 2020. "Information asymmetry and dividend policy of Sarbanes-Oxley Act," Journal of Economic Studies, Emerald Group Publishing Limited, vol. 47(6), pages 1507-1532, April.
    2. Alshubiri, Faris, 2021. "Financial deepening indicators and income inequality of OECD and ASIAN countries," The Journal of Economic Asymmetries, Elsevier, vol. 24(C).
    3. Marta de la Cuesta-González & Cristina Ruza & José M. Rodríguez-Fernández, 2020. "Rethinking the Income Inequality and Financial Development Nexus. A Study of Nine OECD Countries," Sustainability, MDPI, vol. 12(13), pages 1-18, July.
    4. Shah, Syed Faisal & Albaity, Mohamed, 2022. "The role of trust, investor sentiment, and uncertainty on bank stock return performance: Evidence from the MENA region," The Journal of Economic Asymmetries, Elsevier, vol. 26(C).
    5. Biruk B. Ashenafi & Dong Yan, 2023. "Financial intermediation, inclusion, Fintech, and income inequality in Africa: Robust evidence from the supply and demand side data," Economic Notes, Banca Monte dei Paschi di Siena SpA, vol. 52(2), July.
    6. Chyan-Long Jan, 2021. "Detection of Financial Statement Fraud Using Deep Learning for Sustainable Development of Capital Markets under Information Asymmetry," Sustainability, MDPI, vol. 13(17), pages 1-20, September.

    More about this item

    Keywords

    Income inequality; Stock market development; Economic growth and policy; South of Euro-zone; E6; G15; G18;
    All these keywords.

    JEL classification:

    • E6 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation

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