論文

査読有り
2014年12月

GLOBALIZATION, FINANCIAL DEVELOPMENT AND INCOME INEQUALITY

PACIFIC ECONOMIC REVIEW
  • Hiroshi Daisaka
  • ,
  • Taiji Furusawa
  • ,
  • Noriyuki Yanagawa

19
5
開始ページ
612
終了ページ
633
記述言語
英語
掲載種別
研究論文(学術雑誌)
DOI
10.1111/1468-0106.12086
出版者・発行元
WILEY-BLACKWELL

We analyse the effect of financial development and globalization (i.e. the reduction of trade costs) on income distribution when a financial institution is imperfect. Financial imperfection creates income inequality, by benefiting borrowers (entrepreneurs) and harming lenders through its effect of lowering the capital rental rate. We show that globalization changes income for both borrowers and lenders in the same direction. However, the poorer is the financial institution, the greater its effect for entrepreneurs and the smaller for lenders. We also examine the effect of financial development and globalization in an enriched model where individuals are different in their abilities as well as their capital endowments. We show that financial development mitigates capital misallocation while the reduction of trade costs will not improve efficiency.

リンク情報
DOI
https://doi.org/10.1111/1468-0106.12086
Web of Science
https://gateway.webofknowledge.com/gateway/Gateway.cgi?GWVersion=2&SrcAuth=JSTA_CEL&SrcApp=J_Gate_JST&DestLinkType=FullRecord&KeyUT=WOS:000346767900006&DestApp=WOS_CPL
ID情報
  • DOI : 10.1111/1468-0106.12086
  • ISSN : 1361-374X
  • eISSN : 1468-0106
  • Web of Science ID : WOS:000346767900006

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