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Опубліковано: 14 березня 2023

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Статті в журналах з теми "Economic Inequality, Financial Instability"

1

Yang, Bo, Minhaj Ali, Shujahat Haider Hashmi, and Mohsin Shabir. "Income Inequality and CO2 Emissions in Developing Countries: The Moderating Role of Financial Instability." Sustainability 12, no. 17 (August 21, 2020): 6810. http://dx.doi.org/10.3390/su12176810.

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This paper studies the effects of income inequality and financial instability on CO2 emissions in the presence of fossil fuel energy, economic development, industrialization, and trade openness. Moreover, the present study is the first to examine the moderating role of financial instability between income inequality and CO2 emissions. We utilized panel data of forty-seven developing countries for the period 1980–2016 by utilizing the stochastic impacts by regression on population, affluence, and technology (STIRPAT) model. The empirical outcomes in all models indicate that income inequality and industrialization significantly reduce environmental degradation, while fossil fuel, trade openness, and economic growth decrease the quality of the environment. However, financial instability (without interaction term) shows no significant link to environmental quality, whereas (with interaction term) it shows a significant negative effect on CO2 emissions. In addition, the result of the interaction variable reveals that an increase in inequality, ceteris paribus, in combination with the rise in financial instability, is expected to increase pollution. Furthermore, there exists a bidirectional causal association among income inequality, financial instability, fossil fuel, trade openness, industrialization, economic growth, and the interaction variable with CO2 emissions.
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2

Skott, Peter. "Increasing Inequality and Financial Instability." Review of Radical Political Economics 45, no. 4 (May 8, 2013): 478–88. http://dx.doi.org/10.1177/0486613412475188.

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3

Thioune, Thierno. "Financial Instability and Inequality Dynamics in the WAEMU." Econometric Research in Finance 2, no. 1 (April 24, 2017): 43–62. http://dx.doi.org/10.33119/erfin.2017.2.1.3.

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This article assesses the effect of financial instability on income inequality and vice versa. The methodology used in this article is based on two approaches: theconstruction of the synthetic index of financial instability (SIFI) and the panel vector autoregressive (PVAR) approach. The results obtained help to explain that the disparity of income in a West African Economic and Monetary Union (WAEMU) country in each year negatively influences the stability of the financial sector the following year. Functions of impulse responses show that a shock to financial stability has a negative effect on itself and leads to a stable situation after seven periods. A rise in income inequality in WAEMU countries tends to mitigate financial instability at first, before boosting a higher level of instability. Following this increase, inequality will decline, but at a very slow pace.
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4

Roe, Mark J., and Jordan I. Siegel. "Political instability: Effects on financial development, roots in the severity of economic inequality." Journal of Comparative Economics 39, no. 3 (September 2011): 279–309. http://dx.doi.org/10.1016/j.jce.2011.02.001.

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5

KONDRATEV, Vladimir. "The Future of Financial Capitalism." Perspectives and prospects. E-journal, no. 2/3 (25/26) (2021): 160–77. http://dx.doi.org/10.32726/2411-3417-2021-2-3-160-177.

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Анотація:
The financial capitalism has largely determined the direction of economic and social development in the last four decades. Addressing key aspects of financial capitalism, the author reviews its impacts on macroeconomic and social indicators, and its potential for transformation. Finance-dominated capitalism and financialization of all aspects of social life can stifle economic growth, favor capital at the expense of labor and the state, undermine democracy, increase inequality and cause economic and social instability. Politically, financial capitalism is underpinned by the imperative of neoliberalism. This flawed model of development and the deregulation of the financial system have inevitably led to crisis Instead of deregulation, today’s capitalism needs regulation to coordinate and guide the market economy to ensure broader and longer term interests.
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6

Akyüz, Yılmaz. "Inequality, financialisation and stagnation." Economic and Labour Relations Review 29, no. 4 (November 15, 2018): 428–45. http://dx.doi.org/10.1177/1035304618812572.

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The failure of exceptional monetary measures pursued in response to the financial crisis in advanced economies to achieve a strong recovery has created a widespread concern that these economies suffer from a chronic demand gap and face the prospect of stagnation. This article reviews and discusses the alternative views on the causes of the slowdown in accumulation and growth and the policies implemented and proposed to deal with it. It is argued that growing inequality, notably the secular decline in the share of wages, and financialisation are the main factors. Neither spending booms driven by financial bubbles, nor exporting unemployment through trade provides sustainable solutions. It is necessary to rebalance capital and labour, restrain finance and assign a greater role to the public sector in aggregate demand management and income and wealth distribution. However, the dominant neoliberal ideology rules out such socially progressive and economically effective solutions. Consequently, stagnation is likely to remain the new normal in the years to come with governments attempting to reignite growth by creating credit and asset bubbles and/or trying to export unemployment through beggar-thy-neighbour macroeconomic, labour market, trade and exchange rate policies, thereby generating financial and economic instability and tensions in international economic relations with significant repercussions for emerging and developing economies. JEL Codes: E25, E44, F40, F43
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7

Vidal, Gregorio. "Recession, Financial Instability, Social Inequality and the Health Crisis." Review of Political Economy 33, no. 4 (July 14, 2021): 711–24. http://dx.doi.org/10.1080/09538259.2021.1943933.

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8

Cardaci, Alberto. "Inequality, household debt and financial instability: An agent-based perspective." Journal of Economic Behavior & Organization 149 (May 2018): 434–58. http://dx.doi.org/10.1016/j.jebo.2018.01.010.

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9

Dołęgowski, Tomasz, Serhii Hushko, and Volodymyr Kulishov. "PROBLEMS OF INSTABILITY OF THE WORLD ECONOMY UNDER GLOBALIZATION." SOCIETY. INTEGRATION. EDUCATION. Proceedings of the International Scientific Conference 4 (May 26, 2017): 213. http://dx.doi.org/10.17770/sie2017vol4.2280.

