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Abstract

The econometric analysis of economic growth has always been subject to major flaws and shortcomings. Data scarcity and reliability, parameter heterogeneity, omitted variables bias, endogeneity problems, ... have seriously tainted estimation results. In this paper we propose an alternative framework that explicitly deals with these issues. We investigate the relation between income inequality and economic growth in a number of OECD countries in a cointegrated VAR-setting. Our results suggest that different models seem to hold for different countries. However, for most countries the imperfect markets model better describes reality than the complete markets model.

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File URL: http://128.118.178.162/eps/dev/papers/0402/0402005.pdf
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Bibliographic Info

Paper provided by EconWPA in its series Development and Comp Systems with number 0402005.

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Length: 31 pages
Date of creation: 16 Feb 2004
Date of revision:
Handle: RePEc:wpa:wuwpdc:0402005

Note: Type of Document - pdf; prepared on Win2000; pages: 31; figures: Figures in document
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Web page: http://128.118.178.162

Related research

Keywords: income inequality; economic growth; cointegrated VAR;

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Find related papers by JEL classification:

• O - Economic Development, Technological Change, and Growth
• P - Economic Systems

This paper has been announced in the following NEP Reports:

• NEP-ALL-2004-02-23 (All new papers)
• NEP-DEV-2004-02-23 (Development)
• NEP-MAC-2004-02-23 (Macroeconomics)

References

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1. Anthony B. Atkinson & Andrea Brandolini, 2000. "Promise and Pitfalls in the Use of 'Secondary' Data-Sets: Income Inequality in OECD Countries," Temi di discussione (Economic working papers) 379, Bank of Italy, Economic Research and International Relations Area.
   
   • Atkinson, A.B. & Brandolini, A., 2000. "Promise and Pitfalls in the Use of 'Secondary' Data -Sets: Income Inequality in OECD Countries," Papers 379, Banca Italia - Servizio di Studi.
2. Alan Krueger & Mikael Lindahl, 2000. "Education for Growth: Why and For Whom?," Working Papers 808, Princeton University, Department of Economics, Industrial Relations Section..
   
   • Mikael Lindahl & Alan B. Krueger, 2001. "Education for Growth: Why and for Whom?," Journal of Economic Literature, American Economic Association, vol. 39(4), pages 1101-1136, December.
   • Alan B. Krueger & Mikael Lindahl, 2000. "Education for Growth: Why and For Whom?," NBER Working Papers 7591, National Bureau of Economic Research, Inc.
3. Anthony C. Atkinson, 2003. "Income Inequality in OECD Countries: Data and Explanations," CESifo Working Paper Series 881, CESifo Group Munich.
4. William R. Hauk & Romain Wacziarg, 2004. "A Monte Carlo Study of Growth Regressions," NBER Technical Working Papers 0296, National Bureau of Economic Research, Inc.
   
   • William Hauk & Romain Wacziarg, 2009. "A Monte Carlo study of growth regressions," Journal of Economic Growth, Springer, vol. 14(2), pages 103-147, June.
5. Rehme, Gunther, 2002. "(Re)Distribution of Personal Incomes, Education and Economic Performance Across Countries," Working Papers UNU-WIDER Research Paper , World Institute for Development Economic Research (UNU-WIDER).
   
   • Günther Rehme, 2002. "(Re-)Distribution of Personal Incomes, Education and Economic Performance Across Countries," CESifo Working Paper Series 711, CESifo Group Munich.
6. Fabio Canova, 1997. "Testing for convergence clubs in income per-capita: A predictive density approach," Economics Working Papers 404, Department of Economics and Business, Universitat Pompeu Fabra, revised Jun 1999.
   
   • Fabio Canova, 2004. "Testing for Convergence Clubs in Income Per Capita: A Predictive Density Approach," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 45(1), pages 49-77, 02.
   • Canova, Fabio, 1999. "Testing for Convergence Clubs in Income per-capita: A Predictive Density Approach," CEPR Discussion Papers 2201, C.E.P.R. Discussion Papers.
7. William A. Brock & Steven N.Durlauf, 2000. "Growth Economics and Reality," NBER Working Papers 8041, National Bureau of Economic Research, Inc.
   
   • Brock,W.A. & Durlauf,S.N., 2000. "Growth economics and reality," Working papers 24, Wisconsin Madison - Social Systems.
8. Knowles, Stephen, 2001. "Inequality and Economic Growth: The Empirical Relationship Reconsidered in the Light of Comparable Data," Working Papers UNU-WIDER Research Paper , World Institute for Development Economic Research (UNU-WIDER).
9. Abhijit V. Banerjee & Esther Duflo, 2000. "Inequality and Growth: What Can the Data Say?," NBER Working Papers 7793, National Bureau of Economic Research, Inc.
   
   • Banerjee, Abhijit V & Duflo, Esther, 2003. " Inequality and Growth: What Can the Data Say?," Journal of Economic Growth, Springer, vol. 8(3), pages 267-99, September.
10. Sonedda, Daniela, 2003. "Wealth Inequality, Income Redistribution and Growth in 15 OECD countries," Royal Economic Society Annual Conference 2003 190, Royal Economic Society.
11. Danny Quah, 2000. "Cross Country Growth Comparison: Theory to Empirics," CEP Discussion Papers dp0442, Centre for Economic Performance, LSE.

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Cited by:

1. N. Gobbin & G. Rayp, 2004. "Income Inequality Data in Growth Empirics: From Cross-Sections to Time Series," Working Papers of Faculty of Economics and Business Administration, Ghent University, Belgium 04/252, Ghent University, Faculty of Economics and Business Administration.
2. N. Gobbin & G. Rayp & D. Van De Gaer, 2004. "Inequality and Growth: From Micro Theory to Macro Empirics," Working Papers of Faculty of Economics and Business Administration, Ghent University, Belgium 04/258, Ghent University, Faculty of Economics and Business Administration.
   
   • Niko Gobbin & Glenn Rayp & Dirk Van de gaer, 2007. "Inequality And Growth: From Micro Theory To Macro Empirics," Scottish Journal of Political Economy, Scottish Economic Society, vol. 54(4), pages 508-530, 09.

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