Banks, financial markets, and income inequality
研究了1975-2020年99个国家的数据，发现银行相对于市场在金融服务中的活动增加，在发展中国家与更低的收入不平等相关，但在发达经济体则与更高的不平等相关，且银行集中度会放大这一效应。
Abstract While financial development is often found to raise income inequality, it remains unclear whether the composition of the financial system makes a difference. In our sample of 99 countries over the period 1975–2020, increased activity of banks relative to markets in the provision of financial services is robustly associated with less inequality in the developing world yet with more inequality in developed economies. Accounting for redistribution systems does not alter this finding; banking sector concentration amplifies the effects. Results suggest that banks work at the extensive margin at earlier stages of economic development yet shift to the intensive margin at higher levels of development, where they increasingly serve the interests of the rich. Higher market power enables banks to better pursue their objectives at each of the margins.