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3 results on '"SIGNIFICANT NEGATIVE"'

1. Weak Instruments in Growth Regressions : Implications for Recent Cross-Country Evidence on Inequality and Growth

Author

Kraay, Aart

Subjects
POINT ESTIMATE, CROSS‐ COUNTRY, GROWTH RATES, POINT ESTIMATES, ECONOMIC GROWTH, LONG‐RUN, LAGGED INEQUALITY, INEQUALITY MEASURES, LAGGED CHANGES, DEPENDENT VARIABLE, POLICY MAKERS, ERROR TERM, COUNTRY‐SPECIFIC, CROSS‐COUNTRY DATA, INCOME, MACROECONOMICS, ERROR TERMS, DATA SET, EXPLANATORY VARIABLES, DYNAMIC PANEL, GROWTH REGRESSIONS, NEGATIVE GROWTH, COUNTRY REGRESSIONS, ABSOLUTE VALUE, PER CAPITA INCOME, DEVELOPMENT RESEARCH, GROWTH, SIGNIFICANT EFFECT, GINI COEFFICIENT, NEGATIVE RELATIONSHIP, CROSS‐COUNTRY EVIDENCE, EXPLANATORY POWER, POLICY DISCUSSIONS, DEVELOPMENT ECONOMICS, ESTIMATED COEFFICIENT, ECONOMIC INEQUALITY, ECONOMICS LETTERS, SIGNIFICANCE LEVEL, SIGNIFICANT NEGATIVE, TRANSFERS, GROWTH EMPIRICS, EMPIRICAL STUDIES, INEQUALITY VARIABLES, INCOME INEQUALITY, POSITIVE RELATIONSHIP, CONSUMPTION, INSTRUMENTS, DEVELOPMENT POLICY, LOG INCOME, GROWTH LITERATURE, POLICY IMPLICATIONS, INCOME COEFFICIENT, ECONOMIC STUDIES, POLITICAL ECONOMY CHANNEL, ANNUAL GROWTH, INEQUALITY, POLICY CIRCLES, EMPIRICAL EVIDENCE, ECONOMIC DEVELOPMENT, CROSS‐COUNTRY, LAGGED LEVELS, PRODUCT, ECONOMIC REVIEW, PANEL DATA SETS, GDP, GROWTH SPECIFICATION, GROSS INCOME, ESTIMATED COEFFICIENTS, ENDOGENOUS VARIABLES, POLITICAL ECONOMY, INCOME DISTRIBUTION, INCOME SHARES, LAGGED VALUES, STANDARD DEVIATION, ECONOMETRICS, POLICIES, REGRESSION SAMPLE, GROWTH EFFECT, POSITIVE EFFECT, LAGGED GROWTH, EMPIRICAL GROWTH LITERATURE, DATA SETS, ECONOMETRIC MODELS, HUMAN CAPITAL, INCREASE GROWTH, EMPIRICAL LITERATURE, NEGATIVE IMPACT, POLICY RESEARCH, DEVELOPING COUNTRIES, EMPIRICAL RESULTS, AVERAGE ANNUAL, GROWTH REGRESSION, SENSITIVITY ANALYSIS, COUNTRY DATA, SIGNIFICANT RELATIONSHIP, NEGATIVE EFFECT, REDISTRIBUTIVE POLICIES, ECONOMICS, EMPLOYMENT EQUATIONS, INEQUALITY DATA, PUBLIC GOODS, CAPITA INCOME, REDISTRIBUTIVE EFFECTS, INEQUALITY MEASURE, CROSS‐ COUNTRY DATA, ECONOMIC RESEARCH, POSITIVE GROWTH
Abstract

This paper revisits four recent cross-country empirical studies on the effects of inequality on growth. All four studies report strongly significant negative effects, using the popular system generalized method of moments estimator that is frequently used in cross-country growth empirics. This paper shows that the internal instruments relied on by this estimator in these inequality-and-growth regressions are weak, and that weak instrument-consistent confidence sets for the effect of inequality on growth include a wide range of positive and negative values. This suggests that strong conclusions about the effect of inequality on growth— in either direction—cannot be drawn from these studies. This paper also systematically explores a wide range of alternative sets of internal instruments, and finds that problems of weak instruments are pervasive across these alternatives. More generally, the paper illustrates the importance of documenting instrument strength, basing inferences on procedures that are robust to weak instruments, and considering alternative instrument sets when using the system generalized method of moments estimator for cross-country growth empirics.

