Does income inequality contribute to credit cycles? |
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Authors: | Tuomas Malinen |
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Institution: | 1.Helsinki Center of Economic Research,University of Helsinki,Helsinki,Finland;2.Department of Political and Economic Studies,University of Helsinki,Helsinki,Finland |
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Abstract: | Recent literature presented arguments linking income inequality to the financial crash of 2007–2008. One proposed channel is expected to work through bank credit. I analyze the relationship between income inequality and bank credit in a panel cointegration framework and find that they have a long-run dependency relationship. Results show that income inequality contributed to the increase of bank credit in developed economies after the Second World War. |
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