Does financial development affect income inequality in the U.S. States?
| dc.contributor.author | Bittencourt, Manoel | |
| dc.contributor.author | Chang, Shinhye | |
| dc.contributor.author | Gupta, Rangan | |
| dc.contributor.author | Miller, Stephen M. | |
| dc.contributor.email | rangan.gupta@up.ac.za | en_ZA |
| dc.date.accessioned | 2020-02-25T08:30:37Z | |
| dc.date.issued | 2019-11 | |
| dc.description.abstract | This paper examines the role of financial development on U.S. state-level income inequality in the 50 states from 1976 to 2011, using fixed-effect estimation. We find robust results whereby financial development linearly increases income inequality for the 50 states. When we divide 50 states into two separate groups of above-average and below-average inequality states than the cross-state average inequality, the effect of financial development on income inequality appears non-linear. When financial development improves, the effect increases at an increasing rate for above-average income-inequality states, whereas an inverted U-shaped relationship exists for below-average income-inequality states. To our knowledge, this paper is the first to examine the role of financial development on U.S. state-level inequality. | en_ZA |
| dc.description.department | Economics | en_ZA |
| dc.description.embargo | 2021-11-01 | |
| dc.description.librarian | hj2020 | en_ZA |
| dc.description.uri | http://www.elsevier.com/locate/jpm | en_ZA |
| dc.identifier.citation | Bittencourt, M., Chang, S., Gupta, R. et al. 2019, 'Does financial development affect income inequality in the U.S. States?', Journal of Policy Modeling, vol. 41, no. 6, pp. 1043-1056. | en_ZA |
| dc.identifier.issn | 0161-8938 (print) | |
| dc.identifier.issn | 1873-8060 (online) | |
| dc.identifier.other | 10.1016/j.jpolmod.2019.07.008 | |
| dc.identifier.uri | http://hdl.handle.net/2263/73542 | |
| dc.language.iso | en | en_ZA |
| dc.publisher | Elsevier | en_ZA |
| dc.rights | © 2019 The Society for Policy Modeling. Published by Elsevier Inc. All rights reserved. Notice : this is the author’s version of a work that was accepted for publication in Journal of Policy Modeling. Changes resulting from the publishing process, such as peer review, editing, corrections, structural formatting, and other quality control mechanisms may not be reflected in this document. A definitive version was subsequently published in Journal of Policy Modeling, vol. 41, no. 6, pp. 1043-1056, 2019. doi : 10.1016/j.jpolmod.2019.07.008. | en_ZA |
| dc.subject | Income inequality | en_ZA |
| dc.subject | Panel data | en_ZA |
| dc.subject | Personal income | en_ZA |
| dc.title | Does financial development affect income inequality in the U.S. States? | en_ZA |
| dc.type | Postprint Article | en_ZA |