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The relationship between economic growth and income inequality and its institutional aspects

Author

Listed:
  • Gulzar Tahirova

    (Central Bank of Azerbaijan Republic)

  • Ramiz Rahmanov

    (Central Bank of Azerbaijan Republic)

Abstract

This paper aims to determine the channels through which income inequality affects economic growth using the fixed effects, random effects, and GMM techniques. The analysis covers developed, developing and CIS countries over the period 1980-2010. Our estimation results show that in the developing countries, the significant channel is government expenditure; in the developing countries, the significant channels are investment and human capital; in the CIS countries, the significant channels are government expenditure and investment. For all country groups, the relationship between income inequality and economic growth is negative.

Suggested Citation

  • Gulzar Tahirova & Ramiz Rahmanov, 2015. "The relationship between economic growth and income inequality and its institutional aspects," Working Papers 1504, Central Bank of Azerbaijan Republic.
    • Handle: RePEc:aze:wpaper:1504
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    Keywords

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    JEL classification:

    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
    • O43 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Institutions and Growth
    • D31 - Microeconomics - - Distribution - - - Personal Income and Wealth Distribution
    • D33 - Microeconomics - - Distribution - - - Factor Income Distribution
    • H30 - Public Economics - - Fiscal Policies and Behavior of Economic Agents - - - General
    • H31 - Public Economics - - Fiscal Policies and Behavior of Economic Agents - - - Household

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