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Financial Liberalization, Inequality and Inclusion in Low-Income Countries

In: Inequality and Finance in Macrodynamics

Author

Listed:
  • Davide Furceri

    (International Monetary Fund)

  • Jun Ge

    (International Monetary Fund)

  • Prakash Loungani

    (International Monetary Fund)

Abstract

This paper examines the distributional impact of capital account reforms and the linkage among liberalization, inequality and inclusion in low-income countries. Using a panel data for 29 low-income countries from 1970 to 2010, we find that capital account liberalization reforms are associated with statistically significant and persistent increase in income inequality in both short and medium term. We also highlight that the level of financial development has an important role in determining the response of inequality to liberalization: impact of capital account liberalization on inequality is larger in countries with lower level of credit market development and financial inclusion.

Suggested Citation

  • Davide Furceri & Jun Ge & Prakash Loungani, 2017. "Financial Liberalization, Inequality and Inclusion in Low-Income Countries," Dynamic Modeling and Econometrics in Economics and Finance, in: Bettina Bökemeier & Alfred Greiner (ed.), Inequality and Finance in Macrodynamics, pages 75-95, Springer.
    • Handle: RePEc:spr:dymchp:978-3-319-54690-2_4
    DOI: 10.1007/978-3-319-54690-2_4
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    Cited by:

    1. Ni, Niannian & Liu, Yulin, 2019. "Financial liberalization and income inequality: A meta-analysis based on cross-country studies," China Economic Review, Elsevier, vol. 56(C), pages 1-1.
    2. Kábrt, Tomáš & Brůna, Karel, 2022. "Asymmetric effects of foreign capital on income inequality: The case of the Post-China 16 countries," Economic Analysis and Policy, Elsevier, vol. 76(C), pages 613-626.

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