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Financialization of the economy and income inequality in selected OIC and OECD countries: the role of institutional factors

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dc.contributor.authorFatima Muhammad Abdulkarim
dc.contributor.supervisorAbbas Mirakhor
dc.contributor.supervisorBaharom Abdul Hamid
dc.date.accessioned2017-04-27T11:06:12Z
dc.date.available2017-04-27T11:06:12Z
dc.date.issued2016
dc.description.abstractThroughout the world, the income gap between the rich and the poor has continued to widen. It has been reported that income inequality is spiraling out of control and this is a dangerous trend that pose significant threat to the global sustainability. Several factors have contributed to this widening income gap, among which is financialization of the economy (much faster growth of the financial sector than in the real sector of the economy through rapid growth of debt and large increases in financial sector profits). The aim of the study is to examine the prevalence of income inequality in Organization for Islamic Countries, (OIC) countries and examine how it differs from Organization for Economic Corporations and Development (OECD) countries. In this study, Generalize Method of Moments (GMM) was used in the data analysis. The study employs two sets of financialization data. The first financialization indicators are: Bank profit (BPROF), market capitalization of listed firms (MCAP), stock value traded (STD) and financialization aggregate (FIN_AGG). While the second indicators are: Rate of growth of finance relative to real GDP (RFING), rate of growth of debt relative to Gross domestic product (GDP) (RDEBT). Private sector credit (PCR) and financialization aggregate (FIN_AGG). For a robust test, the study employs securities under banks asset (SEC). Using overall sample (data from both countries OIC and OECD), the result of the study confirms financialization is one of the major causes of income inequality in the studied countries. Also, the findings revealed that income inequality is higher in OIC than in OECD countries. Using the first financialization dataset, the study reveals a more detrimental effect of financialization on inequality in the overall sample than in OIC countries.en_US
dc.identifier.citationMuhammad Abdulkarim, F. (2016). Financialization of the economy and income inequality in selected OIC and OECD countries: the role of institutional factors (Doctoral dissertation). INCEIF, Kuala Lumpur. Retrieved from https://ikr.inceif.org/handle/INCEIF/2410en_US
dc.identifier.urihttps://ikr.inceif.edu.my/handle/INCEIF/2410
dc.languageEnglish
dc.language.isoengen_US
dc.publisherINCEIFen_US
dc.rights2016. INCEIF
dc.sourceGS
dc.subjectFinancialization
dc.subjectGrowth nexus
dc.subjectInequality
dc.subjectOIC countries
dc.subjectOECD countries
dc.titleFinancialization of the economy and income inequality in selected OIC and OECD countries: the role of institutional factorsen_US
dc.typePhDen_US
dlc.maintopicIslamic economics
dlc.subtopicIssues and challenges
dspace.entity.typePublication
ikr.doctypeTheses
ikr.licenseAvailable in physical copy and downloadable format (Call Number: t HC 110 I5 M952)
ikr.topic.maintopicIslamic economicsen_US
ikr.topic.subtopicIssues and challengesen_US
relation.isAuthorOfPublication219f93a8-b38f-400c-981f-6a7162e44a2f
relation.isAuthorOfPublication219f93a8-b38f-400c-981f-6a7162e44a2f
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