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Анотація:
We examine the main trends of world economic development. The characteristic feature of the modern world is the acceleration of globalization development, caused by the achievements of scientific and technological progress. The increase in possibilities of global problem solving is accompanied by their exacerbation and degree of openness of public systems in conditions of modern globalization. We consider the interaction of international economic agents, the formation of interconnections, the inevitability of transition to a new and more progressive model of economic development – metaeconomy and the problems which are potentially able to cause negative consequences of the financial sector redistribution. There is a growth of social inequality in the world, resulting in increasing income disparities, which intensifies the migration process and thereby creates new problems as a result of the coexistence of people belonging to different civilizations, cultures and value systems.
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10

Dimitrijević, Bojan, and Milenko Dželetović. "The war in Ukraine and changes in the global economic system." Socioloski pregled 56, no. 3 (2022): 763–96. http://dx.doi.org/10.5937/socpreg56-40104.

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The US years-long irresponsible policy with the excessive printing of dollars, reinforced by the COVID-19 crisis and the war in Ukraine, has led to a large public debt and increasing inflation in the US, which significantly threatens the position of the dollar as the world's reserve currency. The latest challenge to the dollar came from Russia, China and the BRICS countries. The paper analyzes the consequences of the war in Ukraine, the sanctions-based war between Russia and the West, the position of the dollar as the world's reserve currency and the weaknesses of the international financial-monetary system leading to financial instability, frequent crises and growing inequality. A special emphasis has been placed on possible reforms of global finances and alternative proposals for a new reserve currency and more efficient work of global economic institutions (IMF) with the aim of achieving greater equality and faster economic growth.
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Більше джерел

Дисертації з теми "Economic Inequality, Financial Instability"

1

Filippo, Gusella. "Essays on Economic Inequality and Financial Instability." Doctoral thesis, Università di Siena, 2020. http://hdl.handle.net/11365/1105114.

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Анотація:
The present dissertation aims to contribute to the macroeconomic analysis of economic inequality and financial instability in the light of the two important contributions in the field of economics, respectively Capital in the Twenty-First Century by Thomas Piketty and the Financial Instability Hypothesis by Hyman Minsky. The dissertation is composed of three main chapters. Chapter 1 - Thomas Piketty’s Capital in the Twenty-First Century is primarily an empirical investigation into the history of the distribution of income and wealth in developed countries. Piketty, however, goes beyond this approach, presenting a theory of the long-run tendency of wealth inequality and rooting his work deeply in economic theory. In this paper we review and develop the theoretical model of Piketty’s book. We can divide the model into two parts: firstly, the "fundamental laws of capitalism" and the change in the functional distribution of income are analysed. Secondly, the evolution of personal wealth distribution is examined. Alongside the development of the model, the paper points out two shortcomings. We show the contradiction of the original model in explaining the increase of the capital/income ratio with the change in the functional distribution of income. Moreover, we highlight the inconsistency between the definition of capital and the model proposed. The paper concludes by outlining alternative approaches to the problem, calling for a major rethinking about the causes of rising wealth inequality. Chapter 2 - In the present paper we propose a theoretical approach to the study of wealth inequality different from that of Thomas Piketty (2014a, 2014b). Considering the various forms of capital and observing the high degree of financialisation in modern economies, we reassess the problem dealing not only with the real component but also with the financial one. For this purpose, we extend the macroeconomic model as proposed by Ferri (2016), by introducing private debt to generate a proper Minsky economy. The results obtained are different from those obtained by Piketty; we revisit and compare the main findings. At the same time, we link the inequality macro-analysis with the Minskyan Financial Instability Hypothesis (FIH). In the presence of a fall in the retention rate, numerical simulations from the nonlinear model generate endogenous Minsky’s cycles characterised by an increasing capital share during the boom phases. In doing this, the present paper contributes to the literature by setting the conditions in which the increasing capital share and the FIH can occur simultaneously. Chapter 3 - In this paper we empirically analyse Minskyan financial cycles in asset prices, where the cycles are driven by the presence of two unobserved evaluation price strategies: the fundamentalist and the extrapolative price strategy. To achieve this, we construct a model that incorporates the two behavioural equations and we investigate the financial cycles in a state space model. Using the Kalman filter, the conditions for the existence of cycles can be evaluated empirically. The model is estimated for four OECD countries using the times series of equity and housing prices over the period 1970-2017 for annual data. We find evidence of cycles in the equity market for the UK, France, Germany and the US. Regarding housing prices, we find evidence of cyclical fluctuations in the UK, France and the US but not in Germany. For both the equity market and the housing market, we find the highest price overshooting in the UK and the US. Our results provide empirical support for the Minskyan theory, highlighting the role of the evaluation effect for an endogenous generation of cyclical phenomena in asset prices.
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2

Cardaci, A. "ESSAYS ON INEQUALITY, HOUSEHOLD DEBT AND FINANCIAL INSTABILITY." Doctoral thesis, Università degli Studi di Milano, 2015. http://hdl.handle.net/2434/328593.

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My Ph.D. thesis contributes to the growing literature on the link between inequality and economic crises, focusing in particular on the relationship between rising income disparities, household debt dynamics and the resulting financial instability. In the first paper, I review both the theoretical and the empirical literature on inequality, by paying particular attention to the way this topic has been treated over time by the economics research agenda. I show that the impact of growing income disparities on the macroeconomy has been ignored for a long period of time, particularly starting from the 80s. Only after the recent financial crisis, the issue of income and wealth distribution has come back on the top of the agenda of economists as well as policymakers. In the other two papers, I build two macroeconomic models that focus on the link between income inequality, household debt and economic crises. The first one is an Agent-Based (AB) macroeconomic model aimed at describing the key mechanisms through which rising inequality jeopardises economic stability in an economy with peer effects in consumption and equity extraction processes. I show that greater income disparities imply stronger expenditure cascades along the income distribution as well as asset (i.e. house) price appreciation. In the presence of home-equity based borrowing behaviour by households, private debt rises thus pushing aggregate demand upwards despite income stagnation over much of the distribution. However, debt-driven consumption endogenously triggers the accumulation of a larger amount of non-performing loans on banks’ balance sheets which eventually lead to a credit crunch and an economic downturn. The second model, a joint work with Francesco Saraceno which I carried out during my visiting period at OFCE-SciencesPo in Paris, is a macroeconomic model with an Agent-Based household sector and a stock-flow consistent structure. The goal of this work is to analyse the impact of rising income inequality on the likelihood of a crisis under different institutional settings and degrees of financialisation. In particular, we reproduce a multitude of scenarios showing how financial and credit conditions interact with the impact of growing inequality on the performance of the economy and the accumulation of household debt. Our results show the relevance of the “degree” of financialisation of an economy. In fact, when inequality grows, a Scyilla and Charybdis kind of dilemma seems to arise: on the one hand, economies with low credit availability experience a drop in aggregate de- mand and output; on the other hand, where credit constraints are relaxed and the willingness to lend is higher, greater financial instability emerges and a debt-driven boom and bust cycle. We also show that policy reactions play a key role: a real structural reform that tackles inequality, by means of a more progressive tax system, actually compensates for the rise in income disparities thereby stabilising the economy. Results also show that this is a much better solution compared to a stronger fiscal policy reaction, which, instead, has no significant impact on the performance of the economy.
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3

Asad, Humaira. "Effective financial development, inequality and poverty." Thesis, University of Exeter, 2012. http://hdl.handle.net/10036/3583.

