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The Impacts of Financial Development, Urbanization, and Globalization on Income Inequality: A Regression-based Decomposition Approach

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  • Lee, Wai Choi

    (Asian Development Bank Institute)

  • Cheong, Tsun Se

    (Asian Development Bank Institute)

  • Wu, Yanrui

    (Asian Development Bank Institute)

Abstract

This paper aims to study the impacts of financial development, urbanization, and globalization on income inequality in the People’s Republic of China. It applies the regression-based inequality decomposition approach on a panel dataset, which is aggregated from a unique database of financial development so as to quantify the relative contributions of these three factors, along with other variables such as physical capital and human capital, to income inequality. The findings suggest that financial development, urbanization, and globalization exert a positive impact on income. However, the contributions of urbanization, foreign investment, physical capital, and human capital to regional inequality are positive. Moreover, it is found that financial development is crucial for promoting inclusive growth, since it can stimulate economic growth and is found to be an equalizing factor of inequality.

Suggested Citation

  • Lee, Wai Choi & Cheong, Tsun Se & Wu, Yanrui, 2017. "The Impacts of Financial Development, Urbanization, and Globalization on Income Inequality: A Regression-based Decomposition Approach," ADBI Working Papers 651, Asian Development Bank Institute.
    • Handle: RePEc:ris:adbiwp:0651
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    More about this item

    Keywords

    regression-based methods; inequality decomposition; financial development; urbanization; globalization;
    All these keywords.

    JEL classification:

    • C43 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: Special Topics - - - Index Numbers and Aggregation
    • F43 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Economic Growth of Open Economies
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance
    • R11 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - Regional Economic Activity: Growth, Development, Environmental Issues, and Changes

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