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Finance and Inclusive Growth

Author

Listed:
  • Boris Cournède

    (OECD)

  • Oliver Denk

    (OECD)

  • Peter Hoeller

    (OECD)

Abstract

Finance is a vital ingredient for economic growth, but there can also be too much of it. This study investigates what fifty years of data for OECD countries have to say about the role of the financial sector for economic growth and income inequality and draws policy implications. Over the past fifty years, credit by banks and other intermediaries to households and businesses has grown three times as fast as economic activity. In most OECD countries, further expansion is likely to slow rather than boost growth. The composition of finance matters for growth. More credit to the private sector slows growth in most OECD countries, but more stock market financing boosts growth. Credit is a stronger drag on growth when it goes to households rather than businesses. Financial expansion fuels greater income inequality because higher income people can benefit more from the greater availability of credit and because the sector pays high wages. Higher income people can and do borrow more, so that they can gain more than others from the investment opportunities that they identify. The financial sector pays wages which are above what employees with similar profiles earn in the rest of the economy. This premium is particularly large for top income earners. There is no trade-off between financial reform, growth and income equality in the long term. In the short term, measures to avoid accumulating too much credit can, however, restrain growth temporarily. A healthy contribution of the financial sector to inclusive growth requires strong capital buffers, measures to reduce explicit and implicit subsidies to toobig- to-fail financial institutions and tax reforms to promote neutrality between debt and equity financing Finance et croissance inclusive La finance est un élément vital pour la croissance économique, mais il arrive aussi qu’il y ait trop de finance. Cette étude analyse ce que les données recueillies pendant un demi-siècle sur les pays de l’OCDE ont à nous dire sur le rôle du secteur financier pour la croissance économique et les inégalités de revenu et en tire les conséquences pour l’action publique. Au cours de ce dernier demi-siècle, les prêts des banques et autres intermédiaires aux ménages et aux entreprises ont augmenté trois fois plus vite que l’activité économique. Dans la plupart des pays de l’OCDE, de nouvelles expansions du crédit risqueraient d’affaiblir plutôt que de soutenir la croissance. Ce qui importe pour celleci, c’est la composition de la finance. L’expansion du crédit au secteur privé freine la croissance dans la majorité des pays de l’OCDE, mais le financement par les marchés boursiers est source de croissance. Le crédit pèse davantage sur celle-ci lorsqu’il profite aux ménages plus qu’aux entreprises. Le développement du secteur financier alimente les inégalités de revenu car les plus hauts revenus peuvent davantage tirer profit d’une offre de crédit plus abondante, mais également parce que les rémunérations versées dans le secteur de la finance sont supérieures. Les plus hauts revenus ont les moyens d’emprunter davantage et le font, de sorte qu’ils peuvent gagner plus que d’autres sur les possibilités d’investissement qu’ils identifient. Le secteur de la finance verse des rémunérations supérieures à celles des salariés des autres secteurs de l’économie à profil équivalent. Cet avantage est particulièrement marqué chez les plus hauts revenus. À long terme, aucun arbitrage n’est possible entre réforme financière, croissance et inégalités de revenu. À court terme cependant, les mesures visant à éviter un excès de crédit peuvent freiner temporairement la croissance. Une saine contribution du secteur financier à la croissance inclusive nécessite de solides volants de fonds propres, une réduction des subventions déclarées et implicites aux établissements financiers d’importance systémique et des réformes fiscales favorisant la neutralité entre financement par l’emprunt et financement sur fonds propres

Suggested Citation

  • Boris Cournède & Oliver Denk & Peter Hoeller, 2015. "Finance and Inclusive Growth," OECD Economic Policy Papers 14, OECD Publishing.
  • Handle: RePEc:oec:ecoaab:14-en
    DOI: 10.1787/5js06pbhf28s-en
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    File URL: https://doi.org/10.1787/5js06pbhf28s-en
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    Cited by:

    1. Loayza,Norman V. & Ouazad,Amine & Ranciere,Romain, 2017. "Financial development, growth, and crisis: is there a trade-off ?," Policy Research Working Paper Series 8237, The World Bank.
    2. Daniele Tori & Özlem Onaran, 2017. "Financialisation and physical investment: a global race to the bottom in accumulation?," Working Papers PKWP1707, Post Keynesian Economics Society (PKES).
    3. Stephanie Guichard, 2017. "10 Years after the Global Financial Crisis: What Have We Learnt About International Capital Flows?," Journal of International Commerce, Economics and Policy (JICEP), World Scientific Publishing Co. Pte. Ltd., vol. 8(03), pages 1-30, October.
    4. Oliver Denk & Boris Cournède, 2015. "Finance and income inequality in OECD countries," OECD Economics Department Working Papers 1224, OECD Publishing.
    5. Frost, Jon & van Stralen, René, 2018. "Macroprudential policy and income inequality," Journal of International Money and Finance, Elsevier, vol. 85(C), pages 278-290.
    6. Aida Caldera Sánchez & Morten Rasmussen & Oliver Röhn, 2016. "Economic Resilience: What Role for Policies?," Journal of International Commerce, Economics and Policy (JICEP), World Scientific Publishing Co. Pte. Ltd., vol. 7(02), pages 1-44, June.
    7. Aida Caldera Sánchez & Alain de Serres & Filippo Gori & Mikkel Hermansen & Oliver Röhn, 2017. "Strengthening economic resilience: Insights from the post-1970 record of severe recessions and financial crises," OECD Economic Policy Papers 20, OECD Publishing.
    8. Benczúr, Péter & Karagiannis, Stelios & Kvedaras, Virmantas, 2019. "Finance and economic growth: Financing structure and non-linear impact," Journal of Macroeconomics, Elsevier, vol. 62(C).
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    More about this item

    Keywords

    avantage salarial; bank credit; business credit; capital-market credit; coefficient de Gini; croissance du PIB; croissance économique; crédit aux entreprises; crédit aux ménages; crédit bancaire; debt finance; economic growth; equity finance; finance; finance; financement par l’emprunt; financement sur fonds propres; financement sur les marchés financiers; financial regulation; G20; garanties des pouvoirs publics sur les établissements systémiques; GDP growth; Gini coefficient; household credit; income inequality; inégalités de revenu; marché boursier; OECD countries; pays du G20; pays membres de l'OCDE; réglementation financière; stock market; Too-big-to-fail; wage differential; Wage premium; écart de rémunération entre les sexes;

    JEL classification:

    • D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance
    • D63 - Microeconomics - - Welfare Economics - - - Equity, Justice, Inequality, and Other Normative Criteria and Measurement
    • G1 - Financial Economics - - General Financial Markets
    • G2 - Financial Economics - - Financial Institutions and Services
    • G3 - Financial Economics - - Corporate Finance and Governance
    • J16 - Labor and Demographic Economics - - Demographic Economics - - - Economics of Gender; Non-labor Discrimination
    • J24 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Human Capital; Skills; Occupational Choice; Labor Productivity
    • J31 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Wage Level and Structure; Wage Differentials
    • O41 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models
    • O47 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Empirical Studies of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence
    • O57 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Comparative Studies of Countries

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