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This thesis addresses the question, whether the impact of financial development on the relative and absolute indicators of poverty is dependent on the levels of the human capital present in an economy. To answer this question, first we develop a theoretical framework to explain the growth process in the context of financial development assuming that human capital is heterogeneous in terms of the skills and education people have. Then, by using the data sets based on five-year averages over 1960-2010 and 1980-2010, covering 107 developed and developing countries, we empirically investigate the extensions of the theoretical framework developed earlier. These extensions cover the relationships between: 1. Income inequality and economic growth 2. Financial development, human capital and income inequality, and 3. Financial development, human capital and poverty We provide empirical evidence using modern panel data techniques of dynamic and static GMM. The findings elucidate that income inequality and economic growth are inter-dependent on each other. There exists an inverse relationship between initial inequality and economic growth. The changes in income inequality follow the pattern identified by Kuznets (1955) known as Kuznets’ hypothesis. The results also show that financial development helps in reducing income inequalities and in alleviating poverty, only when there is a sufficient level of human capital available. On the basis of our findings we develop the term "effective financial development" which means that financial development is effective in accelerating growth levels, reducing income inequalities and alleviating poverty only if there is a sufficient level of human capital available. The empirical study covers multiple aspects of financial development like private credit extended by banks and other financial institutions, liquid liabilities and stock market capitalization. The results of the empirical investigations are robust to multiple data sets and various indicators of income inequality, financial development, poverty and human capital. The study also provides marginal analysis, which helps in understanding the impact of financial development on inequality and poverty at different levels of human capital. This research study of effective financial development can be a useful learning paradigm for the academics and researchers interested in growth economics and keen to learn how poverty and income inequality can be reduced effectively. This study can also be useful for the policy makers in the financial institutions, because it provides robust empirical evidence that shows that financial development cannot help in alleviating poverty and in reducing inequalities unless there is a sufficient level of human capital available. The findings can be useful for policy makers, particularly in the developing countries where high levels of income inequalities and poverty are big problems. This study explains the mechanism of how effective financial development can be used to reduce income inequalities and to alleviate poverty. It also explains the process of inter-linkages between financial development, human capital, inequality, economic growth and financial instability. The policy makers can also take advantage from the marginal analyses that illustrate the minimum levels of private credit and primary and secondary schooling above which the effects of financial development and human capital become significant in reducing inequalities and poverty.
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4

Nau, Michael D. "Whose Financial Crisis? How the Great Recession Reshaped Economic Instability and Inequality in the U.S." The Ohio State University, 2016. http://rave.ohiolink.edu/etdc/view?acc_num=osu1458297758.

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5

Morelli, Salvatore. "The long run evolution of inequality and macroeconomic shocks." Thesis, University of Oxford, 2013. http://ora.ox.ac.uk/objects/uuid:03fd894e-581e-4c80-9ee6-bc965b9e5aed.

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This thesis is concerned with two main questions. Do systemic banking crises substantially affect the income distribution in a country? Is income inequality a destabilising factor for the macro-economy? In order to answer the first question, this thesis examines a panel of 26 countries since 1900 and assembles a new database of crises, finding that the impact of major banking crises on the national income shares detained by the income groups within the richest decile is mostly small in magnitude. Indeed, the estimated impact is never bigger than a standard deviation of the specific top shares under investigation. Results are also confirmed in a separate analysis for the United States and are robust to a series of checks. These findings lend indirect support to the structuralist hypothesis that only substantial changes in government policies and institutional frameworks can bring about radical changes in income distribution. The analysis also highlights interesting heterogeneity across different income groups, country groups and time periods. The second question is addressed by making use of a newly assembled database on different dimensions of economic inequality. The new data helps to reject the statistical validity of the hypotheses that either growing inequality or a high level of inequality may systematically precede the onset of major banking crises. In addition, simulations based on the UK Family Expenditure Survey data find that even a full equalisation of income would increase the aggregate consumption by 3 percentage points at most. These findings, taken together, point out that an increase in income inequality may not concur to reduce the pressure on aggregate demand or be adduced as a structural factor of financial instability. Nonetheless, the evidence is not yet clear cut as the work further documents that periods of increasing income inequality in the UK were also associated with a reduction of the saving rates across the whole income distribution since 1968. The analysis contends that such evidence of under-saving behaviour may be consistent with the relative income hypothesis and some of its recent formulations such as the ’expenditure cascades’ theory.
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6

Le, Goff Maëlan. "Migrant remittances, foreign aid and development of recipient countries." Thesis, Clermont-Ferrand 1, 2012. http://www.theses.fr/2012CLF10398.

