BazEkon - Biblioteka Główna Uniwersytetu Ekonomicznego w Krakowie

BazEkon home page

Meny główne

Thioune Thierno (University of Dakar)
Financial instability and inequality dynamics in the waemu
Econometric Research in Finance, 2017, vol. 2, nr 1, s. 43-62, tab., rys., bibliogr. 34 poz.
Słowa kluczowe
Funkcje odpowiedzi na impuls
Impulse Response Functions (IRF)
JEL clasiffication: G10, D63, C15, E37,E44, O55
This article assesses the effect of nancial instability on income inequality and vice versa. The methodology used in this article is based on two approaches: the construction of the synthetic index of nancial instability (SIFI) and the panel vector autoregressive (PVAR) approach. The results obtained help to explain that the disparity of income in a West African Economic and Monetary Union (WAEMU) country in each year negatively in uences the stability of the nancial sector the following year. Functions of impulse responses show that a shock to nancial stability has a negative effect on itself and leads to a stable situation after seven periods. A rise in income inequality in WAEMU countries tends to mitigate nancial instability at rst, before boosting a higher level of instability. Following this increase, inequality will decline, but at a very slow pace.(original abstract)
Dostępne w
Biblioteka Szkoły Głównej Handlowej w Warszawie
Pełny tekst
  1. Abosedra, S., Shahbaz, M., Nawaz, K. (2016). Modeling Causality Between Financial Deepening and Poverty Reduction in Egypt. Social Indicators Research, 126(3):955{969.
  2. Akaike, H. (1969). Fitting autoregressive models for prediction. Annals of the Institute of Statistical Mathematics, 21(1):243{247.
  3. Akaike, H. (1977). An objective use of Bayesian models. Annals of the Institute of Statistical Mathematics, 29(1):9{20.
  4. Andrews, D. W. and Lu, B. (2001). Consistent model and moment selection procedures for fGMMg estimation with application to dynamic panel data models. Journal of Econometrics, 101(1):123{164.
  5. Bordo, M. D.Meissner, C. M. (2012). Does inequality lead to a financial crisis? Journal of International Money and Finance, 31(8):2147 - 2161.
  6. Crotty, J. (1993). Rethinking Marxian Investment Theory: Keynes-Minsky Instability, Competitive Regime Shifts and Coerced Investment. Review of Radical Political Economics, 25(1):1{26.
  7. Gantman, E. R. Dabós, M. P. (2012). A Fragile Link? A New Empirical Analysis of the Relationship between Financial Development and Economic Growth. Oxford Development Studies, 40(4):517{532.
  8. Hannan, E. J. Quinn, B. G. (1979). The Determination of the Order of an Autoregression. Journal of the Royal Statistical Society. Series B (Methodological), 41(2):190{195.
  9. Hansen, L. P. (1982). Large Sample Properties of Generalized Method of Moments Estimators. Econometrica, 50(4):1029{1054.
  10. Holtz-Eakin, D., Newey, W., and Rosen, H. S. (1988). Estimating Vector Autoregressions with Panel Data. Econometrica, 56(6):1371{1395.
  11. Jauch, S. Watzka, S. (2016). Financial development and income inequality: a panel data approach. Empirical Economics, 51(1):291{314.
  12. Jeanneney, S. G. and Kpodar, K. (2004). Developpement financier, instabilite financiere, croissance et pauvrete. Macroeconomics, EconWPA.
  13. Johansson, A. Wang, X. (2014). Financial sector policies and income inequality. China Economic Review, 31(C):367{378.
  14. Kappel, V. (2010). The E_ects of Financial Development on Income Inequality and Poverty. CER-ETH Economics working paper series 10/127, CER-ETH - Center of Economic Research (CER-ETH) at ETH Zurich.
  15. Keen, S. (1995). Finance and Economic Breakdown: Modeling Minsky's Financial Instability Hypothesi". "Journal of Post Keynesian Economics", 17(4):607{635.
  16. Kpodar, K. and Singh, R. J. (2011). Does financial structure matter for poverty ? evidence from developing countries. Policy Research Working Paper Series 5915, The World Bank.
  17. Krugman, P. (2007). The Conscience of a Liberal. New York: Norton & Norton.
  18. Kumhof, M. Ranciere, R. (2011). Inequality, Leverage and Crises. CEPR Discussion Papers 8179, C.E.P.R. Discussion Papers.
  19. Mendoza, E. G. Terrones, M. E. (2008). An Anatomy Of Credit Booms: Evidence From Macro Aggregates And Micro Data. NBER Working Papers 14049, National Bureau of Minsky, H. P. (1982). Can it happen again? Essay on instability and finance. New York: ME Sharpe.
  20. Park, D. and Shin, K. (2015). Economic Growth, Financial Development, and Income Inequality. ADB Economics Working Paper Series 441, Asian Development Bank.
  21. Rajan, R. (2010). Fault Lines: How Hidden Fractures Still Threaten the World Economy. Princeton University Press, 1 edition.
  22. Raskin, S. B. (2013). Aspects of inequality in the recent business cycle. Speech Delivered at the Building a Financial Structure for a More Stable and Equitable Economy, 22nd Annual Hyman P. Minsky Conference on the State of the U.S. and World Economies, New York, April 18. Retrieved April 15, 2017 (
  23. Reich, R. (2007). Supercapitalism. Knopf Doubleday Publishing Group.
  24. Rioja, F. Valev, N. (2014). Stock markets, banks and the sources of economic growth in low and high income countries. "Journal of Economics and Finance", 38(2):302{320.
  25. Rissanen, J. (1978). Modeling by shortest data description. Automatica, 14(5):465 { 471.
  26. Roine, J., Vlachos, J., Waldenstrom, D. (2009). The long-run determinants of inequality: What can we learn from top income data? "Journal of Public Economics", 93(7-8):974{988.
  27. Schularick, M. Taylor, A. M. (2012). Credit Booms Gone Bust: Monetary Policy, Leverage Cycles, and Financial Crises, 1870{2008. "The American Economic Review", 102(2):1029{1061.
  28. Schwarz, G. (1978). Estimating the Dimension of a Model. The Annals of Statistics, 6(2):461{ 464.
  29. Sehrawat, M. Giri, A. (2015). Financial development and income inequality in India: an application of ARDL approach. International "Journal of Social Economics", 42(1):64{81.
  30. Seven, U. Coskun, Y. (2016). Does financial development reduce income inequality and poverty? Evidence from emerging countries. Emerging Markets Review, 26:34{63.
  31. Seven, U. Yetkiner, H. (2016). Financial intermediation and economic growth: Does income matter? "Economic Systems", 40(1):39{58.
  32. Sheng, L. (2014). Capital controls international development: a theoretical reconsideration. Global Policy, 5(1):114{120.
  33. Sheng, L. (2015). Theorizing income inequality in the face of financial globalization. "The Social Science Journal", 52(3):415 { 424.
  34. Uddin, G. S., Shahbaz, M., Arouri, M., Teulon, F. (2014). Financial development and poverty reduction nexus: A cointegration and causality analysis in Bangladesh." Economic Modelling", 36:405{412.
Cytowane przez
Udostępnij na Facebooku Udostępnij na Twitterze Udostępnij na Google+ Udostępnij na Pinterest Udostępnij na LinkedIn Wyślij znajomemu