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Inequality and Private Credit

Listed author(s):
  • Fischer, Ronald

    (University of Chile)

  • Huerta, Diego

    (Central Bank of Chile)

  • Valenzuela, Patricio

    (University of Chile)

This article examines whether the direction of the effect of inequality on private credit depends on the capital constraints of individual countries, as predicted by Balmaceda and Fischer (2010). Consistent with the model's predictions, we find that greater income inequality leads to a higher ratio of private credit to GDP in economies with low incomes and weak legal rights, whereas the reverse is true in economies with high incomes and strong legal rights.

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File URL: http://fic.wharton.upenn.edu/fic/papers/15/p1512.html
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Paper provided by University of Pennsylvania, Wharton School, Weiss Center in its series Working Papers with number 15-12.

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Date of creation: Aug 2015
Handle: RePEc:ecl:upafin:15-12
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  1. Sofia Bauducco & Alexandre Janiak, 2012. "Minimum wages strike back: the effects on capital and labor demands in a large-firm framework," Documentos de Trabajo 287, Centro de Economía Aplicada, Universidad de Chile.
  2. Felipe Balmaceda & Ronald Fischer, 2010. "Economic performance, creditor protection, and labour inflexibility," Oxford Economic Papers, Oxford University Press, vol. 62(3), pages 553-577, July.
  3. Andreasen, Eugenia & Schindler, Martin & Valenzuela, Patricio, 2015. "Capital Controls and the Cost of Debt," Working Papers 15-02, University of Pennsylvania, Wharton School, Weiss Center.
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