| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP15014 |
| DP15014 The Matthew effect and modern finance: on the nexus between wealth inequality, financial development and financial technology | |
| Jon Frost; Leonardo Gambacorta; Romina Gambacorta | |
| 发表日期 | 2020-07-08 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | This paper analyses the role of financial development and financial technology in driving inequality in (returns to) wealth. Using micro data from the Survey on Household Income and Wealth (SHIW) conducted by the Bank of Italy for the period 1991-2016, we find evidence of the “Matthew effect" - a capacity of wealthy households to achieve higher returns than other households. With an instrumental variable approach, we find that financial development (number of bank branches) and financial technology (use of remote banking) both have a positive association with households’ financial wealth and financial returns. While households of all wealth deciles benefit from the effects of financial development and financial technology, these benefits are larger when moving toward the top of the wealth distribution. Still, the economic significance of this gap fell in the last part of the sample period, as remote banking became more widespread. |
| 主题 | Financial Economics |
| 关键词 | Inequality Financial development Banks Financial technology Fintech |
| URL | https://cepr.org/publications/dp15014 |
| 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/543962 |
| 推荐引用方式 GB/T 7714 | Jon Frost,Leonardo Gambacorta,Romina Gambacorta. DP15014 The Matthew effect and modern finance: on the nexus between wealth inequality, financial development and financial technology. 2020. |
| 条目包含的文件 | 条目无相关文件。 | |||||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
