Do Private and Public Capital Flows Respond Differently to Income Inequality? Evidence From Emerging Markets and Developing Economies
利用区分私人和公共部门的新数据库，研究收入不平等如何影响资本流动，发现不平等加剧与总资本流入、流出及净流量增加相关，且对私人流动影响更强。
ABSTRACT Inequality dynamics influence portfolio decisions in both the private and public sectors. In the private sector, increased inequality facilitates covering the fixed costs associated with participating in international financial markets. As society becomes more unequal, a larger proportion of the population can afford to operate in global markets in both directions to take debt and acquire external assets. In the public sector, inequality affects government policies and preferences, particularly fiscal policy and debt dynamics. In this paper we study the link between inequality and capital flows, taking advantage of a new database that differentiates private and public sectors. Higher income inequality is associated with higher total capital inflows and outflows and higher net flows. These patterns are stronger for private flows. Private outflows are more sensitive to financial openness than private inflows.