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Paper Information

Journal:   JOURNAL OF ISLAMIC ECONOMIC STUDIES   FALL 2016-WINTER 2017 , Volume 9 , Number 1 (17) ; Page(s) 37 To 58.
 
Paper: 

A SURVEY FOR THE AFFECTS OF FINANCIAL DEVELOPMENT ON THE INCOME INEQUALITY IN THE SELECTED ISLAMIC COUNTRIES

 
 
Author(s):  HOMAYOUNIFAR MASOUD*, CHESHMI ALI, YAGHUTI JAFARABAD FATEMEH
 
* FACULTY OF ECONOMICS AND ADMINISTRATIVE SCIENCES, FERDOWSI UNIVERSITY OF MASHHAD
 
Abstract: 

Equitable distribution of income and economic growth are challenges for policy-makers. Therefore, it is important to investigate the influencing factors of it. Given that financial development is an important factor affecting on income inequality, in this study, the effect of financial development on the Gini coefficient as income inequality index is examined with using panel data methods during the period of 1994-2011 in selected Islamic countries.
Model estimation results show that the financial development in both the banking sector and stock has an Opposite effect on income inequality. Inverted U-shaped relationship by Greenwood and Jovanovich that shows non-linear relationship between financial sector development and income inequality is not confirmed in both the banking and the stock market. But hypothesis by the linear relationship between financial development and income inequality was confirmed. Inflation has a direct effect on income inequality, which means that inflation has an increase in income inequality in the studied countries.

 
Keyword(s): FINANCIAL DEVELOPMENT, PANEL DATA, GINI COEFFICIENT, ISLAMIC COUNTRIES, INCOME INEQUALITY
 
References: 
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  Persian Abstract Yearly Visit 117
 
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