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Revisiting the Finance-Inequality Nexus in a Panel of African Countries

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  • Christelle Meniago

    () (Sol Plaatje University, South Africa)

  • Simplice A. Asongu

    () (Yaoundé, Cameroon)

Abstract

The study assesses the role of financial development on income inequality in a panel of 48 African countries for the period 1996 to 2014. Financial development is defined in terms of depth (money supply and liquid liabilities), efficiency (from banking and financial system perspectives), activity (at banking and financial system levels) and stability while, three indicators of inequality are used, namely, the: Gini coefficient, Atkinson index and Palma ratio. The empirical evidence is based on Generalised Method of Moments. When financial sector development indicators are used exclusively as strictly exogenous variables in the identification process, it is broadly established that with the exception of financial stability, access to credit (or financial activity) and intermediation efficiency have favourable income redistributive effects. The findings are robust to the: control for unobserved heterogeneity in terms of time effects and inclusion of time invariant variables as strictly exogenous variables in the identification process. The findings are also robust to the Kuznets hypothesis: a humped shaped nexus between increasing GDP per capita and inequality. Policy implications are discussed.

Suggested Citation

  • Christelle Meniago & Simplice A. Asongu, 2018. "Revisiting the Finance-Inequality Nexus in a Panel of African Countries," AFEA Working Papers 18/012, African Finance and Economic Association (AFEA).
  • Handle: RePEc:afe:wpaper:18/012
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    Cited by:

    1. Simplice A. Asongu & Nicholas M. Odhiambo, 2019. "How enhancing information and communication technology has affected inequality in Africa for sustainable development: An empirical investigation," Sustainable Development, John Wiley & Sons, Ltd., vol. 27(4), pages 647-656, July.
    2. repec:afj:journl:v:20:y:2018:i:2:p:45-65 is not listed on IDEAS
    3. Asongu, Simplice A & Odhiambo, Nicholas M, 2019. "The mobile phone,information sharing and financial sector development in Africa: A quantile regressions approach," Working Papers 25363, University of South Africa, Department of Economics.
    4. Asongu, Simplice A & Odhiambo, Nicholas M, 2019. "How enhancing gender inclusion affects inequality:Thresholds of complementary policies for sustainable development," Working Papers 25512, University of South Africa, Department of Economics.
    5. Simplice A. Asongu & Nicholas M. Odhiambo, 2019. "Inclusive development in environmental sustainability in sub‐Saharan Africa: Insights from governance mechanisms," Sustainable Development, John Wiley & Sons, Ltd., vol. 27(4), pages 713-724, July.
    6. Simplice A. Asongu & Nicholas M. Odhiambo, 2019. "Foreign Aid Complementarities and Inclusive Human Development in Africa," CEREDEC Working Papers 19/021, Centre de Recherche pour le Développement Economique (CEREDEC).
    7. Simplice A. Asongu & Nicholas M. Odhiambo, 2018. "ICT, Financial Access and Gender Inclusion in the Formal Economic Sector: Evidence from Africa," The African Finance Journal, Africagrowth Institute, vol. 20(2), pages 45-65.
    8. Asongu, Simplice A & Odhiambo, Nicholas M, 2019. "Governance,CO2 emissions and inclusive human development in Sub-Saharan Africa," Working Papers 25253, University of South Africa, Department of Economics.
    9. Simplice A. Asongu & Nicholas M. Odhiambo, 2019. "Financial Access, Governance and Insurance Sector Development in Sub-Saharan Africa," CEREDEC Working Papers 19/044, Centre de Recherche pour le Développement Economique (CEREDEC).
    10. Asongu, Simplice A. & Orim, Stella-Maris I. & Nting, Rexon T., 2019. "Inequality, information technology and inclusive education in sub-Saharan Africa," Technological Forecasting and Social Change, Elsevier, vol. 146(C), pages 380-389.
    11. Simplice A. Asongu & Joseph I. Uduji & Elda N. Okolo-Obasi, 2019. "Thresholds of External Flows for Inclusive Human Development in Sub-Saharan Africa," CEREDEC Working Papers 19/045, Centre de Recherche pour le Développement Economique (CEREDEC).
    12. repec:wly:sustdv:v:27:y:2019:i:3:p:419-428 is not listed on IDEAS
    13. Simplice A. Asongu & Joseph Nnanna & Paul N. Acha-Anyi, 2019. "Information Technology, Governance and Insurance in Sub-Saharan Africa," CEREDEC Working Papers 19/043, Centre de Recherche pour le Développement Economique (CEREDEC).
    14. Simplice A. Asongu & Nicholas M. Odhiambo, 2019. "Inequality and the Economic Participation of Women in Sub-Saharan Africa: An Empirical Investigation," Working Papers of the African Governance and Development Institute. 19/027, African Governance and Development Institute..
    15. Simplice A. Asongu & Joseph Nnanna, 2019. "Foreign aid, instability and governance in Africa," Working Papers of the African Governance and Development Institute. 19/022, African Governance and Development Institute..
    16. Asongu, Simplice A & Odhiambo, Nicholas M, 2019. "Inequality thresholds,Governance and gender economic inclusion in Sub-Saharan Africa," Working Papers 25569, University of South Africa, Department of Economics.
    17. Tchamyou, Vanessa S. & Erreygers, Guido & Cassimon, Danny, 2019. "Inequality, ICT and financial access in Africa," Technological Forecasting and Social Change, Elsevier, vol. 139(C), pages 169-184.
    18. Simplice A. Asongu & Joseph I. Uduji & Elda N. Okolo-Obasi, 2019. "Thresholds of External Flows for Inclusive Human Development in Sub-Saharan Africa," CEREDEC Working Papers 19/045, Centre de Recherche pour le Développement Economique (CEREDEC).
    19. Asongu, Simplice A & Odhiambo, Nicholas M, 2019. "Foreign direct investment,information technology and economic growth dynamics in Sub-Saharan Africa," Working Papers 25593, University of South Africa, Department of Economics.
    20. Simplice A. Asongu & Nicholas M. Odhiambo, 2019. "Basic formal education quality, information technology, and inclusive human development in sub‐Saharan Africa," Sustainable Development, John Wiley & Sons, Ltd., vol. 27(3), pages 419-428, May.
    21. Simplice A. Asongu & Joseph Nnanna & Paul N. Acha-Anyi, 2019. "Information Technology, Governance and Insurance in Sub-Saharan Africa," CEREDEC Working Papers 19/043, Centre de Recherche pour le Développement Economique (CEREDEC).

    More about this item

    Keywords

    Africa; Finance; Inequality; Poverty;

    JEL classification:

    • D60 - Microeconomics - - Welfare Economics - - - General
    • E25 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Aggregate Factor Income Distribution
    • G20 - Financial Economics - - Financial Institutions and Services - - - General
    • I30 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - General
    • O55 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Africa

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