Remittances, financial development, and income inequality: A panel quantile regression approach

Keerti Mallela, Sunny Kumar Singh, Archana Srivastava
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Abstract

This paper studies the association between remittances, financial development, and income inequality for a sample of 70 developing countries from 1984 to 2019. Most of the existing studies in the literature have examined either the remittances and inequality relationship or the financial development and inequality relationship, but only a few have looked at the effect of both remittances and financial development on inequality. However, none of the existing studies have looked at the combined effect of these two on inequality. Our contribution to the literature is manifold. First and foremost, we examine whether remittances and financial development are substitutes or complements in reducing inequality and find evidence that, in countries that are more unequal, remittances substitute financial development in reducing inequality. But, in countries that are less unequal, remittances complement financial development in reducing inequality. Second, we find that the substitutionary effect of remittances is larger than their complementary effect. And finally, while previous studies have assumed that remittances and financial development have homogenous effects on inequality, we find that remittances and financial development exert heterogeneous effects across the conditional distribution of inequality.

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汇款、金融发展和收入不平等:面板分位数回归方法
本文以1984年至2019年70个发展中国家为样本,研究了汇款、金融发展和收入不平等之间的关系。现有文献中的大多数研究要么考察了汇款与不平等的关系,要么考察了金融发展与不平等的关系,但只有少数研究了汇款和金融发展对不平等的影响。然而,现有的研究都没有关注这两者对不平等的综合影响。我们对文学的贡献是多方面的。首先,我们研究了汇款和金融发展在减少不平等方面是替代还是补充,并发现证据表明,在更不平等的国家,汇款在减少不平等方面替代了金融发展。但是,在不平等程度较低的国家,汇款在减少不平等方面补充了金融发展。第二,我们发现汇款的替代效应大于其互补效应。最后,虽然之前的研究假设汇款和金融发展对不平等具有同质效应,但我们发现汇款和金融发展在不平等的条件分布中发挥异质效应。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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来源期刊
International Economics
International Economics Economics, Econometrics and Finance-Economics, Econometrics and Finance (all)
CiteScore
6.30
自引率
0.00%
发文量
74
审稿时长
71 days
期刊最新文献
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