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Анотація:
Cette thèse de doctorat étudie les effets des envois de fonds issus des migrations sur le développement des pays d’origine des migrants et compare ces effets avec ceux de l’aide publique au développement. Dans une première partie, nous étudions les effets des envois de fonds des migrants sur le développement des pays récipiendaires. Il apparaît que les envois de fonds réduisent les inégalités intra-Pays dans les pays relativement plus riches, dont les coûts d’émigration sont faibles et dont la part des émigrés qualifiés est peu importante (Chapitre 1). L’effet sur la croissance économique en Afrique sub-Saharienne est également non-Linéaire et dépend positivement du développement financier et institutionnel des pays récipiendaires (Chapitre 2). Enfin, les envois de fonds ont un effet d’appréciation sur le taux de change réel dans les pays CFA, mais cet effet est non significatif pour les pays à régime de change flexible (Chapitre 3). Dans une seconde partie nous nous intéressons au caractère stabilisateur des transferts des migrants. Le Chapitre 4 montre, au niveau microéconomique, que les envois de fonds ont joué un rôle d’assurance lors de la dernière crise financière et que ce rôle a été d’autant plus important que les migrants n’ont pas été sévèrement touchés par la crise et que les liens conservés avec le pays d’origine étaient forts. Le Chapitre 5 montre à partir d’une approche pays par pays que les transferts sont contra-Cycliques dans une minorité de cas, mais qu’en moyenne, ils répondent négativement au revenu des pays d’origine. Les résultats du Chapitre 6 indiquent que les transferts atténuent l’effet négatif des chocs commerciaux sur la pauvreté. Dans une troisième et dernière partie nous comparons les envois de fonds { l’aide publique au développement. Alors que l’aide permet d’atténuer l’effet négatif de l’instabilité des exportations sur la croissance, les transferts des migrants permettent d’amoindrir l’effet négatif de l’instabilité des exportations sur la pauvreté (Chapitre 7). Enfin, les envois de fonds diminuent la dépendance des pays { l’aide publique au développement lorsque ces flux de capitaux sont investis plutôt que consommés (Chapitre 8)
This dissertation examines the effects of migrant remittances on the development of origin countries and compares these effects with those of official development aid. In a first part we investigate the effects of remittances on the development of recipient countries. Results suggest that remittances reduce within inequality in countries more developed, where migration cost are lower and the share of skilled migrants less important (Chapter 1). Their impact on growth in sub-Saharan Africa is also non-Linear and depends positively on the financial and institutional development of recipient economies (Chapter 2). Finally, remittances have a real exchange appreciation effect in CFA countries, but not in countries with a flexible exchange rate regime (Chapter 3). In a second part we focus on the stabilizing impact of remittances. Chapter 4 shows, at the microeconomic level, that remittances have played an insurance role during the last financial crisis and that this role was all the more acute that migrants have not strongly suffered from the crisis and that family links were strong. Chapter 5 suggests in a country-By-Country approach that remittances are pro-Cyclical in a higher number of cases, while on average, they respond negatively to the home country income. Chapter 6 findings show that remittances dampen the harmful impact of trade instability on poverty. In a third part, we compare migrant remittances with public aid. While public aid mitigates the harmful impact of export instability on output growth, migrant remittances dampen the harmful effect of export instability on poverty (Chapter 7). Finally, migrant remittances reduce aid dependency in countries where remittances are invested rather than consumed (Chapter 8)
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7

Manning, Brett. "Does economic inequality cause financial crises?" Thesis, Durham University, 2014. http://etheses.dur.ac.uk/10654/.

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Анотація:
Inequality rose rapidly in the run up to the 1929 stock market crash and the 2007 financial crisis. Both crises precipitated long and deep recessions. This paper seeks to determine if there is any deeper relationship between inequality and financial stability. The work presents an empirical investigation of the topic and theoretical model of how such a relationship could exist. My original contribution to the literature is threefold: (1) the empirical detection of a small interaction between economic inequality and propensity tofinancial crises, (2) the presentation of a novel measure of financial stability using principal component analysis and its interaction with economic inequality, and (3) the presentation of a novel theoretical model that demonstrates a possible mechanism by which inequality may reduce financial stability.
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8

Blaum, Joaquin. "Essays on financial markets, inequality and economic development." Thesis, Massachusetts Institute of Technology, 2012. http://hdl.handle.net/1721.1/72825.

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Анотація:
Thesis (Ph. D.)--Massachusetts Institute of Technology, Dept. of Economics, 2012.
Cataloged from PDF version of thesis.
Includes bibliographical references (p. 123-128).
In Chapter 1, I study the effects of wealth inequality on economies where financial markets are imperfect. I exploit the idea that inequality should have a different effect across sectors. Using a difference-in-difference strategy, I show that sectors that are more in need of external finance are relatively smaller in countries with higher income inequality. I then build a model in which sectors differ in their fixed cost requirement, agents face collateral constraints, and production is subject to decreasing returns. A calibrated version of the model is consistent with the documented facts on inequality and cross-sector outcomes. At the calibrated parameters, wealth inequality exacerbates the effect of financial frictions on the economy. Quantitatively, wealth inequality can generate losses of up to 46 percent of per capita income. In Chapter 2, co-authored with Claire Lelarge and Michael Peters, we explore the ingredients that a model of import behavior should have in order to be consistent with the firm level evidence. We build a model where firms are heterogeneous in their factor neutral productivity, and prices, fixed costs and input qualities are common across firms. Using a comprehensive dataset of French firms, we test the qualitative predictions of such model. The model fares well in describing firm's expenditure across imported varieties, but fails to account for the pattern of expenditure between domestic and foreign inputs. We conclude that a mechanism inducing firm-level heterogeneity in the relative price of domestic varieties is needed to model import demand. In Chapter 3, I study the effects of financial frictions on the pattern of cross-industry growth rates. I document two facts: (i) externally dependent sectors tend to grow faster along the economy's development path, and (ii) externally dependent sectors grow disproportionately faster in countries with better financial institutions. I argue that financial frictions can account for these facts. I build a dynamic two-sector model in which sectors differ in their liquidity requirement and agents face collateral constraints. Financial frictions generate faster growth in the sector with higher liquidity requirement. I identify conditions under which financial development leads to higher excess growth in the externally dependent sector.
by Joaquin Blaum.
Ph.D.
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9

Bhatti, Arshad Ali. "Essays on financial development, inequality and economic growth." Thesis, University of Manchester, 2012. https://www.research.manchester.ac.uk/portal/en/theses/essays-on-financial-development-inequality-and-economic-growth(a8fbe2ac-9d65-4b51-8d97-153e2c7a2168).html.

