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Inequality, leverage, and crises: Theory and evidence revisited
Xinhua Gu; Pui Sun Tam; Yang Zhang; Chun Kwok Lei
2019-04-16
Source PublicationWORLD ECONOMY
ISSN0378-5920
Volume42Issue:8Pages:2280-2299
Other Abstract

Rajan points to rising income inequality as a root cause of the recent financial crisis through high household leverage. The Rajan hypothesis has ignited debate over the relationship between inequality, leverage and crises. Kumhof, Ranciere, and Winant prove the validity of this hypothesis with a theoretical formulation, but empirical studies provide mixed evidence using different samples and estimators. To clarify this controversy, we re‐examine the issue by using the same data as in the literature and provide additional evidence after taking into account the role of asset bubbles and policy interventions. Our regression is based on a new tractable theoretical model that is supported by key stylised facts, and all our analyses confirm the existence of the inequality–leverage–crisis nexus.

KeywordAsset Bubble Gmm Regression Inequality Leverage Theoretical Framework Financial Crisis
DOIhttps://doi.org/10.1111/twec.12806
Indexed BySSCI
Language英语
WOS Research AreaBusiness & Economics ; International Relations
WOS SubjectBusiness, Finance ; Economics ; International Relations
WOS IDWOS:000478866200001
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Document TypeJournal article
专题Faculty of Business Administration
DEPARTMENT OF FINANCE AND BUSINESS ECONOMICS
AffiliationDepartment of Finance and Business Economics, Faculty of Business Administration, University of Macau, Macau, China
First Author AffilicationFaculty of Business Administration
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GB/T 7714
Xinhua Gu,Pui Sun Tam,Yang Zhang,et al. Inequality, leverage, and crises: Theory and evidence revisited[J]. WORLD ECONOMY,2019,42(8):2280-2299.
APA Xinhua Gu,Pui Sun Tam,Yang Zhang,&Chun Kwok Lei.(2019).Inequality, leverage, and crises: Theory and evidence revisited.WORLD ECONOMY,42(8),2280-2299.
MLA Xinhua Gu,et al."Inequality, leverage, and crises: Theory and evidence revisited".WORLD ECONOMY 42.8(2019):2280-2299.
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