Symmetric and asymmetric effects of financial deepening on income inequality in South Africa

References

• Adams, S & Klobodu, E K M, 2019. Urbanization, economic structure, political regime, and income inequality. Social Indicators Research 142(3), 971–995.
   Web of Science ®Google Scholar
• Albanesi, S, 2007. Inflation and inequality. Journal of Monetary Economics 54(4), 1088–1114.
   Web of Science ®Google Scholar
• Alhassan, AL & Fiador, V, 2014. Insurance-growth nexus in Ghana: An autoregressive distributed lag bounds cointegration approach. Review of Development Finance 4(2), 83–96.
   Google Scholar
• Baiardi, D & Morana, C, 2018. Financial development and income distribution inequality in the euro area. Economic Modelling 70(C), 40–55.
   Google Scholar
• Batuo, M E, Guidi, F & Mlambo, K, 2010. Financial development and income inequality: Evidence from African Countries (Working Paper 25658). African Development Bank.
   Google Scholar
• Beck, T, Demirguc-Kunt, A & Levine, R, 2007. Finance, inequality and the poor. Journal of Economic Growth 12(1), 27–49.
   Web of Science ®Google Scholar
• Benczúr, P & Kvedaras, V, 2021. Nonlinear impact of financial deepening on income inequality. Empirical Economics 60(4), 1939–67.
   Web of Science ®Google Scholar
• Bolarinwa, ST, Vo, XV & Olufolahan, TJ, 2021. The effect of financial development on income inequality in Africa. Development Southern Africa 38(2), 311–329.
   Web of Science ®Google Scholar
• Bumann, S & Lensink, R, 2016. Capital account liberalization and income inequality. Journal of International Money and Finance 61, 143–162.
   Web of Science ®Google Scholar
• Calice, P, 2019. How financial development can contribute to human capital development. World Bank Blogs. https://blogs.worldbank.org/psd/how-financial-deepening-can-contribute-human-capital-development. Retrieved 17 May 2022.
   Google Scholar
• Chakroun, M, 2020. Threshold effects in the relationship between financial development and income inequality. International Journal of Finance and Economics 25(3), 365–87.
   Web of Science ®Google Scholar
• Cuevas, F, Sulla, V & Zikhali, P, 2022. Inequality in Southern Africa: An Assessment of the Southern African Customs Union. The World Bank, Washington, DC.
   Google Scholar
• Dabla-Norris, E, Kochhar, K, Suphaphiphat, N, Ricka, F & Tsounta, E, 2015. Causes and consequences of income inequality: A global perspective. Staff discussion notes; SDN/15/13. International Monetary Fund, Washington, DC.
   Google Scholar
• Demirgüç-Kunt, A, Beck, T & Honohan, P, 2008. Finance for all?: Policies and pitfalls in expanding access. World Bank, Washington, DC.
   Google Scholar
• Demirguc-Kunt, A, Klapper, L, Singer, D, Ansar, S & Hess, J, 2018. The Global Findex Database 2017: Measuring Financial Inclusion and the Fintech Revolution. The World Bank.
   Google Scholar
• Destek, MA, Avik, S & Sarkodie, SA, 2020. The relationship between financial development and income inequality in Turkey. Journal of Economic Structures 9(11), 1–14.
   Google Scholar
• Emeka, N & Kelvin, U, 2016. Autoregressive distributed Lag (ARDL) cointegration technique: Application and interpretation. Journal of Statistical and Econometric Methods 5(4), 63–91.
   Google Scholar
• Galor, O & Moav, O, 2004. From physical to human capital accumulation: Inequality and the process of development. Review of Economic Studies 71, 1001–1026.
   Web of Science ®Google Scholar
• Galor, O & Zeira, J, 1993. Income Distribution and Macroeconomics. Review of Economic Studies (60), 35–52.
   Google Scholar
• Greenwood, J & Jovanovic, B, 1990. Financial development, growth, and the distribution of income. Journal of Political Economy 98(5), 1076–107.
   Web of Science ®Google Scholar
• Grossman, G & Helpman, E, 1991. Innovation and growth in the global economy. MIT Press, Cambridge, MA.
