The Effect of Stock Market`s Development on Upper and Lower Quarterly Income
One of the problems and challenges that the developed- and especially developing countries - encounter is the unequal distribution of income. Inequality of income poses serious challenges to economic agents and policymakers given its many harmful effects on the economy and economic growth. On the other hand, the development of the stock market in the economy can be a suitable platform for absorbing market liquidity, the savings of economic agents, turning these savings into investments, and finally controlling and managing inequality of incomes in the economy. The purpose of the current study was to examine the effect of stock market development on upper and lower quartile income. To this end, the panel data of the developed and developing countries was utilized during 2001-2014. Stock market development was estimated through two indices (turnover of stock`s trading and the trade volume of the stock to gross domestic production (GDP)) and in four modes. The results indicated that the development of stock market increased income inequality in developed countries and decreased income inequality in developing countries.
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