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This thesis explores two important aspects of growth, namely the roles of financial development and inequality. The recent literature has indicated that both the finance-growth and inequality-growth relationships are complex and not well captured through conventional linear regression analyses. Thus, most of the existing empirical literature focuses on marginal or direct growth effects, ignoring the role of possible factors, conditions and thresholds that may alter our thinking about how financial development or inequality may affect economic growth. Further, it ignores the presence of outliers, especially in cross-sectional analyses which may hinder our understanding of these relationships. Therefore, Chapter 1 addresses the issue of outliers in finance-growth literature and provides a robust sensitivity analysis of some past studies and an updated data set. Chapter 2 focuses on whether R&D plays a role, potentially as a proxy for an omitted variable, for growth and whether it has important interactions with financial development. Chapter 3 then examines the role of inequality for growth, allowing the effects to differ depending on the level of human versus physical capital accumulation.The cross-sectional analysis of Chapter 1 employs the robust regression methods of median quantile regression and least trimmed squares. It shows that the findings of past studies are sensitive to outlier observations. Further, we find that the positive effect of financial development on growth disappears and even becomes negative once we use our extended data set of 86 countries over the period 1997-2006. This last finding is consistent with Rousseau and Wachtel (2011). Moreover, we investigate whether our understanding of the finance-growth relationship can further be improved by introducing a measure of R&D into the standard analysis. We note that our measure of R&D has a strong positive effect on growth and may proxy the role of an omitted variable which is highly correlated with economic growth.Chapter 2 also uses R&D and investigates its interaction with conventionally measured financial development. It employs a variety of panel data techniques for a panel of 36 OECD and non-OECD countries to show that the relationship between financial development and economic growth is not straightforward; rather, it is conditional upon the level of innovation or R&D. Further, we find that a high level of technological innovation or R&D is associated with a weak or negative effect of financial development on economic growth. It is also noted that R&D is associated with financial innovation and the results suggest that countries with a high level of R&D may have less regulated financial systems which can adversely affect the finance-growth relationship.The third chapter explores the relationship between inequality and growth in the context of a unified empirical approach suggested by the theoretical model of Galor and Moav (2004). Based on that model, we construct a new measure, the human capital to physical capital ratio, which is used to study threshold effects in the inequality-growth relationship. Methodologically, we use threshold regression with instruments, developed by Caner and Hansen (2004), which allows us to endogenously identify the threshold human capital to physical capital ratio that alters the inequality-growth relationship. Using data on 82 countries, our results show that there exist significant threshold effects, with a level of the human capital to physical capital ratio below which the effect of inequality on growth is positive and significant, whereas it is negative and significant above it. We also test the robustness of our results using different measures of the human capital to physical capital ratio. These results are consistent with the theoretical predictions of Galor and Moav (2004).
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10

Galanis, Giorgos. "Heterogeneous economies : implications for inequality and financial stability." Thesis, University of Warwick, 2017. http://wrap.warwick.ac.uk/92769/.

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In the first chapter we explore the relationship between income inequality and the Utilitarian ethic in a dynamic environment with endogenous preferences. Classical Utilitarians, like Bentham, believed that utilitarian principles are compatible with egalitarian ones. Although this claim is not uncontroversial, this relation holds for a utilitarian distribution of a given good among people, with identical concave utilities and exogenously set preferences. This idea breaks down if the preferences are different. In this paper we allow for endogenous preferences influenced by the existence of habits. We show how the inclusion of habit formation, studied in a dynamic environment, has egalitarian implications for a classical utilitarian distribution. Based on this result we are able to argue that Bentham’s positive views of decreasing inequality due to different consumption habits are consistent with his normative views regarding distribution. The second chapter explores the question of whether long-term income inequality consistent with equality of opportunity (EOp) ethic. In order to provide an answer we study the effectiveness of intergenerational EOp policies in an environment with two social groups and infinite generations of individuals, where the outcomes of one generation define the circumstances of the next. Circumstances in this paper have to do either with different preferences among individuals from different social groups or with both resources and preferences due to these resources. We show that in the former case EOp policies reduce inequality and also the EOp policy is the same as the Utilitarian one. In the latter case, inequality is not reduced and its level depends on the relative population of the two social groups. The third chapter studies an economy where privately informed hedge funds trade a risky asset in order to exploit potential mispricings. Hedge funds are allowed to have access to credit, by using their risky assets as collateral. We analyse the role of the degree of heterogeneity among hedge funds’s demand for the risky asset in the emergence of clustering of defaults. We find that fire-sales caused by margin calls is a necessary, yet not a sufficient condition for defaults to be clustered. We show that when the degree of heterogeneity is sufficiently high, poorly performing hedge funds are able to obtain a higher than usual market share at the end of the leverage cycle, which leads to an improvement of their performance. Consequently, their survival time is prolonged, increasing the probability of them remaining in operation until the downturn of the next leverage cycle. This leads to the increase of the probability of poorly and high-performing hedge funds to default in sync at a later time, and thus the probability of collective defaults.
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Книги з теми "Economic Inequality, Financial Instability"

1

Galbraith, James K. Inequality and instability: A study of the world economy just before the Great Crisis. New York, NY: Oxford University Press, 2012.

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Liberalization, financial instability and economic development. London: Anthem Press, 2014.

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Peter, Gray H., and Dilyard John R. 1954-, eds. Globalization and economic and financial instability. Cheltenham, UK: Edward Elgar Pub., 2006.

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Matsumoto, Yasuyuki. Financial fragility and instability in Indonesia. London: Routledge, 2007.

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5

Kregel, J. A. Economic development and financial instability: Selected essays. New York, NY: Anthem Press, 2014.

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6

Rogoff, Kenneth S. International institutions for reducing global financial instability. Cambridge, MA: National Bureau of Economic Research, 1999.

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7

The political economy of international financial instability. London: Croom Helm, 1986.

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8

Frenkel, Jacob A. Globalization, instability, and the world financial system. Bryn Mawr, Pa: The American College, 1999.

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9

Bussière, Matthieu. Political instability and economic vulnerability. [Washington, D.C.]: International Monetary Fund, Policy Development and Review Department, 1999.

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Financial instability and economic security after the great recession. Cheltenham: Edward Elgar, 2011.

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Частини книг з теми "Economic Inequality, Financial Instability"

1

Goodwin, Neva, Jonathan M. Harris, Julie A. Nelson, Pratistha Joshi Rajkarnikar, Brian Roach, and Mariano Torras. "Financial Instability and Economic Inequality." In Principles of Economics in Context, 673–700. 2nd edition. | New York, NY : Routledge, 2019.: Routledge, 2019. http://dx.doi.org/10.4324/9780429438752-31.

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2

Nell, Edward. "Understanding Rents in the Real Economy." In Henry George and How Growth in Real Estate Contributes to Inequality and Financial Instability, 11–25. Cham: Springer International Publishing, 2019. http://dx.doi.org/10.1007/978-3-030-18663-0_2.

