Inequality and Growth: Does Time Change Anything

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Inequality and Growth: Does Time Change Anything

Author Info

Niko Gobbin (Ghent University)
Glenn Rayp (Ghent University)

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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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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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Paper
- N. Gobbin & G. Rayp, 2004. "Inequality and Growth: Does Time Change Anything?," Working Papers of Faculty of Economics and Business Administration, Ghent University, Belgium 04/230, Ghent University, Faculty of Economics and Business Administration. [Downloadable!]

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 listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

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 Department. [Downloadable!]
Other versions:
- 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.
Anthony B Atkinson, 2003. "Income Inequality in OECD Countries: Data and Explanations," CESifo Working Paper Series CESifo Working Paper No. , CESifo GmbH. [Downloadable!]
D Quah, 2000. "Cross Country Growth Comparison: Theory to Empirics," CEP Discussion Papers 0442, Centre for Economic Performance, LSE. [Downloadable!]
Other versions:
- Quah, Danny, 1999. "Cross-Country Growth Comparison: Theory to Empirics," CEPR Discussion Papers 2294, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
William R. Hauk & Romain Wacziarg, 2004. "A Monte Carlo Study of Growth Regressions," NBER Technical Working Papers 0296, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
Alan B. Krueger & Mikael Lindahl, 2000. "Education for Growth: Why and For Whom?," NBER Working Papers 7591, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
Other versions:
- Alan Krueger & Mikael Lindahl, 2000. "Education for Growth: Why and For Whom?," Working Papers 808, Princeton University, Department of Economics, Industrial Relations Section.. [Downloadable!]
- Alan B. Krueger & Mikael Lindahl, 2001. "Education for Growth: Why and for Whom?," Journal of Economic Literature, American Economic Association, vol. 39(4), pages 1101-1136, December. [Downloadable!] (restricted)
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. [Downloadable!] (restricted)
Other versions:
- Abhijit V. Banerjee & Esther Duflo, 2000. "Inequality and Growth: What Can the Data Say?," NBER Working Papers 7793, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
Sonedda, Daniela, 2003. "Wealth Inequality, Income Redistribution and Growth in 15 OECD countries," Royal Economic Society Annual Conference 2003 190, Royal Economic Society. [Downloadable!]
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. [Downloadable!] (restricted)
Other versions:
- 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. [Downloadable!] (restricted)
- 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. [Downloadable!]
William A. Brock & Steven N.Durlauf, 2000. "Growth Economics and Reality," NBER Working Papers 8041, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
Rehme, Guenther, 2002. "(Re-)Distribution of Personal Incomes, Education and Economic Performance Across Countri," CESifo Working Paper Series CESifo Working Paper No. , CESifo GmbH. [Downloadable!]

Full references

Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

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. [Downloadable!]
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. [Downloadable!]
Other versions:
- 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. [Downloadable!] (restricted)
H. T.J. Smit & W. De Maeseneire, 2005. "The role of investor capabilities in public-to-private transactions," Working Papers of Faculty of Economics and Business Administration, Ghent University, Belgium 05/290, Ghent University, Faculty of Economics and Business Administration. [Downloadable!]

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