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Finance and Wealth Inequality

Iftekhar Hasan (), Roman Horvath and Jan Mares

No 378, Working Papers from Leibniz Institut für Ost- und Südosteuropaforschung (Institute for East and Southeast European Studies)

Abstract: Using a global sample, this paper investigates the determinants of wealth inequality capturing various economic, financial, political, institutional, and geographical indicators. Using instrumental variable Bayesian model averaging, it reveals that only a handful of indicators robustly matter and finance plays a key role. It reports that while financial depth increases wealth inequality, efficiency and access to finance reduce inequality. In addition, redistribution and education are associated with lower inequality whereas wars and openness to international trade contribute to greater wealth inequality.

Keywords: Wealth inequality; finance; Bayesian model averaging (search for similar items in EconPapers)
JEL-codes: D31 E21 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-bec, nep-fdg and nep-mac
Date: 2018-12
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