12,715 research outputs found

    Finance and income inequality : test of alternative theories

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    Although theoretical models make distinct predictions about the relationship between financial sector development and income inequality, little empirical research has been conducted to compare their relative explanatory power. The authors examine the relation between financial intermediary development and income inequality in a panel data set of 91 countries for the period 1960-95. Their results provide evidence that inequality decreases as economies develop their financial intermediaries, consistent with the theoretical models in Galor and Zeira (1993) and Banerjee and Newman (1993). Moreover, consistent with the insight of Kuznets, the relation between the Gini coefficient and financial intermediary development appears to depend on the sectoral structure of the economy: a larger modern sector is associated with a smaller drop in the Gini coefficient for the same level of financial intermediary development. But there is no evidence of an inverted-U-shaped relation between financial sector development and income inequality, as suggested by Greenwood and Jovanovic (1990). The results are robust to controlling for biases introduced by simultaneity.Poverty Impact Evaluation,Environmental Economics&Policies,Health Economics&Finance,Economic Theory&Research,Payment Systems&Infrastructure,Inequality,Economic Theory&Research,Poverty Impact Evaluation,Environmental Economics&Policies,Health Economics&Finance

    Finance and Income Inequality: What Do the Data Tell Us?

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    Although there are distinct conjectures about the relationship between finance and income inequality, little empirical research compares their explanatory power. We examine the relationship between finance and income inequality for 83 countries between 1960 and 1995. Because financial development might be endogenous, we use instruments from the literature on law, finance, and growth to control for this. Our results suggest that, in the long run, inequality is less when financial development is greater, consistent with Galor and Zeira (1993) and Banerjee and Newman (1993). Although the results also suggest that inequality might increase as financial sector development increases at very low levels of financial sector development, as suggested by Greenwood and Jovanovic (1990), this result is not robust. We reject the hypothesis that financial development benefits only the rich. Our results thus suggest that in addition to improving growth, financial development also reduces inequality.

    Dispersal of Galactic Magnetic Fields into Intracluster Space

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    Little is known about the origin and basic properties of magnetic fields in clusters of galaxies. High conductivity in magnetized interstellar plasma suggests that galactic magnetic fields are (at least partly) ejected into intracluster (IC) space by the same processes that enrich IC gas with metals. We explore the dispersal of galactic fields by hydrodynamical simulations with our new {\em Enzo-Galcon} code, which is capable of tracking a large number galaxies during cluster assembly, and modeling the processes that disperse their interstellar media. Doing so we are able to describe the evolution of the mean strength of the field and its profile across the cluster. With the known density profile of dispersed gas and an estimated range of coherence scales, we predict the spatial distribution of Faraday rotation measure and find it to be consistent with observational data

    New tools for studying network industry reforms in developing countries : the telecommunications and electricity regulation database

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    Infrastructure industries-including telecommunications, electricity, water, and gas-underwent massive structural changes in the 1990s. During that decade, hundreds of privatization transactions valued at billions of dollars were completed in these sectors in developing and transition economies. While privatization has received the most attention, reforms also included market liberalization, structural changes like unbundling, and the introduction of new laws and regulations. To date, regulations have received far less attention than their potential economic effects warrant, largely due to lack of data. In order to address this problem, the authors set out to compile a comprehensive and consistent dataset through an extensive survey of telecommunications and electricity regulators in developing countries. The authors describe the surveys and the resulting database. The database of telecommunications regulations includes 178 variables on regulatory governance and content in 45 countries. The database of electricity regulations includes 374 variables in 20 countries.Administrative&Regulatory Law,Environmental Economics&Policies,Public Sector Economics&Finance,Trade Finance and Investment,ICT Policy and Strategies,ICT Policy and Strategies,Administrative&Regulatory Law,Environmental Economics&Policies,Public Sector Economics&Finance,National Governance

    Discourse patterns employing choral response in mathematics classrooms in seven countries

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    New Tools for Studying Network Industry Reforms in Developing Countries: The Telecommunications and Electricity Regulation Database

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    Infrastructure industries including telecommunications, electricity, water, and gas underwent massive structural changes during the 1990s. During that decade, hundreds of privatization transactions valued at billions of dollars were completed in these sectors in developing and transitional economies. While privatization has received the most attention, reforms also included market liberalization, structural changes like unbundling, and the introduction of new laws and regulations. To date, regulations have received far less attention than their potential economic effects warrant, largely due to lack of data. In order to address this problem, we set out to compile an extensive, comprehensive, and consistent dataset through an extensive survey of telecommunications and electricity regulators in developing countries. Our database of telecommunications regulations includes 178 variables on regulatory governance and content in 45 countries. Our database of electricity regulations includes 374 variables in 20 countries.

    Choral response as a significant form of verbal response in mathematics classrooms in seven countries

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    Faraday Rotation Measure due to the Intergalactic Magnetic Field

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    Studying the nature and origin of the intergalactic magnetic field (IGMF) is an outstanding problem of cosmology. Measuring Faraday rotation would be a promising method to explore the IGMF in the large-scale structure (LSS) of the universe. We investigated the Faraday rotation measure (RM) due to the IGMF in filaments of galaxies using simulations for cosmological structure formation. We employed a model IGMF based on turbulence dynamo in the LSS of the universe; it has an average strength of ∼10 \sim 10 nG and a coherence length of several × 100 h−1\times\ 100\ h^{-1} kpc in filaments. With the coherence length smaller than path length, the inducement of RM would be a random walk process, and we found that the resultant RM is dominantly contributed by the density peak along line of sight. The rms of RM through filaments at the present universe was predicted to be ∼1 rad m−2\sim 1\ {\rm rad\ m^{-2}}. In addition, we predicted that the probability distribution function of ∣RM∣|{\rm RM}| through filaments follows the log-normal distribution, and the power spectrum of RM in the local universe peaks at a scale of ∼1 h−1\sim 1\ h^{-1} Mpc. Our prediction of RM could be tested with future instruments.Comment: To appear in ApJ. Pdf with full resolution figures can be downloaded from http://canopus.cnu.ac.kr/ryu/ar.pd
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