Published
2015

2. Effects of Income Inequality on Aggregate Output

Author

Brueckner, Markus and Lederman, Daniel

Subjects
MEASURES, INDICATORS, INVESTMENT, ECONOMIC GROWTH, ECONOMETRIC MODEL, GROSS DOMESTIC PRODUCT, POOR COUNTRIES, DEPENDENT VARIABLE, ERROR TERM, POOR, health care economics and organizations, EMPIRICAL LEVEL, INCOME, MACROECONOMICS, DATA SET, INDIVIDUAL COUNTRIES, INDUSTRIALIZED COUNTRIES, DYNAMIC PANEL, POVERTY, NEGATIVE COEFFICIENT, GROWTH, GINI COEFFICIENT, WAR, INCOME SHARE, POLICY DISCUSSIONS, CAPITAL INVESTMENT, EXPLANATORY VARIABLE, INCOMES, CROSS-COUNTRY DIFFERENCES, DEVELOPMENT ECONOMICS, LAND OWNERSHIP, ESTIMATED COEFFICIENT, DEVELOPMENT, ECONOMICS OF EDUCATION, SIGNIFICANCE LEVEL, SIGNIFICANT NEGATIVE, NATIONAL INCOME, EMPIRICAL STUDIES, INCOME INEQUALITY, LAND INEQUALITY, INCOME INEQUALITY DATA, GOVERNMENT EXPENDITURES, CONSUMPTION, GDP PER CAPITA, INSTRUMENTS, THEORY, DEVELOPMENT POLICY, RELATIVE PRICES, TRADE, EDUCATIONAL ATTAINMENT, ECONOMIC STUDIES, INEQUALITY, POLICY CIRCLES, EMPIRICAL EVIDENCE, ECONOMIC DEVELOPMENT, MARGINAL EFFECT, WEALTH, DESCRIPTIVE STATISTICS, ECONOMIC THEORY, PRODUCT, ECONOMIC REVIEW, GDP, VARIABLES, AGGREGATE OUTPUT, CAPITAL, ESTIMATED COEFFICIENTS, EMPIRICAL ANALYSIS, MARKET IMPERFECTIONS, INCOME DISTRIBUTION, CREDIT MARKET IMPERFECTIONS, VALUE, RISING INEQUALITY, COUNTRY LEVEL, INCOME SHARES, DISTRIBUTION OF WEALTH, LAGGED VALUES, STANDARD DEVIATION, ECONOMETRICS, SECONDARY SCHOOLING, POSITIVE EFFECT, FISCAL POLICY, DATA SETS, HUMAN CAPITAL, INCOME QUINTILES, TAXES, DATA QUALITY, EMPIRICAL LITERATURE, LAGGED DEPENDENT, INCOME LEVEL, MIDDLE INCOME COUNTRIES, PER CAPITA GROWTH, CREDIT, POLICY RESEARCH, INTERNATIONAL COMPARISONS, DEVELOPING COUNTRIES, REAL GDP, EMPIRICAL RESULTS, NEGATIVE EFFECT, GROSS DOMESTIC PRODUCT PER CAPITA, FIXED EFFECTS, ECONOMICS, INEQUALITY DATA, DEVELOPMENT INDICATORS, FOREIGN AID, INEQUALITY COEFFICIENT, CAPITAL ACCUMULATION, RICH COUNTRIES, EMPIRICAL RESEARCH, LONG RUN, CREDIT MARKET
Abstract

This paper estimates the effect of income inequality on real gross domestic product per capita using a panel of 104 countries during the period 1970–2010. The empirical analysis addresses endogeneity issues by using instrumental variables estimation and controlling for country and time fixed effects. The analysis finds that, on average, income inequality has a significant negative effect on transitional gross domestic product per capita growth and the long-run level of gross domestic product per capita. However, the impact varies by the level of economic development, so much so that in poor countries income inequality has a significant positive effect on gross domestic product per capita.

