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The role of financial development in reducing income inequality in selected Asian countries

The present study investigated the effects of financial development on income inequality for three income level groups across 12 Asian countries (areas) from 1980-2020. The three groups comprised countries with low, moderate, and high economic development. Using the Quantile-on-Quantile (QQ) approac...

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Main Authors: Wang, Yujue, Mazlan, Nur Syazwani, Wan Ngah, Wan Azman Saini, Faheem, Muhammad
Format: Article
Language:English
Published: Center for Economic Integration 2024
Online Access:http://psasir.upm.edu.my/id/eprint/114282/1/114282.pdf
http://psasir.upm.edu.my/id/eprint/114282/
https://www.e-jei.org/journal/view.php?doi=10.11130/jei.2024028
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spelling my.upm.eprints.1142822025-01-13T07:23:33Z http://psasir.upm.edu.my/id/eprint/114282/ The role of financial development in reducing income inequality in selected Asian countries Wang, Yujue Mazlan, Nur Syazwani Wan Ngah, Wan Azman Saini Faheem, Muhammad The present study investigated the effects of financial development on income inequality for three income level groups across 12 Asian countries (areas) from 1980-2020. The three groups comprised countries with low, moderate, and high economic development. Using the Quantile-on-Quantile (QQ) approach, The findings showed that the impact of financial development on income inequality differed across the income level groups of the 12 selected Asian countries. The results suggested that financial development exacerbated income inequality in underdeveloped countries, while for moderately developed countries, financial development promoted income equality. Except for South Korea, the other countries in the high economic development group showed that financial development exacerbated income inequality. Therefore, the impact of financial development on income should be examined by groups, in which moderately-developed countries could devote more attention to promoting income equality through reforms focusing on the development of financial diversification and the enhancement of financial depth. Center for Economic Integration 2024 Article PeerReviewed text en http://psasir.upm.edu.my/id/eprint/114282/1/114282.pdf Wang, Yujue and Mazlan, Nur Syazwani and Wan Ngah, Wan Azman Saini and Faheem, Muhammad (2024) The role of financial development in reducing income inequality in selected Asian countries. Journal of Economic Integration, 39 (3). pp. 622-645. ISSN 1225-651X; eISSN: 1976-5525 https://www.e-jei.org/journal/view.php?doi=10.11130/jei.2024028 10.11130/jei.2024028
institution Universiti Putra Malaysia
building UPM Library
collection Institutional Repository
continent Asia
country Malaysia
content_provider Universiti Putra Malaysia
content_source UPM Institutional Repository
url_provider http://psasir.upm.edu.my/
language English
description The present study investigated the effects of financial development on income inequality for three income level groups across 12 Asian countries (areas) from 1980-2020. The three groups comprised countries with low, moderate, and high economic development. Using the Quantile-on-Quantile (QQ) approach, The findings showed that the impact of financial development on income inequality differed across the income level groups of the 12 selected Asian countries. The results suggested that financial development exacerbated income inequality in underdeveloped countries, while for moderately developed countries, financial development promoted income equality. Except for South Korea, the other countries in the high economic development group showed that financial development exacerbated income inequality. Therefore, the impact of financial development on income should be examined by groups, in which moderately-developed countries could devote more attention to promoting income equality through reforms focusing on the development of financial diversification and the enhancement of financial depth.
format Article
author Wang, Yujue
Mazlan, Nur Syazwani
Wan Ngah, Wan Azman Saini
Faheem, Muhammad
spellingShingle Wang, Yujue
Mazlan, Nur Syazwani
Wan Ngah, Wan Azman Saini
Faheem, Muhammad
The role of financial development in reducing income inequality in selected Asian countries
author_facet Wang, Yujue
Mazlan, Nur Syazwani
Wan Ngah, Wan Azman Saini
Faheem, Muhammad
author_sort Wang, Yujue
title The role of financial development in reducing income inequality in selected Asian countries
title_short The role of financial development in reducing income inequality in selected Asian countries
title_full The role of financial development in reducing income inequality in selected Asian countries
title_fullStr The role of financial development in reducing income inequality in selected Asian countries
title_full_unstemmed The role of financial development in reducing income inequality in selected Asian countries
title_sort role of financial development in reducing income inequality in selected asian countries
publisher Center for Economic Integration
publishDate 2024
url http://psasir.upm.edu.my/id/eprint/114282/1/114282.pdf
http://psasir.upm.edu.my/id/eprint/114282/
https://www.e-jei.org/journal/view.php?doi=10.11130/jei.2024028
_version_ 1823093103470313472
score 13.235796

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