The financial Kuznets curve: Evidence for the euro area |
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| Affiliation: | 1. Università di Milano Bicocca, Milano, Italy;2. Università di Milano Bicocca, Milano, Italy;3. CeRP-Collegio Carlo Alberto, Moncalieri, Italy;4. Rimini Centre for Economic Analysis, Rimini, Italy;1. Federal Reserve Bank of Atlanta, USA;2. Queen Mary University of London, United Kingdom;3. Michigan State University, USA;1. Graduate School of Public Policy, University of Tokyo, 7-3-1, Hongo, Bunkyo-ku, Tokyo 113-0033, Japan;2. Asian Development Bank Institute, 3-2-5 Kasumigaseki, Chiyoda-ku, Tokyo 100–6008, Japan |
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| Abstract: | The paper introduces a new specification of the Kuznets curve, where turning point per capita income is conditioned on the level of financial development. We then provide new evidence on income inequality dynamics for the euro area (EA) countries since the mid-1980s. We find evidence in favor of an EA-wide financial Kuznets curve, also resilient to the recent financial and economic crises. From a policy perspective, our findings highlight the importance of financial development in fostering not only economic growth, but also a more even distribution of income. |
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