Published
2015

3. How Unfair is the Inequality of Wage Earnings in Russia? : Estimates from Panel Data

Author

Tiwari, Sailesh, Lara Ibarra, Gabriel, and Narayan, Ambar

Subjects
DECREASING RATE, LABOR FORCE PARTICIPATION, CHILDREN, ECONOMIC GROWTH, MEAN LOG DEVIATION, PRODUCT, GDP, PROPERTIES, WHO, JOB INSECURITY, INEQUALITY MEASURES, AFFIRMATIVE ACTION, CHILD, HIGH INEQUALITY, ABSOLUTE INEQUALITY, AGGREGATE GROWTH, WAGE INEQUALITY, DISTRIBUTION FUNCTION, RESIDENCE, WDR, DEPENDENT VARIABLE, POLITICAL ECONOMY, INEQUALITY LEVELS, INCOME DISTRIBUTION, POSITIVE IMPACT, REAL WAGE, INCOME, WILL, OUTCOMES, RISING INEQUALITY, PRODUCTIVITY, LONGITUDINAL DATA, DATA SET, LABOR PRODUCTIVITY, WOMEN, FINANCIAL CRISIS, EQUALITY OF OPPORTUNITY, POSITIVE EFFECT, INEQUALITY INDEX, FEMALE, OVERALL INEQUALITY, POOR GROWTH, DATA SETS, INEQUALITIES, DISADVANTAGED GROUPS, IMPACT OF INEQUALITY, NEGATIVE RELATIONSHIP, TOTAL INEQUALITY, DATA QUALITY, MEASURE OF INEQUALITY, INTERVENTIONS, INEQUALITY IN HEALTH, NEGATIVE IMPACT, TRAINING, INEQUALITY OF OPPORTUNITY, MEASURING INEQUALITY, POLICY DISCUSSIONS, HOUSEHOLD INCOME, INCOMES, PUBLIC POLICY, ECONOMIC INEQUALITY, HEALTH INEQUALITY, POLICY RESEARCH, REAL WAGES, WAGES, SIGNIFICANT NEGATIVE, BENEFITS, LABOR MARKET, DISTRIBUTION OF OPPORTUNITIES, EMPIRICAL WORK, INEQUALITY OF OPPORTUNITIES, FEMALE WORKERS, INCOME GROWTH, MIDDLE CLASS, LABOR FORCE, LOW INCOME, MEAN INCOME, EDUCATIONAL ATTAINMENT, COMPENSATION, DISCRIMINATION, INEQUALITY MEASURE, CHILD MORTALITY, CUMULATIVE DISTRIBUTION FUNCTION, EARNINGS INEQUALITY, ADVERSE IMPACT, GENDER, ITS, INEQUALITY, EQUALITY, EMPIRICAL EVIDENCE, SURVEYS, FEMALES, ACCESS TO EMPLOYMENT, ECONOMIC DEVELOPMENT
Abstract

This paper attempts to determine the extent to which inequality in wage earnings in the Russian Federation is unfair. Unlike other similar attempts that can, at best, produce a lower bound on the estimate of the share of inequality that is unfair, this paper exploits the longitudinal nature of the data to come up with a lower bound as well as an upper bound. The upper bound is further refined to take into account the indirect effect of circumstances at birth (gender, parental wealth, etc.) on effort. Results show that the upper bound on the inequality of opportunity may be three to four times the measured lower bound and significantly higher for females than males in the sample. Finally, comparison with the United States and Germany show that although total inequality is lower in Russia, the share of unfair inequality is distinctly larger. The markedly large explanatory role of extraneous factors, such as gender and parental characteristics, in wage inequality calls for a close examination of governments’ efforts to address inequities in the labor market.

Published
2015

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