Financial development, economic growth and income inequality: a panel data approach

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dc.contributor.advisorKaseeram, I.
dc.contributor.authorMthimkhulu, Sithembiso Felix
dc.date.accessioned2019-07-17T11:54:11Z
dc.date.available2019-07-17T11:54:11Z
dc.date.issued2019
dc.descriptionA dissertation for the degree of Master of Commerce in the Department of Economics, Faculty of Commerce, Administration & Law at the University of Zululand, 2019.en_US
dc.description.abstractSince the pattern of income distribution can be influenced by financial development, it is of major importance to both developing and developed economies. To add to the body of literature, this paper tested empirically, within a panel data framework, the theoretical foundations of the linear relationship between financial development and income inequality developed by Galor and Zeira (1993) and Banerjee and Newman (1993). Moreover, the nonlinear theoretical relationship advocated by Greenwood and Javanovic (1990) was evaluated. The study employed an unbalanced dataset over the 1970 - 2014 period, involving 142 developed and developing countries. It was found that financial development increases income inequality as measured by the Gini coefficient, after controlling for country fixed effects. These results are robust to different measures of financial development and control variables. The policy implication is that a wealth tax, as advocated by Piketty (2014) to subsidise social spending, is critical in order to address the disparities caused by financial development.en_US
dc.description.sponsorshipNational Research Foundationen_US
dc.identifier.urihttps://hdl.handle.net/10530/1761
dc.language.isoenen_US
dc.publisherUniversity of Zululanden_US
dc.subjectFinancial developmenten_US
dc.subjectEconomic growthen_US
dc.subjectIncome inequalityen_US
dc.titleFinancial development, economic growth and income inequality: a panel data approachen_US
dc.typeThesisen_US
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