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Full-Text Articles in Income Distribution
Essays On Wealth Inequality And Asset Pricing, Georgios Koimisis
Essays On Wealth Inequality And Asset Pricing, Georgios Koimisis
Dissertations, Theses, and Capstone Projects
Economic and financial theories are often found to be in conflict with empirical evidence, suggesting revisions and elaborations of existing models. There are usually many revisions proposed in response to these "puzzles", but often the true resolution may be a factor not yet realized. This dissertation consists of three chapters and contributes to the explanation of a persistent and significant anomaly, the equity premium puzzle, by taking into account the implications of wealth inequality on consumer preferences and, consequently, on asset prices.
The first chapter examines how wealth inequality affects asset prices in a complete market setting. Wealth inequality is …
Essays On Inequality And Macroeconomic Stability, Thomas Hauner
Essays On Inequality And Macroeconomic Stability, Thomas Hauner
Dissertations, Theses, and Capstone Projects
This dissertation consists of three chapters. . .
Chapter 1: Aggregate Wealth and Its Distribution as Determinants of Financial Crises: Panel Evidence This essay investigates the relationship between wealth inequality and financial crises across a panel of nine advanced economies over the past 100 years. While substantiation of a role for income inequality is ambiguous in the literature, evidence is presented suggesting a unique capacity for the accumulation of assets to increase the likelihood of a future financial crisis episode. Testing long-run panel data with a reduced form, two-way fixed effects model, estimates suggest that increasing wealth inequality, in an …
Essays In Financial Development And Income Inequality, Samuel M. Jung
Essays In Financial Development And Income Inequality, Samuel M. Jung
Dissertations, Theses, and Capstone Projects
This dissertation consists of three essays of original research. Chapter 1 is a survey of the literature on the theoretical and empirical interactions among financial development, economic growth, and income inequality.
Chapter 2 describes empirical research on the relationship between financial development and income inequality based on Generalized Method of Moments (GMM) method using a Chinese provincial dataset between 1998 and 2014. The empirical findings support the notion that well-developed financial markets increase income inequality in China. After adding a year dummy for 2001 to examine the impact of China’s entry into the World Trade Organization, which caused the financial …