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Nell, Edward. "Growth and Rents in Today’s Economy." In Henry George and How Growth in Real Estate Contributes to Inequality and Financial Instability, 85–96. Cham: Springer International Publishing, 2019. http://dx.doi.org/10.1007/978-3-030-18663-0_7.

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Nell, Edward. "Growth and Rents in the Real Economy." In Henry George and How Growth in Real Estate Contributes to Inequality and Financial Instability, 27–33. Cham: Springer International Publishing, 2019. http://dx.doi.org/10.1007/978-3-030-18663-0_3.

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Nell, Edward. "Introduction: Reviving the Work of America’s Most Original Economist." In Henry George and How Growth in Real Estate Contributes to Inequality and Financial Instability, 1–7. Cham: Springer International Publishing, 2019. http://dx.doi.org/10.1007/978-3-030-18663-0_1.

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Macaulay, Catherine. "A new approach to financial instability." In Macroeconomic Modelling, Economic Policy and Methodology, 215–35. London: Routledge, 2022. http://dx.doi.org/10.4324/9781003253457-16.

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7

Nell, Edward. "Growth and Inequality in the Financial System." In Henry George and How Growth in Real Estate Contributes to Inequality and Financial Instability, 113–19. Cham: Springer International Publishing, 2019. http://dx.doi.org/10.1007/978-3-030-18663-0_9.

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Asada, Toichiro. "Mathematical Modelling of Financial Instability and Macroeconomic Stabilisation Policies." In Nonlinear Economic Dynamics and Financial Modelling, 41–63. Cham: Springer International Publishing, 2014. http://dx.doi.org/10.1007/978-3-319-07470-2_5.

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9

Zachariadis, Savvas. "Financial Instability and Economic Growth in Transition Economies." In Global, Regional and Local Perspectives on the Economies of Southeastern Europe, 153–71. Cham: Springer International Publishing, 2020. http://dx.doi.org/10.1007/978-3-030-57953-1_10.

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Witztum, Amos. "Desperation by Consent: Inequality and Financial Crises." In Springer Studies in the History of Economic Thought, 159–76. Cham: Springer International Publishing, 2022. http://dx.doi.org/10.1007/978-3-030-86753-9_9.

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Тези доповідей конференцій з теми "Economic Inequality, Financial Instability"

1

Li, Yaxuan. "How Does Opportunity Inequality Affect Education Inequality and Income Distribution?" In 6th International Conference on Financial Innovation and Economic Development (ICFIED 2021). Paris, France: Atlantis Press, 2021. http://dx.doi.org/10.2991/aebmr.k.210319.076.

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Lin, Haibin, and Chang Tian. "Inequality and Optimal Top Income Tax in Australia." In 2021 International Conference on Financial Management and Economic Transition (FMET 2021). Paris, France: Atlantis Press, 2021. http://dx.doi.org/10.2991/aebmr.k.210917.076.

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Levkova, Dar'ia Aleksandrovna. "Measures of Russia’s Financial and Monetary Policy in the Current Conditions of Economic Instability." In All-Russian Scientific Conference. Publishing house Sreda, 2021. http://dx.doi.org/10.31483/r-99294.

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Umpleby, Stuart. "Identifying stability or instability in economic systems: circular and linear analyses of financial crises." In System analysis in economics – 2018. Prometheus publishing house, 2018. http://dx.doi.org/10.33278/sae-2018.eng.032-038.

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5

Gusev, Vladislav, and N. A. Isaeva. "Hybrid Method for Assessing the Risks of Financial and Economic Instability of an Enterprise." In 2021 3rd International Conference on Control Systems, Mathematical Modeling, Automation and Energy Efficiency (SUMMA). IEEE, 2021. http://dx.doi.org/10.1109/summa53307.2021.9632064.

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Almula-dhanoon, Mufeed. "Nexus Between Political Stability and Economic Growth– Evidence from Middle East Countries." In 3rd International Conference on Administrative & Financial Sciences. Cihan University - Erbil, 2021. http://dx.doi.org/10.24086/afs2020/paper.283.

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There is much research that has discussed the relationship between political stability and economic growth, but only a few have attempted to explore the causal relationship between them. This paper aims to examine the causative relations between political instability (measured by the government stability index), and economic growth for fourteen countries in the Middle East for the period 1984-2017. The methodology based on the application of Granger Toda-Yamamoto (T-Y) method for the purpose of analyzing the causal relationship between the two variables. The empirical results show that there is no evident on causal relation between political stability and economic growth.
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Granitsa, Yu V. "Analysis of the Interrelations of Economic Indicators as a Tool for Predicting Regional Financial Instability." In International Scientific Conference "Far East Con" (ISCFEC 2020). Paris, France: Atlantis Press, 2020. http://dx.doi.org/10.2991/aebmr.k.200312.394.

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8

Podviezko, Askoldas. "On multiple dimensions of criteria representing financial globalisation." In Business and Management 2016. VGTU Technika, 2016. http://dx.doi.org/10.3846/bm.2016.31.

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A prevailing contemporary concept of major researchers in the field of economics suggests that financial globalisation creates positive effect on economic growth. Besides this crucial hypothesis many other related with financial liberalisation hypotheses are being tested. Financial liberalisation is an integral part of globalisation. Quantitative gauging of the level of globalisation creates opportunities for more precise identification of causes of prominence or lagging of the home country or any other country in question in comparison with its peers, and creates possibilities to analyse if the country is fully realising its economic potential. Analysis of criteria and their categories, which reflect the level of financial globalisation, is a compulsory step for any quantitative evaluation. The purpose of the study is to reveal importance of accurate evaluation of the level of financial globalisation for allowing further important research to be carried out on such prime economic processes as economic growth, corruption; income inequality; politics; financial stability; prudential policy, to provide a brief overview of the variety of existing approaches available in the literature, which attempt to quantitatively evaluate the level of financial globalisation.
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Savinov, Oleg Germanovich. "FINANCIAL STATE OF BANKS AND IMPROVEMENT OF THE DEPOSIT INSURANCE SYSTEM IN THE CONDITIONS OF ECONOMIC INSTABILITY." In РОССИЙСКАЯ НАУКА: АКТУАЛЬНЫЕ ИССЛЕДОВАНИЯ И РАЗРАБОТКИ. Самара: Самарский государственный экономический университет, 2021. http://dx.doi.org/10.46554/russian.science-2021.02-2-116/121.

