| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP7853 |
| DP7853 Investor Protection and Income Inequality: Risk Sharing vs Risk Taking | |
| Alessandra Bonfiglioli | |
| 发表日期 | 2010-06-01 |
| 出版年 | 2010 |
| 语种 | 英语 |
| 摘要 | This paper studies the relationship between investor protection, entrepreneurial risk taking and income inequality. In the presence of market frictions, better protection makes investors more willing to take on entrepreneurial risk when lending to firms, thereby improving the degree of risk sharing between financiers and entrepreneurs. On the other hand, by increasing risk sharing, investor protection also induces more firms to undertake risky projects. By increasing entrepreneurial risk taking, it raises income dispersion. By reducing the risk faced by entrepreneurs, it reduces income volatility. As a result, investor protection raises income inequality to the extent that it fosters risk taking, while it reduces it for a given level of risk taking. Empirical evidence from a panel of forty-five countries spanning the period 1976-2000 supports the predictions of the model. |
| 主题 | International Macroeconomics |
| 关键词 | Income inequality Investor protection Optimal financial contracts Risk sharing Risk taking |
| URL | https://cepr.org/publications/dp7853 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/536690 |
| 推荐引用方式 GB/T 7714 | Alessandra Bonfiglioli. DP7853 Investor Protection and Income Inequality: Risk Sharing vs Risk Taking. 2010. |
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