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Développement Financier Et Écarts De Revenus Des Pays : Une Analyse Empirique Sur Données De Panel

Author

Listed:
  • Teheni EL GHAK

    () (Laboratoire d’Intégration Economique Internationale, FSEG Tunis)

  • Hajer ZARROUK

    () (Laboratoire Prospectives, Stratégies et Développement Durables, FSEG Tunis)

Abstract

L’objectif de ce travail est d’étudier le rôle du développement du secteur financier dans l’explication des écarts de revenus pour un panel de 98 pays durant la période 1980-2006. Notre contribution a consisté à définir trois clubs de convergence en utilisant le test de convergence en distribution. Nous avons aussi estimé un modèle de panel dynamique inspiré de celui développé par Aghion et al. (2004) pour l’ensemble des pays ainsi que pour les trois sous-ensembles déterminés. Les estimations portant sur l’échantillon total révèlent que la réduction des écarts de revenus découle plus d’un environnement macro-économique stable que d’un secteur financier approfondi. Les estimations portant sur chaque groupe de pays montrent la présence d’un effet non uniforme du développement financier sur les écarts de revenus. Les clubs 1 et 3 affichent une réduction de l’écart de revenus par rapport aux Etats-Unis via un développement financier approfondi. Par contre, la stabilité macroéconomique du club 2 a renforcé le processus de rattrapage en termes de revenu vers les Etats-Unis. Abstract - The aim of this article is to study the role of financial development in the explanation of income inequality for a panel of 98 countries during the period 1980-2006. Our approach consists in defining three convergence clubs by using the distribution convergence test, as well as in estimating a dynamic panel model, inspired by the model developed by Aghion et al. (2004), both for the countries as a whole and for the three groups of countries we have determined. The estimations concerning the total sample reveal that stable macroeconomic environments play a more prominent role in the reduction of income inequality than financial development. The estimations concerning every convergence club show the presence of a non-uniform effect of financial development on income inequality. Clubs 1 and 3 feature income inequality re-duction in relation to the USA through financial development. On the other hand, the macroeconomic stability of club 2 has strengthened the income catch-up process.

Suggested Citation

  • Teheni EL GHAK & Hajer ZARROUK, 2010. "Développement Financier Et Écarts De Revenus Des Pays : Une Analyse Empirique Sur Données De Panel," Region et Developpement, Region et Developpement, LEAD, Universite du Sud - Toulon Var, vol. 32, pages 59-90.
  • Handle: RePEc:tou:journl:v:32:y:2010:p:59-90
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    References listed on IDEAS

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    More about this item

    Keywords

    DÉVELOPPEMENT FINANCIER; DONNÉES DE PANEL; ÉCARTS DE REVENUS;

    JEL classification:

    • C33 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Models with Panel Data; Spatio-temporal Models
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy

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