Causes and Consequences of Income Inequality

A Global Perspective

Business & Finance, Economics, Money & Monetary Policy, Macroeconomics
Cover of the book Causes and Consequences of Income Inequality by Era Ms. Dabla-Norris, Kalpana Ms. Kochhar, Nujin Mrs. Suphaphiphat, Frantisek Mr. Ricka, Evridiki Tsounta, INTERNATIONAL MONETARY FUND
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Author: Era Ms. Dabla-Norris, Kalpana Ms. Kochhar, Nujin Mrs. Suphaphiphat, Frantisek Mr. Ricka, Evridiki Tsounta ISBN: 9781513547435
Publisher: INTERNATIONAL MONETARY FUND Publication: June 15, 2015
Imprint: INTERNATIONAL MONETARY FUND Language: English
Author: Era Ms. Dabla-Norris, Kalpana Ms. Kochhar, Nujin Mrs. Suphaphiphat, Frantisek Mr. Ricka, Evridiki Tsounta
ISBN: 9781513547435
Publisher: INTERNATIONAL MONETARY FUND
Publication: June 15, 2015
Imprint: INTERNATIONAL MONETARY FUND
Language: English
This paper analyzes the extent of income inequality from a global perspective, its drivers, and what to do about it. The drivers of inequality vary widely amongst countries, with some common drivers being the skill premium associated with technical change and globalization, weakening protection for labor, and lack of financial inclusion in developing countries. We find that increasing the income share of the poor and the middle class actually increases growth while a rising income share of the top 20 percent results in lower growth—that is, when the rich get richer, benefits do not trickle down. This suggests that policies need to be country specific but should focus on raising the income share of the poor, and ensuring there is no hollowing out of the middle class. To tackle inequality, financial inclusion is imperative in emerging and developing countries while in advanced economies, policies should focus on raising human capital and skills and making tax systems more progressive.
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This paper analyzes the extent of income inequality from a global perspective, its drivers, and what to do about it. The drivers of inequality vary widely amongst countries, with some common drivers being the skill premium associated with technical change and globalization, weakening protection for labor, and lack of financial inclusion in developing countries. We find that increasing the income share of the poor and the middle class actually increases growth while a rising income share of the top 20 percent results in lower growth—that is, when the rich get richer, benefits do not trickle down. This suggests that policies need to be country specific but should focus on raising the income share of the poor, and ensuring there is no hollowing out of the middle class. To tackle inequality, financial inclusion is imperative in emerging and developing countries while in advanced economies, policies should focus on raising human capital and skills and making tax systems more progressive.

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