Income Inequality: The Aftermath of Stock Market Liberalization in Emerging Markets
- Topics:
- Investment and Capital Markets
- Tags:
- Emerging Market,
- Stock,
- Operational Accounting,
- NeoKinetic Systems,
- Investment,
- Income,
- Financial Services,
- Finance,
- Equity,
- Stock Market
- Source:
- NeoKinetic Systems
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Overview: Early research has documented that the large-scale equity market liberalizations of the last decade led the subsequent rise in aggregate equity indices, investment booms, capital flows, and economic growth. An important and unaddressed issue is the normative question of whether and how these reforms shifted the distribution of incomes in the aftermath of equity market liberalization. This paper performs a careful empirical analysis, and finds a pattern indicating that income share growth accrued almost wholly to the top quintile of the income distribution at the expense of a ''middle class'' that is defined as the three middle quintiles of the income distribution.
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Format: PDF | Size: 487KB | Date: Feb 2003 | Pages: 32
