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Has the Global Financial Crisis increased wealth inequality?

Author

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  • Maria Shchepeleva
  • Mikhail Stolbov
  • Laurent Weill

Abstract

This paper examines the impact of the Global Financial Crisis (GFC) on wealth inequality. We investigate this question, using data for 143 countries for the period 2010–2018. We find no significant impact of the occurrence of the crisis on wealth inequality. We show limited evidence that the severity of the banking crisis affects the change in wealth inequality. Furthermore, the impact of the GFC on the change in wealth inequality is influenced by the country characteristics: the GFC has more enhanced wealth inequality in countries with higher levels of economic and financial development as well as lower initial levels of wealth inequality. We therefore contribute to a better understanding of the real effects of banking crises by providing evidence of the distributional effects of the GFC.

Suggested Citation

  • Maria Shchepeleva & Mikhail Stolbov & Laurent Weill, 2022. "Has the Global Financial Crisis increased wealth inequality?," International Economics, CEPII research center, issue 169, pages 148-160.
    • Handle: RePEc:cii:cepiie:2022-q2-169-10
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    Cited by:

    1. Mahmood Ahmad & Zahoor Ahmed & Xiyue Yang & Muhlis Can, 2023. "Natural Resources Depletion, Financial Risk, and Human Well-Being: What is the Role of Green Innovation and Economic Globalization?," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 167(1), pages 269-288, June.
    2. Angelopoulos, Christos & Giannikos, Christos, 2025. "The effect of financial derivatives on wealth inequality," Finance Research Letters, Elsevier, vol. 72(C).
    3. Alexandr Patalaha & Maria A. Shchepeleva, 2023. "Bank Crisis Management Policies and the New Instability," Finansovyj žhurnal — Financial Journal, Financial Research Institute, Moscow 125375, Russia, issue 6, pages 43-60, December.
    4. Gregory Brock & Vicente German-Soto, 2024. "Long Run Wealth Convergence Clubs In U.S. States: A Story Of Growth Rates Not Levels," Eurasian Journal of Social Sciences, Eurasian Publications, vol. 12(2), pages 66-81.

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    Keywords

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    JEL classification:

    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance

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