Finance and wealth inequality
Hasan, Iftekhar; Horvath, Roman; Mares, Jan (03.03.2020)
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JulkaisusarjaJournal of International Money and Finance
Julkaisun pysyvä osoite onhttps://urn.fi/URN:NBN:fi:bof-202009292380
Using a global sample, this paper investigates the determinants of wealth inequality capturing various economic, financial, political, institutional, and geographical indicators. Using instrumental variable Bayesian model averaging, it reveals that only a handful of indicators robustly matters and finance plays a key role. It reports that while financial depth increases wealth inequality, efficiency and access to finance reduce inequality. In addition, redistribution and education are associated with lower inequality whereas wars and openness to international trade contribute to greater wealth inequality.