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Distributional Effects of Crises: The Financial Channel

Author

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  • Marina Halac
  • Sergio L. Schmukler

Abstract

Financial crises affect income distribution via different channels. We argue that financial transfers is an important channel, which has been overlooked by the literature. By analyzing data from the Mexican (1994-1995) and Argentine (2001-2002) crises, we investigate two types of financial transfers. First, we study transfers to the financial sector, going from non-participants to participants of the financial sector. Second, we explore transfers within the financial sector, which are transfers among participants of the financial sector, as those from small to large and foreign depositors. Our analysis suggests that financial transfers increase income inequality.

Suggested Citation

  • Marina Halac & Sergio L. Schmukler, 2004. "Distributional Effects of Crises: The Financial Channel," Economía Journal, The Latin American and Caribbean Economic Association - LACEA, vol. 0(Fall 2004), pages 1-67, August.
    • Handle: RePEc:col:000425:008670
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    Keywords

    Financial crises; distributional effects; financial transfers; inequality; income distribution; access to finance;
    All these keywords.

    JEL classification:

    • J60 - Labor and Demographic Economics - - Mobility, Unemployment, Vacancies, and Immigrant Workers - - - General
    • J00 - Labor and Demographic Economics - - General - - - General
    • G30 - Financial Economics - - Corporate Finance and Governance - - - General

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