Desenvolvimento financeiro, crescimento econômico e desigualdade

Abstract

The central proposal in this paper is to focus on the dynamic relationships between financial development, economic growth and income inequality. This work extends to the international reality. Therefore, we organized a balanced data panel containing 32 randomly selected countries on an annual basis considering the period from 2004 to 2014. In order to achieve the proposed objective, namely the investigation of the influence of one variable on the other, it was built a model of Autoregressive Vectors on Panel - PVAR, according to the methodology proposed in LOVE and ZICCHINO (2006). The variables was also analyzed by Impulse Response Functions and wherein the main results, in general, indicate bidirectional Granger causality between indicia financial growth and development; than is income inequality, only lags own income inequality are statistically significant. This suggests a degree of persistence for this variable and suggests that other variables are unable to have an impact on it. Note that the period used for the configuration of this work found itself during the critical phase of the 2008 crisis that brought the countries interfering in a direct way in the variable used for financial development, the number of bank branches, contributing to an unfavorable outcome to expected.