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Persistence of high income inequality and banking crises: 1980-2010

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  • G. Bellettini
  • F. Delbono

Abstract

Differently from Atkinson and Morelli (2011) who detect no clear link between increases in income inequality and systemic banking crises, we show that a large majority of crises occurred between 1982 and 2008 have been preceded by persistently high levels of income inequality. Such association is robust when considering Gini values for incomes after-tax as well as before-tax and transfers. Moreover, we investigate the pattern of income inequality levels before and after a group of banking crises and the relative levels of income inequality in a large sample of OECD countries that did not experience banking crises between 1980 and 2010.

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Paper provided by Dipartimento Scienze Economiche, Universita' di Bologna in its series Working Papers with number wp885.

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Date of creation: Jun 2013
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Handle: RePEc:bol:bodewp:wp885

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  1. Anthony B. Atkinson & Thomas Piketty & Emmanuel Saez, 2009. "Top Incomes in the Long Run of History," NBER Working Papers 15408, National Bureau of Economic Research, Inc.
  2. Rodrik, Dani & Alesina, Alberto, 1994. "Distributive Politics and Economic Growth," Scholarly Articles 4551798, Harvard University Department of Economics.
  3. Jean-Paul Fitoussi & Francesco Saraceno, 2009. "How Deep is a Crisis? Policy Responses and Structural Factors Behind Diverging Performances," Documents de Travail de l'OFCE, Observatoire Francais des Conjonctures Economiques (OFCE) 2009-31, Observatoire Francais des Conjonctures Economiques (OFCE).
  4. Engelbert Stockhammer, 2012. "Rising Inequality as a Root Cause of the Present Crisis," Working Papers, Political Economy Research Institute, University of Massachusetts at Amherst wp282, Political Economy Research Institute, University of Massachusetts at Amherst.
  5. Michael Bordo & Barry Eichengreen & Daniela Klingebiel & Maria Soledad Martinez-Peria, 2001. "Is the crisis problem growing more severe?," Economic Policy, CEPR;CES;MSH, CEPR;CES;MSH, vol. 16(32), pages 51-82, 04.
  6. Carmen M. Reinhart & Kenneth S. Rogoff, 2009. "This Time Is Different: Eight Centuries of Financial Folly," Economics Books, Princeton University Press, Princeton University Press, edition 1, volume 1, number 8973.
  7. Michael D. Bordo & Christopher M. Meissner, 2012. "Does Inequality Lead to a Financial Crisis?," NBER Working Papers 17896, National Bureau of Economic Research, Inc.
  8. Luca Agnello & Ricardo M. Sousa, 2012. "How do banking crises impact on income inequality?," Applied Economics Letters, Taylor & Francis Journals, Taylor & Francis Journals, vol. 19(15), pages 1425-1429, October.
  9. van Treeck, Till & Sturn, Simon, 2012. "Income inequality as a cause of the Great Recession? : A survey of current debates," ILO Working Papers, International Labour Organization 470934, International Labour Organization.
  10. Anthony B. Atkinson & Salvatore Morelli, 2011. "Economic crises and Inequality," Human Development Research Papers (2009 to present), Human Development Report Office (HDRO), United Nations Development Programme (UNDP) HDRP-2011-06, Human Development Report Office (HDRO), United Nations Development Programme (UNDP).
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Cited by:
  1. Heshmati, Almas & Kim, Jungsuk, 2014. "A Survey of the Role of Fiscal Policy in Addressing Income Inequality, Poverty Reduction and Inclusive Growth," IZA Discussion Papers 8119, Institute for the Study of Labor (IZA).

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