The impact of economic openness on standard of living and income inequality in eight countries |
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| Institution: | 1. Faculty of Economics and Management, Universiti Putra Malaysia, Malaysia;2. Faculty of Economics and Business, University of Groningen, The Netherlands;1. Adam Smith Business School, University of Glasgow, United Kingdom;2. Durham University Business School, Durham University, United Kingdom;1. Research Institute of Economics and Management, Southwestern University of Finance and Economics, Chengdu, China;2. Shenzhen Research Institute, The Chinese University of Hong Kong, Shenzhen, China;3. College of Public Administration, Zhejiang University, Hangzhou, China;4. Changsheng Fund Management, Beijing, China;1. Department of Economics, Fordham University, 441 East Fordham Road, Dealy Hall, Office E543, Bronx, NY 10458, United States;2. Department of Economics and the Center for International Policy Studies (CIPS), Fordham University, 441 East Fordham Road, Dealy Hall, Office E513, Bronx, NY 10458, United States;1. Lebow College of Business, Drexel University, Philadelphia, PA, USA;2. IPAG Lab, IPAG Business School, Paris, France;3. Department of Economics, Universidade de Santiago de Compostela, Santiago de Compostela, Spain;4. School of Economics & Management, Southwest Jiao Tong University, China;1. School of Business, Hanyang University, Republic of Korea;2. Gustavson School of Business, University of Victoria, Canada |
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| Abstract: | Since the late 1980s and early 1990s, many Emerging Market Economies (EMEs) have opened their doors for international capital flows, but sudden capital outflows caused economic recessions in these countries, leaving more people unemployed and raising poverty concerns. On the other hand, foreign capital financed more domestic investment, causing economic expansion and growth; with more job opportunities poverty could be reduced. This paper follows this theory and examines how standards of living and income inequality change across business cycle phases in eight EMEs. |
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