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A Refinement of the Relationship Between Central Bank Independence, Inflation, and Income Inequality in Developing Countries

Author

Listed:
  • Fadi Fawaz

    (Tennessee State University, Nashville, Tennessee, USA)

  • Masha Rahnamamoghadam

    (Texas Tech University, Lubbock, Texas, USA)

Abstract

This paper analyzes the impact on income inequality of a set of variables usually considered in the growth literature as potential growth determinants. There is evidence to suggest that unemployment and inflation are positively associated with income inequality; except for countries with central bank independence where a negative association exists between inflation and income inequality. The empirical evidence shows that income inequality increases when unemployment increases.

Suggested Citation

  • Fadi Fawaz & Masha Rahnamamoghadam, 2024. "A Refinement of the Relationship Between Central Bank Independence, Inflation, and Income Inequality in Developing Countries," Journal of Central Banking Theory and Practice, Central bank of Montenegro, vol. 13(1), pages 117-131.
    • Handle: RePEc:cbk:journl:v:13:y:2024:i:1:p:117-131
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    More about this item

    Keywords

    Central Bank Independence; Income Inequality; Developing Countries; Fixed Effects.;
    All these keywords.

    JEL classification:

    • C13 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Estimation: General
    • C33 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Models with Panel Data; Spatio-temporal Models
    • D31 - Microeconomics - - Distribution - - - Personal Income and Wealth Distribution

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