Do rising top incomes fuel credit expansion?

被引：4

作者：

El Herradi, Mehdi ^{[1
]}

Leroy, Aurelien ^{[2
]}

机构：

[1] Aix Marseille Sch Econ AMSE, Marseille, France

[2] Univ Bordeaux, Bordeaux, France

来源：

ECONOMICS LETTERS | 2020年 / 196卷

关键词：

Credit; Finance; Income inequality; Top income shares; FINANCIAL DEVELOPMENT; INEQUALITY; LEVERAGE;

D O I：

10.1016/j.econlet.2020.109539

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This paper provides an empirical assessment of the effect of income inequality on credit dynamics in 12 advanced economies over the period 1948-2015. We use foreign Communist influence as an instrument to identify exogenous variation in inequality and estimate the dynamic effect of a top income shock on credit over GDP. The results suggest that the evolution of top incomes has persistent effects on credit expansion, especially for mortgage and business loans. (C) 2020 Elsevier B.V. All rights reserved.

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页数：5

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