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Factors Affecting the Growing Economic Inequality: An Empirical Study with Reference to BRICS Countries

In: Achieving $5 Trillion Economy of India

Author

Listed:
  • Monika Mathur

    (Manipal University Jaipur)

  • Vaishali Jain

    (Christ (Deemed University))

Abstract

Economic inequality refers to the uneven distribution of earnings and opportunity between various groups in society and is a point of major concern in almost all the nations in the world. This study aims to analyse the effect of various factors over the increasing inequality in BRICS nations. The study takes into consideration factors like trade openness, credit, net foreign assets and health and tries to assess their impact as a driving force behind the increasing inequality in these countries. The augmented Dickey–Fuller test for stationarity has been applied followed by multiple regression. To explore causality, Granger causality test is applied. All the models are tested for autocorrelation using the Breusch–Godfrey Lagrange Multiplier test. Wald test is applied to examine the significance of independent variables. The study provides statistical evidence about the positive and negative effects of trade openness, healthcare finance, net foreign assets and healthcare expenditure on income inequality in BRICS nations. Findings may help to work intensively on the relevant causes of inequality for these five countries. This paper will add to the already present literature on inequality which is one of the important problems of the countries across the world.

Suggested Citation

  • Monika Mathur & Vaishali Jain, 2022. "Factors Affecting the Growing Economic Inequality: An Empirical Study with Reference to BRICS Countries," Springer Proceedings in Business and Economics, in: Arti Chandani & Rajiv Divekar & J. K. Nayak (ed.), Achieving $5 Trillion Economy of India, pages 1-19, Springer.
    • Handle: RePEc:spr:prbchp:978-981-16-7818-9_1
    DOI: 10.1007/978-981-16-7818-9_1
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