Equity market liberalization, credit constraints and income inequality.

Autor/inn/en	Sun, Puyang; Sen, Somnath; Jin, Shujing
Titel	Equity market liberalization, credit constraints and income inequality.
Quelle	In: Economics. Journal articles, 7 (2013) Art. 12, 28 S. PDF als Volltext kostenfreie Datei (1); PDF als Volltext kostenfreie Datei (2); PDF als Volltext kostenfreie Datei (3) Link als defekt meldenVerfügbarkeit
Beigaben	grafische Darstellungen
Sprache	englisch
Dokumenttyp	online; Zeitschriftenaufsatz
ISSN	1864-6042
DOI	10.5018/economics-ejournal.ja.2013-12
Schlagwörter	Armut; Aktienmarkt; Bildungsinvestition; Einkommensverteilung; Investition; Kapitalmarkt; Deregulierung; Regulation; Welt; Wirkungsanalyse
Abstract	This paper provides compelling evidence that equity market liberalization, as the most efficient way to smooth financial market frictions such as credit constraints, can alleviate persistent cross-dynastic income inequality by promoting increased human capital accumulation. The authors examine the effect of equity market liberalization on inequality by using data from 72 countries for 1980-2006. Their measured effect is robust to alternative measures of equity market liberalization. Finally, the authors show that foreign equity flows benefit initially less-active stock markets more than the active ones, providing evidence that foreign equity flows act as a substitute for domestic financial markets. This finding emphasizes the possibility of reducing inequality and poverty through equity market liberalization.
Erfasst von	ZBW - Leibniz-Informationszentrum Wirtschaft, Kiel
Update	2013/3