The Effect of Financial Development on Income Distribution in Developing Countries and Developed Countries: GMM Method

Subject Areas : Financial Economics

علی اکبر احمدی ¹ , محمد اسماعیل رستمی نیا ² , علیرضا غیبی ³

1 - استادیار، عضو هیئت علمی و رئیس دانشگاه پیام نور غرب تهران، تهران، ایران
2 - استادیار، عضو هیئت عملی دانشگاه پیام نور غرب تهران، تهران، ایران
3 - دانشجوی کارشناسی ارشد مدیریت دولتی، گرایش مدیریت مالی دانشگاه پیام نور غرب تهران. تهران، ایران،

Received: 2016-06-26 Accepted : 2016-08-31 Published : 2016-11-21

Keywords: Income distribution, the Gini coefficient, Keywords: Financial Development, Poverty Reduction Panel Data. OGMM JEL Classification: O16, O29, O47, G19, G23,

Abstract :

Considering that the main objective of this study was to investigate the effect of financial development on income distribution (Gini index) in  selected developing countries and  developed countries in the selected time period (2000-2010) is empirical modeling study using dynamic panel generalized moments (GMM) and use the variables GDP per capita, trade openness indicator, the indicator of financial development, inflation, consumer price index and the Gini coefficient was estimated. The results of the estimation of the model in both developed and developing countries distinguishing short and long term effects is discussed. These results indicate that the coefficient of financial development in developing countries (0/02) have opposite signs developed countries (-0/04) is. As income inequality and financial development theories, different estimates of the relationship between these two variables stated, Financial development in developing countries, the increase in income inequality and the increase in average household income and access many brokers and financial services, reduces income inequality. While in developed countries a negative linear relationship between financial development and income inequality that Byangrkahsh income inequality is due to the development of markets and financial intermediaries. Coefficient of per capita income, inflation and the value of the Gini coefficient by delays in developing countries and developed signs consistent with the model assumptions.

References:

فهرست منابع

1)    ابونوری، اسماعیل و  آرش خوشکار (1386)، "اثر شاخص های اقتصادی کلان بر توزیع درآمد (مطالعه بین استانی)"، مجله تحقیقات اقتصادی، شماره 77.

2)    سوری، علی (1389)، "اقتصادسنجی همراه با کاربرد نرم افزار ایویوز 7"، نشریه فرهنگ شناسی، چاپ اول، تهران.

3)    کمیجانی، اکبر، متوسلی، محمود و ناهید پوررستمی (1388)، "چارچوب نظری تبیین عوامل موثر بر توسعه مالی (با تأکید بر مدل ویلیامسون)"، فصلنامه پژوهشها و سیاستهای اقتصادی، شماره50.

4)    دادگر، یدالله و روح الله نظری (1388)، "ارزیابی شاخص های توسعه مالی"، اولین کنفرانس بین‌ا‌لمللی توسعه نظام مالی در ایران.

5)    داودی، پرویز و محمدعلی براتی (1386)، "بررسی آثار سیاست‌های اقتصادی بر توزیع درآمد در ایران"، فصلنامه پژوهشنامه بازرگانی، شماره 43.

6)    دهمرده، نظرعلی و زینب شکری (1389)، "اثرات توسعه مالی بر توزیع درآمد در ایران"، فصلنامه پژوهشها و سیاستهای اقتصادی، شماره54.

7)    راسخی، سعید و امید رنجبر (1388)، "اثر توسعه مالی بر رشد اقتصادی کشورهای عضو سازمان کنفرانس اسلامی، مجلة علمی – پژوهشی دانش و توسعه، شمار 27.

8)    Ang, J. B. & W. J. McKibbin (2007), "Financial Liberalization, Financial Sector Development and Growth: Evidence from Malaysia", Journal of Development Economics.

9)    Arellano, M. and Bond, S. (1991), "Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations", Review of Economic Studies, 58(12), pp.277-297.

10) Arellano, M. and Bover, O. (1995), "Another Look at the Instrumental Variable Estimation of Error Component Models", Journal of Econometrics, 68(12), pp.29-51.

11) Apergis, Nicholas, Filippidis Ioannis and Economidou, Claire (2007).“Financial Deepening and Economic Growth Linkages: A Panel Data Analysis”. Review of World Economics, 143 (1): 179-198.

12) Baltagi,H.Badi (2009), "Econometric Analaysis of Panel Data", Published by Wiley Press.vol1.PP28-35.

13) Banerjee, A.V. & A.F. Newman (1993), "Occupational Choice and the Process of Development", Journal of Political Economy, Vol. 101, PP. 274-298.

14) Beck, T., Demirgüç-Kunt, A. & R. Levine (2007), "Finance, Inequality and the Poor",Journal of Economic Growth, Vol. 12, PP. 4-27.

15) Blundell, R. and Bond, S. (1998), "Initial Conditions and Moment Restrictions in DynamicPanel Data Models", Journal of Econometrics, 87, pp.115-143.

16) Clarke,G,Xu,L.C.&H.F.Zou (2000), "Finance and income inguality:what D.the Data tell us?", southern economic journal, Vol.72,PP578-596.

17) Galor, O. and Zeira, J. (1993); "Income Distribution and Macroeconomics", Review of Economic Studies, Blackwell Publishing, no. 60, pp. 35-52.

18) Greenwood & Jovanovic (1990),"Financial Development, growth and the Distribution of income" Journal of Political Economy, Vol. 98, PP. 176-1107.

19) Greene, W. H. (2008). Econometric analysis – sixth edition. New Jersey, Upper Saddle River: Pearson International.

20) Hsiao, C. (2003). Analysis of panel data, 2nd edition. Cambridge University Press

21) Levine, Ross , Loayza Norman & Back Thorsten (2000), "Financial Intermediation 24. and Growth: Causality and Causes", Journal of Monetary Economics 46, PP. 31-77.

22) Patrick, H.T. (1966)." Financial Sector Development and Economic Growth in Underdeveloped Economies", Economic Development and Cultural Change, 14, 174-189.

23) Ritab, S. A. (2007)."Financial Sector Development and Sustainable Economic Growth in Regionally Co-Integrated Emerging Markets". Advances in Financial Economics, 12,345-360.

24) Stiglitz (1993), Financial market Imperfections and business cycles", Oxford university press, PP.77-114.

 

 

 

یادداشت‌ها