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Banking development, socioeconomic structure and income inequality

Author

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  • D’Onofrio, Alexandra
  • Minetti, Raoul
  • Murro, Pierluigi

Abstract

Using rich, unique data from the Italian local credit markets (provinces), this paper investigates the impact of local banking development on income inequality and the role of the socioeconomic structure in this link. Exploiting the Italian historical banking regulation to instrument for the local presence of bank branches, we find that local banking development mitigates income inequality. However, the finance-inequality nexus manifests itself only in relatively advanced areas. When we study the structural channels of influence, we uncover evidence that banking development can reduce inequality by affecting geographical mobility and urbanization, while it has modest effects through the development of material infrastructures and human capital.

Suggested Citation

  • D’Onofrio, Alexandra & Minetti, Raoul & Murro, Pierluigi, 2019. "Banking development, socioeconomic structure and income inequality," Journal of Economic Behavior & Organization, Elsevier, vol. 157(C), pages 428-451.
    • Handle: RePEc:eee:jeborg:v:157:y:2019:i:c:p:428-451
    DOI: 10.1016/j.jebo.2017.08.006
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    More about this item

    Keywords

    G21; G38; O15; Income inequality; Financial development; Socioeconomic structure;
    All these keywords.

    JEL classification:

    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G38 - Financial Economics - - Corporate Finance and Governance - - - Government Policy and Regulation
    • O15 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Economic Development: Human Resources; Human Development; Income Distribution; Migration

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