Financial development and income inequality in Africa
Bibliographic Data
| ID | 22235058 |
|---|---|
| Authors | Victoria I Okafor (0000-0001-9540-6369, Covenant University, corresponding author), Isaiah Oluranti Olurinola (Covenant University), Ebenezer Bowale (0000-0003-2772-006X, Covenant University), Romanus Osabohien (0000-0002-9483-1395, Covenant University) |
| Year | 2023 |
| Volume | 10 |
| Issue | 1 |
| Publication date | 2023-06-08 |
| Peer Reviewed | Yes |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | Humanities and Social Sciences Communications (JOURNAL) |
| Journal identifiers | ISSN: 2662-9992 • E-ISSN: 2662-9992 |
| Publisher | Springer Science and Business Media LLC (PUBLISHER) |
| DOI | 10.1057/s41599-023-01810-y |
| OpenAlex | W4380046911 |
| Language | EN |
| Citations received | 8 |
| References cited | 67 |
Across the globe, a rise in income inequality has been experienced for the last two decades, particularly in developing countries. This problem of income inequality poses a challenge to Africa’s ability to attain the United Nations (UN) Sustainment Development Goals (SDGs) of reduced inequalities (SDG-10). Against this backdrop, there is a need to harness the potential of financial development to reduce income inequality in Africa. Therefore, this study empirically examines how financial development affects income inequality in Africa. Financial development dimensions, access, depth, efficiency, and stability were considered to achieve the study’s objective. The study applied the system generalized method of moments (SGMM) to analyse data and the findings showed that each dimension of financial development had a varying impact on income inequality. Access, stability and efficiency components of financial development reduce income inequality, while the depth dimension of financial development exacerbates income inequality in Africa. Therefore, the study recommends that policymakers should not neglect other dimensions of finance in facilitating economic development
Demographic economics · Development economics · Economic inequality · Economics · Globe · Income distribution · Income inequality metrics · Inequality · Economic Growth and Development · Islamic Finance and Banking Studies · Microfinance and Financial Inclusion · Finance
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| Unique citing works | 8 |
|---|---|
| Citations per year | 4 |
| Citation span | 2024 - 2026 (3) |
| Citation velocity | current |
| Highly cited | No |
| Citation types | Neutral: 7 |