2026-04-27T12:58:54Zhttps://uvadoc.uva.es/oai/request

oai:uvadoc.uva.es:10324/590492023-03-29T19:02:15Zcom_10324_1147com_10324_931com_10324_894col_10324_1266

de la Cuesta González, Marta Ruza, Cristina Rodríguez Fernández, José Miguel 2023-03-29T10:25:16Z 2023-03-29T10:25:16Z 2020 Sustainability 2020, vol. 12, n. 13, 5449 https://uvadoc.uva.es/handle/10324/59049 10.3390/su12135449 5449 13 Sustainability 12 2071-1050 Sustainable finance seeks to increase the contribution of finance to sustainable and inclusive growth. The global financial crisis of 2008 provoked the return of inequality in advanced countries to levels typical of a century ago. The aim of this paper is to empirically analyze the relationship between finance and income inequality for a group of nine OECD countries over the pre-crisis and post-crisis periods (2000–2015). The model proposed in this study simultaneously considers two explanatory variables for measuring financial depth (credit provision and capital markets) and a new multidimensional variable to measure the financial system’s resilience (a composite indicator), and conducts panel data analysis. The empirical results confirm that in terms of financial depth, the "too much finance hypothesis" holds. We also find that financial system’s resilience helps alleviate existing income inequality and that income inequality appears higher in liberal market economies than in coordinated economies. These results encourage policymakers to look beyond traditional public redistribution interventions and to pay attention to other financial variables related to the financialization process, the behavior of financial intermediaries, and the specific environment in which they operate. eng info:eu-repo/semantics/openAccess http://creativecommons.org/licenses/by/4.0/ © 2020 The Authors Atribución 4.0 Internacional Ingeniería eléctrica Rethinking the income inequality and financial development nexus. A study of nine OECD countries info:eu-repo/semantics/article