Examinando por Materia "Income inequality"
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Ítem The contribution of wealth concentration to the subprime crisis: a quantitative estimation(Oxford University Press on behalf of the Cambridge Political Economy Society., 2014-03-03) Goda, Thomas; Lysandrou, Photis; Universidad EAFIT, Colombia; City University and School of Oriental and African Studies (SOAS), UK; Escuela de Economía y Finanzas; Economía; Estudios en Economía y EmpresaThe crisis that broke out in mid-2007 was caused by the fact that the collateralised debt obligation (CDO) market had grown to a size sufficient to wreak general havoc when it suddenly collapsed. Several authors have argued that economic inequality was important to the growth of this market. This paper attempts to strengthen this argument by concentrating attention on global wealth concentration. After summarising recent evidence on the negative impact of investor demand on US bond yields in the pre-crisis period, new evidence regarding the specific contribution of high-net-worth individuals to this negative impact is presented. The paper then goes on to show how, after having helped to cause a yield problem in the major US debt markets, high-net-worth individuals (via hedge funds) continued to be a major source of the pressure on US banks to resolve this yield problem through the mass production of CDOs.Ítem The contribution of wealth concentration to the subprime crisis: a quantitative estimation.(Universidad EAFIT, 2011-11-16) Goda, Thomas; Lysandrou, PhotisÍtem Impacto de la inclusión financiera en los indicadores de pobreza y desiguadad de ingresos en los departamentos de Colombia(Universidad EAFIT, 2021) Mona Mejía, Dany Alexis; Restrepo Jaramillo, Juliana; Goda, ThomasThe indices of poverty and income inequality in Colombia have decreased between 2000 and 2019. A possible explanation for this reduction is the increase in financial inclusion of vulnerable households in the country, global case studies have shown that, depending on the socioeconomic and specific to the financial system conditions of each territory, financial inclusion can reduce inequality and poverty. The objective of this paper is to verify empirically if financial inclusion contributed to the reduction of inequality and poverty in the states of Colombia during the years 2009 and 2019. The obtained results indicate that the used measure of financial inclusion does not significantly affect poverty and inequality measures in Colombia. One potential explanation for this finding is that the most vulnerable households do not have access to a wide array of financial instruments; or that their access has not had the expected effect because they opt for consumer loans and become overindebted instead of increasing their savings and investment.Ítem Relationships between Financial Development and Income Inequality in South America between the years 2000 and 2020(Universidad EAFIT, 2022) Aranzazu Ramírez, Mariana; Soudant, Joey; Ballesteros Ruiz, Carlos AndrésThis paper examines the influence of financial development on income inequality on ten South American countries between the years 2000 and 2020. This work includes the overview of relevant literature as well as the construction of a dataset, and the use of an empirical model using panel data method with a long-run approach. By evaluating the impact of different dimensions of financial development: depth, access and efficiency of financial institutions and financial markets on the level of income inequality, this paper tries to disentangle the opposing views on the relationship between finance and income distribution. The main results of the analysis indicate that first, financial development decreases income inequality. Second, the negative effect on income inequality is mainly through the financial development of institutions rather than financial markets and third, when going into deeper multidimensional analysis, two out of the three measurements of financial development: access and efficiency of financial institutions, tend lower income inequality. We also performed some robustness tests by using other measurement of income inequality, the 90-10 ratio instead of the Gini coefficient, in which we arrived at similar results. With the 90-10 ratio, financial development decreases income inequality and now not only two but the three measurements of financial development in institutions: depth, access and efficiency and the efficiency of financial development in markets have a negative relationship with income inequality. Finally, the analysis was done by country in which two out of five countries chosen (Argentina and Brazil) have a negative relationship between financial development and income inequality. The robustness analysis was also done by income level where we categorized different countries by their income level, and we looked at the effect on the depth, access, and efficiency level. We found that on the country level, the three measurement of financial development affect income inequality differently.