   Google Scholar
• Haffejee, I M & Masih, M, 2018. Is the relationship between financial development and income inequality symmetric or asymmetric? New evidence from South Africa based on NARDL, MPRA paper 87574.
   Google Scholar
• Hassan, A S & Meyer, D F, 2020. Financial Development-Income Inequality Nexus in South Africa: A Nonlinear Analysis. International Journal of Economics and Finance Studies 12(2), 335–351.
   Google Scholar
• Hawkins, P, 2004. South Africa’s financial sector ten years on: Performance since democracy. Development Southern Africa 21(1), 179–204.
   Google Scholar
• Hazari, B & Mohan, V, 2015. Social exclusion, capital accumulation and inequality. International Review of Economics & Finance 39(C), 371–5.
   Google Scholar
• Iheonu, CO, Asongu, SA, Odo, KO & Ojiem, PK, 2020. Financial sector development and investment in selected countries of the Economic Community of West African States: Empirical evidence using heterogeneous panel data method. Financial Innovation 6(1), 1–15.
   Web of Science ®Google Scholar
• International Monetary Fund. 2022. IMF Country Report No. 22/39. IMF, Washington, D.C.
   Google Scholar
• Jauch, S & Watzka, S, 2016. Financial development and income inequality: A panel data approach. Empirical Economics 51(1), 291–314.
   Web of Science ®Google Scholar
• Jung, S M & Cha, H E. 2021. Financial development and income inequality: Evidence from China. Journal of the Asia Pacific Economy 26(1), 73–95.
   Web of Science ®Google Scholar
• Kapingura, FM, 2017. Financial sector development and income inequality in South Africa. African Journal of Economic and Management Studies 8(4), 420–432.
   Web of Science ®Google Scholar
• Kavya, T B & Shijin, S, 2020. Economic development, financial development, and income inequality nexus. Borsa Istanbul Review 20(1), 80–93.
   Web of Science ®Google Scholar
• Kim, D & Lin, S, 2011. Nonlinearity in the financial development-income inequality nexus. Journal of Comparative Economics 39(3), 310–25.
   Web of Science ®Google Scholar
• Koçak, E & Uzay, N, 2019. The effect of financial development on income inequality in Turkey: An estimate of the Greenwood Jovanovic hypothesis. Review of Economic Perspectives 19(4), 319–44.
   Web of Science ®Google Scholar
• Kock, N & Lynn, GS, 2012. Lateral collinearity and misleading results in variance-based SEM: An illustration and recommendations. Journal of the Association for Information Systems 13(7), 546–80.
   Web of Science ®Google Scholar
• Kuznets, S, 1955. Economic growth and income inequality. American Economic Review 45(March), 1–28.
   Google Scholar
• Levine, R, 1997. Financial development and economic growth: views and agenda. Journal of Economic Literature 35(2), 688–726.
   Web of Science ®Google Scholar
• Marshall, MG, Gurr, TR & Jaggers, K, 2018. Polity IV project: Political regime characteristics and transitions, 1800–2017. Center for Systemic Peace, George Mason University, Virgina.
   Google Scholar
• Matsebula, V & Yu, D. 2020. An analysis of financial inclusion in South Africa. African Review of Economics and Finance 12(1), 171–202.
   Google Scholar
• Menyelim, C M, Babajide, A A, Omankhanlen, A E & Ehikioya, B I, 2021. Financial inclusion, income inequality and sustainable economic growth in sub-Saharan African countries. Sustainability 13, 1780.
   Web of Science ®Google Scholar
• Michael, C & Stelios, R, 2020. The effect of military spending on income inequality: Evidence from NATO countries. Empirical Economics 58(3), 1305–37.
   Web of Science ®Google Scholar
• Moyo, B, 2018. An analysis of competition, efficiency and soundness in the South African banking sector, ERSA working paper 747, Economic Research Southern Africa.
   Google Scholar
• Omar, M A & Inaba, K, 2020. Does financial inclusion reduce poverty and income inequality in developing countries? A panel data analysis. Journal of Economic Structures 9(1), 37.
   Google Scholar
• Panopoulou E, Pittis N, 2004. A comparison of autoregressive distributed lag and dynamic OLS cointegration estimators in the case of a serially correlated cointegration error. The Economic Journal 7(2), 585–617.