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Alklychev, Alklych M., and Marat Sh Magaramov. "CONCEPTUAL FOUNDATIONS OF STATE REGULATION OF FINANCIAL SUPPORT FOR THE AGRICULTURAL SECTOR OF THE CHECHEN REPUBLIC." In Strategies to counter threats to economic security in the context of global market instability. Federal State Budgetary Institution of Science Market Economy Institute of Russian Academy of Sciences (MEI RAS), 2020. http://dx.doi.org/10.33051/978-5-6043906-7-2-2020-9-13.

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Звіти організацій з теми "Economic Inequality, Financial Instability"

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Hasanov, Fakhri. Oil Market Shocks and Financial Instability in Asian Countries. King Abdullah Petroleum Studies and Research Center, November 2021. http://dx.doi.org/10.30573/ks--2021-dp18.

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There is no commodity whose interlinkages with the macroeconomy have been studied as extensively as oil, starting with Hamilton’s (1983) seminal study. Thousands of subsequent studies have examined the relationship between oil prices and various economic variables, including the stock market. This strand of the literature began with the pioneering work of Kling (1985). Since then, other financial markets, such as banking, have also received a fair share of analysis.
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2

Soloviev, V. N., and Y. V. Romanenko. Economic analog of Heisenberg uncertainly principle and financial crisis. ESC "IASA" NTUU "Igor Sikorsky Kyiv Polytechnic Institute", May 2017. http://dx.doi.org/10.31812/0564/2463.

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The Heisenberg uncertainty principle is one of the cornerstones of quantum mechanics. The modern version of the uncertainty principle, deals not with the precision of a measurement and the disturbance it introduces, but with the intrinsic uncertainty any quantum state must possess, regardless of what measurement is performed. Recently, the study of uncertainty relations in general has been a topic of growing interest, specifically in the setting of quantum information and quantum cryptography, where it is fundamental to the security of certain protocols. The aim of this study is to analyze the concepts and fundamental physical constants in terms of achievements of modern theoretical physics, they search for adequate and useful analogues in the socio-economic phenomena and processes, and their possible use in early warning of adverse crisis in financial markets. The instability of global financial systems depending on ordinary and natural disturbances in modern markets and highly undesirable financial crises are the evidence of methodological crisis in modelling, predicting and interpretation of current socio-economic conditions.
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3

Cavaille, Charlotte, Federica Liberini, Michela Redoano, Anandi Mani, Vera E. Troeger, Helen Miller, Ioana Marinescu, et al. Which Way Now? Economic Policy after a Decade of Upheaval: A CAGE Policy Report. Edited by Vera E. Troeger. The Social Market Foundation, February 2019. http://dx.doi.org/10.31273/978-1-910683-41-5.

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Most, if not all advanced economies have suffered gravely from the 2008 global financial crisis. Growth, productivity, real income and consumption have plunged and inequality, and in some cases poverty, spiked. Some countries, like Germany and Australia, were better able to cope with the consequences but austerity has taken its toll even on the strongest economies. The UK is no exception and the more recent period of economic recovery might be halted or even reversed by the political, economic, and policy uncertainty created by the Brexit referendum. This uncertainty related risk to growth could be even greater if the UK leaves the economic and legal framework provided by the EU. This CAGE policy report offers proposals from different perspectives to answer the overarching question: What is the role of a government in a modern economy after the global financial crisis and the Brexit vote? We report on economic and social challenges in the UK and discuss potential policy responses for the government to consider. Foreword by: Lord O’Donnell of Clapham.
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Correia, Diogo, and Ricardo Barradas. Financialisation and the slowdown of labour productivity in Portugal: A post-Keynesian approach. DINÂMIA'CET-Iscte, 2021. http://dx.doi.org/10.15847/dinamiacet-iul.wp.2021.07.

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The aim of this paper is to conduct a time series econometric analysis in order to empirically evaluate the role of financialisation in the slowdown of labour productivity in Portugal during the period from 1980 to 2017. During that time, the Portuguese economy faced a financialisation phenomenon due to the European integration process and the corresponding imposition of a strong wave of privatisation, liberalisation and deregulation of the Portuguese financial system. At the same time, Portuguese labour productivity exhibited a sustained downward trend, which seems to contradict the well-entrenched mainstream hypothesis on the finance–productivity nexus. Based on the post-Keynesian literature, we identify four channels through which the phenomenon of financialisation has impaired labour productivity, namely weak economic performance, the fall in labour’s share of income, the rise of inequality in personal income and an intensification of the degree of financialisation. The paper finds that lagged labour productivity, economic performance and labour income share positively impact labour productivity in Portugal, while personal income inequality and the degree of financialisation negatively impact labour productivity in Portugal. The paper also finds that the main triggers for the slowdown of labour productivity in Portugal are the degree of financialisation and personal income inequality over the last decades.
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Barradas, Ricardo. Why has labour productivity slowed down in the era of financialisation? Insights from the post-Keynesians for the European Union countries. DINÂMIA'CET-Iscte, May 2022. http://dx.doi.org/10.15847/dinamiacet-iul.wp.2022.03.

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This paper employs a panel data econometric approach in order to empirically ascertain the role of the phenomenon of financialisation in the deceleration of labour productivity in the European Union (EU) countries from 1980 to 2019. During that time, the EU countries suffered a huge structural transformation based on Reaganomics and Thatcherism and their financial systems have experienced strong liberalisation and deregulation, which have contributed to poor evolution of labour productivity and have revived fears around a new ‘secular stagnation’ in the era of financialisation. Grounded in post-Keynesian literature, the slowdown of labour productivity in the majority of developed economies in the last decades cannot be separated from the phenomenon of financialisation, which has occurred through four different channels, namely the weak economic performance, the decline in the labour income share, the increase in personal income inequality, and strengthening of the degree of financialisation. Our findings confirm that lagged labour productivity, economic performance, and labour income share have a positive impact on labour productivity in the EU countries, while personal income inequality and the degree of financialisation impact it negatively. Our findings also reveal that labour productivity in the EU countries in the last decades would have grown more if there had been a stronger economic performance, a smaller decline (or even a rise) of the labour income share, a smaller increase (or even a decrease) of personal income inequality, and a weakening of the degree of financialisation.
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6

Abdo, Nabil, Dana Abed, Bachir Ayoub, and Nizar Aouad. The IMF and Lebanon: The long road ahead – An assessment of how Lebanon’s economy may be stabilized while battling a triple crisis and recovering from a deadly blast. Oxfam, October 2020. http://dx.doi.org/10.21201/2020.6652.

