The Influence of Capital Flows and Financial Development on Income Inequality

碩士 === 逢甲大學 === 經濟學系 === 106 === This study analyzes the influence of capital flows and financial development on income distribution using panel data for the sample periods from from 1980 to 2012 and for 33 advanced economies (AEs) and 39 emerging market and developing economies (EMDEs). First, we s...

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Main Authors: ZHOU, ZHENG-RU, 周政儒
Other Authors: YAN, HO-DON
Format: Others
Language:zh-TW
Published: 2018
Online Access:http://ndltd.ncl.edu.tw/handle/7g668s
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spelling ndltd-TW-106FCU003890032019-05-16T00:44:36Z http://ndltd.ncl.edu.tw/handle/7g668s The Influence of Capital Flows and Financial Development on Income Inequality 資本移動與金融發展對所得分配不均之影響 ZHOU, ZHENG-RU 周政儒 碩士 逢甲大學 經濟學系 106 This study analyzes the influence of capital flows and financial development on income distribution using panel data for the sample periods from from 1980 to 2012 and for 33 advanced economies (AEs) and 39 emerging market and developing economies (EMDEs). First, we separately analyzed the trends of income inequality, capital flows and financial development of AEs and EMDEs. Then we estimated AEs and EMDEs with the control variables, which could affect income distribution by conducting fixed cross-section and temporal effect model in order to investigate their differences. We found that capital flows and financial development have different influences between AEs and EMDEs. Four main results are summarized below: 1. The market Gini coefficient is similar between AEs and EMDEs, but thenet Gini coefficient of AEs is smaller than EMDEs. Apparently, the redistribution policies work effectively. 2. There are less net capital inflows to AEs than EMDEs, but more gross capital inflows and outflows in AEs than in EMDEs. It indicates asset diversification in AEs, and a portion of capital flows into EMDEs. Relative to EMDEs, the level of fianacial development (financial market or financial institution) in AEs is higher, but financial development in EMDEs is improving year by year. 3. Given the financial development, the net direct investment inflows in EMDEs is the main factor to worsen income distribution, while capital inflows cannot significantly affect income distribution in AEs. If capital flows remain constant, financial development could significantly worsen income distribution in AEs, but it could improve income distribution in EMDEs. With the growing of financial development, there is an improving effect on income distribution in AEs, but a deteriorating effect in EMDEs. 4. There are complementary effects between capital flows and financial development to income inequality. Net direct investment inflows in EMDEs are the main factor worsening income distribution, and capital inflows has no significant effect on income distribution in AEs. Although capital inflows in EMDEs and financial development in AEs could worsen income distribution, the interactive effects between capital flows and financial development are beneficial to both EMDEs and AEs. YAN, HO-DON 顏厚棟 2018 學位論文 ; thesis 84 zh-TW
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language zh-TW
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description 碩士 === 逢甲大學 === 經濟學系 === 106 === This study analyzes the influence of capital flows and financial development on income distribution using panel data for the sample periods from from 1980 to 2012 and for 33 advanced economies (AEs) and 39 emerging market and developing economies (EMDEs). First, we separately analyzed the trends of income inequality, capital flows and financial development of AEs and EMDEs. Then we estimated AEs and EMDEs with the control variables, which could affect income distribution by conducting fixed cross-section and temporal effect model in order to investigate their differences. We found that capital flows and financial development have different influences between AEs and EMDEs. Four main results are summarized below: 1. The market Gini coefficient is similar between AEs and EMDEs, but thenet Gini coefficient of AEs is smaller than EMDEs. Apparently, the redistribution policies work effectively. 2. There are less net capital inflows to AEs than EMDEs, but more gross capital inflows and outflows in AEs than in EMDEs. It indicates asset diversification in AEs, and a portion of capital flows into EMDEs. Relative to EMDEs, the level of fianacial development (financial market or financial institution) in AEs is higher, but financial development in EMDEs is improving year by year. 3. Given the financial development, the net direct investment inflows in EMDEs is the main factor to worsen income distribution, while capital inflows cannot significantly affect income distribution in AEs. If capital flows remain constant, financial development could significantly worsen income distribution in AEs, but it could improve income distribution in EMDEs. With the growing of financial development, there is an improving effect on income distribution in AEs, but a deteriorating effect in EMDEs. 4. There are complementary effects between capital flows and financial development to income inequality. Net direct investment inflows in EMDEs are the main factor worsening income distribution, and capital inflows has no significant effect on income distribution in AEs. Although capital inflows in EMDEs and financial development in AEs could worsen income distribution, the interactive effects between capital flows and financial development are beneficial to both EMDEs and AEs.
author2 YAN, HO-DON
author_facet YAN, HO-DON
ZHOU, ZHENG-RU
周政儒
author ZHOU, ZHENG-RU
周政儒
spellingShingle ZHOU, ZHENG-RU
周政儒
The Influence of Capital Flows and Financial Development on Income Inequality
author_sort ZHOU, ZHENG-RU
title The Influence of Capital Flows and Financial Development on Income Inequality
title_short The Influence of Capital Flows and Financial Development on Income Inequality
title_full The Influence of Capital Flows and Financial Development on Income Inequality
title_fullStr The Influence of Capital Flows and Financial Development on Income Inequality
title_full_unstemmed The Influence of Capital Flows and Financial Development on Income Inequality
title_sort influence of capital flows and financial development on income inequality
publishDate 2018
url http://ndltd.ncl.edu.tw/handle/7g668s
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