Economics, Econometrics and Finance
4 years ago

Financial development widens wealth gap in transition to fast-growing economy.

Journal of Political Economy
Financial Development, Growth, and the Distribution of Income
Jeremy Greenwood, Boyan Jovanovic

Paper Summary

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Financial development and economic growth are closely connected. When financial intermediation is strong, it leads to higher returns on investments, which in turn fuels economic growth. This model also shows that as a country progresses from a slow-growing economy to a fast-growing one, the gap between the rich and poor widens.