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Lebanon is extremely unequal and has been rocked by massive protests in recent months. The country is facing a financial crisis and is in talks with the International Monetary Fund (IMF) about a potential bailout programme. Other IMF programmes in the region have focused on austerity and have driven increases in poverty and inequality. A business-as-usual approach by the IMF in Lebanon could have serious and far-reaching adverse impacts. Any potential policies pushed by the IMF in Lebanon must first be shown not to impact negatively on economic and gender inequalities, and must be drawn up transparently in consultation with local communities, civil society organizations and social movements.
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7

Davies, Will. Improving the engagement of UK armed forces overseas. Royal Institute of International Affairs, January 2022. http://dx.doi.org/10.55317/9781784135010.

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The UK government’s Integrated Review of security, defence, development and foreign policy, published in March 2021 alongside a supporting defence command paper, set a new course for UK national security and highlighted opportunities for an innovative approach to international engagement activity. The Integrated Review focused principally on the state threats posed by China’s increasing power and by competitors – including Russia – armed with nuclear, conventional and hybrid capabilities. It also stressed the continuing risks to global security and resilience due to conflict and instability in weakened and failed states. These threats have the potential to increase poverty and inequality, violent extremism, climate degradation and the forced displacement of people, while presenting authoritarian competitors with opportunities to enhance their geopolitical influence. There are moral, security and economic motives to foster durable peace in conflict-prone and weakened regions through a peacebuilding approach that promotes good governance, addresses the root causes of conflict and prevents violence, while denying opportunities to state competitors. The recent withdrawal from Afghanistan serves to emphasize the complexities and potential pitfalls associated with intervention operations in complex, unstable regions. Success in the future will require the full, sustained and coordinated integration of national, allied and regional levers of power underpinned by a sophisticated understanding of the operating environment. The UK armed forces, with their considerable resources and global network, will contribute to this effort through ‘persistent engagement’. This is a new approach to overseas operations below the threshold of conflict, designed as a pre-emptive complement to warfighting. To achieve this, the UK Ministry of Defence (MOD) must develop a capability that can operate effectively in weak, unstable and complex regions prone to violent conflict and crises, not least in the regions on the eastern and southern flanks of the Euro-Atlantic area. The first step must be the development of a cohort of military personnel with enhanced, tailored levels of knowledge, skills and experience. Engagement roles must be filled by operators with specialist knowledge, skills and experience forged beyond the mainstream discipline of combat and warfighting. Only then will individuals develop a genuinely sophisticated understanding of complex, politically driven and sensitive operating environments and be able to infuse the design and delivery of international activities with practical wisdom and insight. Engagement personnel need to be equipped with: An inherent understanding of the human and political dimensions of conflict, the underlying drivers such as inequality and scarcity, and the exacerbating factors such as climate change and migration; - A grounding in social sciences and conflict modelling in order to understand complex human terrain; - Regional expertise enabled by language skills, cultural intelligence and human networks; - Familiarity with a diverse range of partners, allies and local actors and their approaches; - Expertise in building partner capacity and applying defence capabilities to deliver stability and peace; - A grasp of emerging artificial intelligence technology as a tool to understand human terrain; - Reach and insight developed through ‘knowledge networks’ of external experts in academia, think-tanks and NGOs. Successful change will be dependent on strong and overt advocacy by the MOD’s senior leadership and a revised set of personnel policies and procedures for this cohort’s selection, education, training, career management, incentivization, sustainability and support.
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Asian Development Outlook 2022: Mobilizing Taxes for Development. Asian Development Bank, April 2022. http://dx.doi.org/10.22617/fls220141-3.

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This report outlines economic prospects in developing Asia amid global turbulence and lingering pandemic risks. It discusses the implications of school closures and the invasion of Ukraine, and explores mobilizing taxes for development. Developing Asia’s outlook remains positive, with growth of 5.2% expected in 2022 and 5.3% in 2023. Downside risks include spillover from geopolitical tensions, such as via higher-than-expected commodity prices. The Russian invasion of Ukraine has upended the global economic outlook and greatly amplified uncertainty for a world economy still contending with COVID-19. Aggressive monetary policy tightening in the United States could lead to financial instability. In the medium term, scarring from the pandemic poses significant risks, including learning losses from continued school closures that could worsen economic inequality. The region’s economies urgently need to mobilize fiscal resources to restore the health of public finances and build a more inclusive and sustainable future. Opportunities to strengthen revenue will depend on specific circumstances, but more efficient value-added tax and better-optimized tax incentives hold promise for many economies. Strengthening personal income and property taxes can raise additional revenue and make tax systems more progressive. Significant opportunities exist to expand the use of tax and other fiscal instruments to tackle environmental and health priorities while raising revenue.
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Asian Development Outlook 2022 Highlights: Mobilizing Taxes for Development. Asian Development Bank, April 2022. http://dx.doi.org/10.22617/fls220142-3.

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This report outlines economic prospects in developing Asia amid global turbulence and lingering pandemic risks. It discusses the implications of school closures and the invasion of Ukraine, and explores mobilizing taxes for development. Developing Asia’s outlook remains positive, with growth of 5.2% expected in 2022 and 5.3% in 2023. Downside risks include spillover from geopolitical tensions, such as via higher-than-expected commodity prices. The Russian invasion of Ukraine has upended the global economic outlook and greatly amplified uncertainty for a world economy still contending with COVID-19. Aggressive monetary policy tightening in the United States could lead to financial instability. In the medium term, scarring from the pandemic poses significant risks, including learning losses from continued school closures that could worsen economic inequality. The region’s economies urgently need to mobilize fiscal resources to restore the health of public finances and build a more inclusive and sustainable future. Opportunities to strengthen revenue will depend on specific circumstances, but more efficient value-added tax and better-optimized tax incentives hold promise for many economies. Strengthening personal income and property taxes can raise additional revenue and make tax systems more progressive. Significant opportunities exist to expand the use of tax and other fiscal instruments to tackle environmental and health priorities while raising revenue.
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