   Google Scholar
• Park, JY, 1992. Canonical cointegrating regressions. Econometrica 60(1), 119–43.
   Web of Science ®Google Scholar
• Pérez-Moreno, S & Angulo-Guerrero, MJ, 2016. Does economic freedom increase income inequality? Evidence from the EU countries. Journal of Economic Policy Reform 19(4), 327–47.
   Web of Science ®Google Scholar
• Pesaran, MH, Shin, Y & Smith, R, 2001. Bounds testing approaches to the analysis of level relationships. Journal of Applied Econometrics 16(3), 289–326.
   Web of Science ®Google Scholar
• Phillips, P, 1995. Fully modified least squares and vector autoregression. Econometrica: Journal of the Econometric Society 63(5), 1023–78.
   Web of Science ®Google Scholar
• Ridzuan, A R, Zakaria, S, Fianto, B, Mohamed Yusoff, N Y, Che Sulaiman, N F, Md Razak, M I, Siswantini, S, & Lestari, A, 2021. Nexus between financial development and income inequality before pandemic covid-19: Does financial Kuznets Curve exist in Malaysia. International Journal of Energy Economics, and Policy 11(2), 260–271.
   Google Scholar
• Robilliard, A S, 2020. What’s new about income inequality in Africa?. World Inequality Lab Issue Brief.
   Google Scholar
• Robinson, S, 1976. A note on the U hypothesis relating income inequality and economic development. American Economic Review 66(3), 437–40.
   Web of Science ®Google Scholar
• Romer, PM, 1990. Endogenous technological change. Journal of Political Economy 98(5, part 2), S71–S102.
   Web of Science ®Google Scholar
• Saimi-Namini, S & Hudson, D, 2019. Inflation and income inequality in developed and developing countries. Journal of Economic Studies 4(3), 611–32.
   Google Scholar
• Sarkhosh-Sara, A, Nasrollahi, K, Azarbayjani, K & Dastjerdi, RB, 2020. Comparative analysis of the effects of institutional factors and Piketty’s Hypothesis on inequality: Evidence from a panel of countries. Journal of Economic Structures 9(1), 1–28.
   Google Scholar
• Scheve, K & Stasavage, D, 2017. Wealth inequality and democracy. Annual Review of Political Science 20(1), 451–68.
   Google Scholar
• Schwab, K & Zahidi, S. (Eds.), 2020. The global competitiveness report. How countries are performing on the road to recovery. World Economic Forum.
   Google Scholar
• Shahbaz, M, 2010. Income inequality-economic growth and non-linearity: A case of Pakistan. International Journal of Social Economics 37(8), 613–36.
   Google Scholar
• Shahbaz, M, Loganathan, N, Tiwari, AK & Sherafatian-Jahromi, R, 2015. Financial development and income inequality: Is there any financial Kuznets Curve in Iran? Social Indicators Research 124(2), 357–82.
   Web of Science ®Google Scholar
• Stock, J & Watson, M, 1993. A simple estimator of cointegrating vectors in higher order integrated systems. Econometrica 61(4), 783–820.
   Web of Science ®Google Scholar
• Tchamyou, VS, 2020. Education, lifelong learning, inequality and financial access: evidence from African countries. Contemporary Social Science: Journal of the Academy of Social Sciences 15(2), 7–25.
   Google Scholar
• Tchamyou, VS & Asongu, SA, 2017. Information sharing and financial sector development in Africa. Journal of African Business 18(7), 24–49.
   Web of Science ®Google Scholar
• Weychert, E, 2020. Financial development and income inequality. Central European Economic Journal 7(54), 84–100.
   Google Scholar
• Younsi, M & Bechtinib, M, 2018. Economic growth, financial development and income inequality in BRICS countries: Evidence from Panel Granger Causality Tests, Munich Personal RePEc Archive, MPRA Paper No. 85384.
   Google Scholar
• Zhang, R & Ben Naceur, S, 2019. Financial development, inequality, and poverty: Some international evidence. International Review of Economics & Finance 61(C), 1–16.
   Google Scholar