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Financial development and income inequality in Africa

Economics

Financial development and income inequality in Africa

V. I. Okafor, I. O. Olurinola, et al.

This study investigates the impact of financial development on income inequality in Africa, revealing that access, stability, and efficiency contribute to reducing inequality, while depth is a complicating factor. The authors, Victoria I. Okafor, Isaiah O. Olurinola, Ebenezer Bowale, and Romanus Osabohien, emphasize the need for policymakers to consider all dimensions of financial development for sustainable economic growth.

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Playback language: English
Abstract
This study empirically examines how financial development affects income inequality in Africa, considering access, depth, efficiency, and stability. Using the system generalized method of moments (SGMM), the findings show that access, stability, and efficiency reduce inequality, while depth exacerbates it. Policymakers should address all dimensions of financial development for economic progress.
Publisher
Humanities and Social Sciences Communications
Published On
Jun 08, 2023
Authors
Victoria I. Okafor, Isaiah O. Olurinola, Ebenezer Bowale, Romanus Osabohien
Tags
financial development
income inequality
Africa
policymakers
economic progress
access
efficiency

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