A multidimensional free market and income inequality in developing Asia: How does the quality of governance matter?

Q2 Social Sciences International Social Science Journal Pub Date : 2023-05-05 DOI:10.1111/issj.12435

Cong Minh Huynh, Quoc Nha Le

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Abstract

This paper empirically examines how a free market, a governance quality, and their interaction simultaneously affect income inequality in 23 Asian developing countries over the period 2000-2019. Especially, different dimensions of a free market proxied by various components of economic freedom are analysed. Results show that the overall economic freedom and three of its components including labour freedom, trade freedom, and investment freedom reduce income inequality; but other components including business freedom, monetary freedom, and financial freedom widen income inequality. Meanwhile, the governance quality not only decreases income inequality, but also intensifies the beneficial impacts of the overall economic freedom and those respective components of economic freedom on income equality. Notably, at certain thresholds of governance quality, the detrimental impacts of business freedom, monetary freedom, and financial freedom on income equality turn into the advantageous ones. The findings consolidate the appropriate combination of free market with specific dimensions and the governance quality in boosting the equality of income distribution in Asian developing countries.

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发展中亚洲的多维自由市场和收入不平等:治理质量如何重要?

本文对2000-2019年间23个亚洲发展中国家的自由市场、治理质量及其相互作用如何同时影响收入不平等进行了实证研究。特别地，分析了由经济自由的不同组成部分所代表的自由市场的不同维度。结果表明，整体经济自由及其三个组成部分(劳动自由、贸易自由和投资自由)减少了收入不平等;但包括商业自由、货币自由和金融自由在内的其他因素扩大了收入不平等。同时，治理质量不仅降低了收入不平等，而且强化了整体经济自由及其各组成部分对收入平等的有益影响。值得注意的是，在一定的治理质量阈值下，商业自由、货币自由和财务自由对收入平等的不利影响转化为有利影响。研究结果巩固了自由市场与特定维度的适当结合以及治理质量在促进亚洲发展中国家收入分配平等方面的作用。

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来源期刊

International Social Science Journal Social Sciences-Social Sciences (all)

CiteScore

1.90

自引率

0.00%

发文量

期刊介绍： The International Social Science Journal bridges social science communities across disciplines and continents with a view to sharing information and debate with the widest possible audience. The ISSJ has a particular focus on interdisciplinary and transdisciplinary work that pushes the boundaries of current approaches, and welcomes both applied and theoretical research. Originally founded by UNESCO in 1949, ISSJ has since grown into a forum for innovative review, reflection and discussion informed by recent and ongoing international, social science research. It provides a home for work that asks questions in new ways and/or employs original methods to classic problems and whose insights have implications across the disciplines and beyond the academy. The journal publishes regular editions featuring rigorous, peer-reviewed research articles that reflect its international and heterodox scope.