Does Income Inequality Affect Capital Flows? Evidence from Emerging Markets and Developing Economies

We assess the effect of income inequality on capital flows. We differentiate between aggregate capital inflows (external liabilities accumulation) and outflows (external assets accumulation) and disaggregated public and private capital inflows and outflows. We estimate dynamic panel data models usin...

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Autores principales: Montes-Rojas, Gabriel, Carrera, Jorge, Solla, Mariquena, Toledo, Fernando
Formato: Artículo publishedVersion
Lenguaje:Español
Publicado: Instituto Interdisciplinario de Economía Política (IIEP UBA-CONICET) 2023
Materias:
Desigualdad
Flujos de capitales
Apertura financiera
Datos en panel
Income Inequality
Capital Flows
Financial Openness
Panel Data Models
Acceso en línea:https://ojs.economicas.uba.ar/DT-IIEP/article/view/2907
https://repositoriouba.sisbi.uba.ar/gsdl/cgi-bin/library.cgi?a=d&c=dociiep&d=2907_oai
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Repositorio Digital de la Universidad de Buenos Aires (UBA) de Universidad de Buenos Aires
id I28-R145-2907_oai
record_format dspace
spelling I28-R145-2907_oai2026-02-09 Montes-Rojas, Gabriel Carrera, Jorge Solla, Mariquena Toledo, Fernando 2023-11-29 We assess the effect of income inequality on capital flows. We differentiate between aggregate capital inflows (external liabilities accumulation) and outflows (external assets accumulation) and disaggregated public and private capital inflows and outflows. We estimate dynamic panel data models using annual observations for Emerging Markets and Developing Economies during the 1999-2019 period. We find that the Top 1 and the Top 10 inequality measures are positive and statistically significant for aggregate and private inflows, and the Gini disposable income is statistically significant only for one explored method. The evidence also shows that there is a weak effect on private outflows, robust across methods only at the aggregate specification. The results also suggest that financial openness is positively associated with a greater effect of inequality. Diferenciamos entre entradas y salidas de capital agregado (acumulación de pasivos externos) y salidas (acumulación de activos externos) y entradas y salidas de capital público y privado desagregadas. Estimamos modelos de datos de panel dinámicos utilizando observaciones anuales para Mercados emergentes y economías en desarrollo durante el período 1999-2019. Encontramos que las medidas de desigualdad Top 1 y Top 10 son positivas y estadísticamente significativas para las entradas agregadas y privadas, y que el ingreso disponible de Gini es estadísticamente significativo solo para un método explorado. La evidencia también muestra que hay un efecto débil sobre las salidas de capitales privados, sólido en todos los métodos sólo en la especificación agregada. Los resultados también sugieren que la apertura financiera se asocia positivamente con un mayor efecto de desigualdad.   application/pdf https://ojs.economicas.uba.ar/DT-IIEP/article/view/2907 spa Instituto Interdisciplinario de Economía Política (IIEP UBA-CONICET) https://ojs.economicas.uba.ar/DT-IIEP/article/view/2907/3726 Documentos de trabajo del Instituto Interdisciplinario de Economía Política; Núm. 86 (2023): La desigualdad de ingresos afecta los flujos de capitales? Evidencia de Economías Emergentes y en Desarrollo; 24 Working Papers series at Instituto Interdisciplinario de Economía Política; No. 86 (2023): Does Income Inequality Affect Capital Flows? Evidence from Emerging Markets and Developing Economies; 24 2451-5728 Desigualdad Flujos de capitales Apertura financiera Datos en panel Income Inequality Capital Flows Financial Openness Panel Data Models Does Income Inequality Affect Capital Flows? Evidence from Emerging Markets and Developing Economies La desigualdad de ingresos afecta los flujos de capitales? Evidencia de Economías Emergentes y en Desarrollo info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion https://repositoriouba.sisbi.uba.ar/gsdl/cgi-bin/library.cgi?a=d&c=dociiep&d=2907_oai
institution Universidad de Buenos Aires
institution_str I-28
repository_str R-145
collection Repositorio Digital de la Universidad de Buenos Aires (UBA)
language Español
orig_language_str_mv spa
topic Desigualdad
Flujos de capitales
Apertura financiera
Datos en panel
Income Inequality
Capital Flows
Financial Openness
Panel Data Models
spellingShingle Desigualdad
Flujos de capitales
Apertura financiera
Datos en panel
Income Inequality
Capital Flows
Financial Openness
Panel Data Models
Montes-Rojas, Gabriel
Carrera, Jorge
Solla, Mariquena
Toledo, Fernando
Does Income Inequality Affect Capital Flows? Evidence from Emerging Markets and Developing Economies
topic_facet Desigualdad
Flujos de capitales
Apertura financiera
Datos en panel
Income Inequality
Capital Flows
Financial Openness
Panel Data Models
description We assess the effect of income inequality on capital flows. We differentiate between aggregate capital inflows (external liabilities accumulation) and outflows (external assets accumulation) and disaggregated public and private capital inflows and outflows. We estimate dynamic panel data models using annual observations for Emerging Markets and Developing Economies during the 1999-2019 period. We find that the Top 1 and the Top 10 inequality measures are positive and statistically significant for aggregate and private inflows, and the Gini disposable income is statistically significant only for one explored method. The evidence also shows that there is a weak effect on private outflows, robust across methods only at the aggregate specification. The results also suggest that financial openness is positively associated with a greater effect of inequality.
format Artículo
publishedVersion
author Montes-Rojas, Gabriel
Carrera, Jorge
Solla, Mariquena
Toledo, Fernando
author_facet Montes-Rojas, Gabriel
Carrera, Jorge
Solla, Mariquena
Toledo, Fernando
author_sort Montes-Rojas, Gabriel
title Does Income Inequality Affect Capital Flows? Evidence from Emerging Markets and Developing Economies
title_short Does Income Inequality Affect Capital Flows? Evidence from Emerging Markets and Developing Economies
title_full Does Income Inequality Affect Capital Flows? Evidence from Emerging Markets and Developing Economies
title_fullStr Does Income Inequality Affect Capital Flows? Evidence from Emerging Markets and Developing Economies
title_full_unstemmed Does Income Inequality Affect Capital Flows? Evidence from Emerging Markets and Developing Economies
title_sort does income inequality affect capital flows? evidence from emerging markets and developing economies
publisher Instituto Interdisciplinario de Economía Política (IIEP UBA-CONICET)
publishDate 2023
url https://ojs.economicas.uba.ar/DT-IIEP/article/view/2907
https://repositoriouba.sisbi.uba.ar/gsdl/cgi-bin/library.cgi?a=d&c=dociiep&d=2907_oai
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