Income inequality in developing countries: fiscal policy’s role amid uncertainty

References

• Abdullah, A., Doucouliagos, H., & Manning, E. (2015). Does education reduce income inequality? A meta‐regression analysis. Journal of Economic Surveys, 29(2), 301–23. https://doi.org/10.1111/joes.12056
   Web of Science ®Google Scholar
• Adjor, D. M., & Kebalo, L. (2018). Does corruption matter for unemployment in SADC countries? Review of Economic and Business Studies, 11(2), 65–92. https://doi.org/10.1515/rebs-2018-0074
   Google Scholar
• Ahir, H., Bloom, N., & Furceri, D. (2022). The world uncertainty index. Working paper No. w29763. National bureau of economic research.
   Google Scholar
• Alesina, A., Campante, F. R., & Tabellini, G. (2008). Why is fiscal policy often procyclical? Journal of the European Economic Association, 6(5), 1006–1036. https://doi.org/10.1162/JEEA.2008.6.5.1006
   Web of Science ®Google Scholar
• Alesina, A., & Drazen, A. (1991). Why are stabilizations delayed? The American Economic Review, 81(5) , 1170–1188. https://doi.org/10.3386/w3053
   Web of Science ®Google Scholar
• Alesina, A., & Perotti, R. (1996). Income distribution, political instability, and investment. European Economic Review, 40(6), 1203–1228. https://doi.org/10.1016/0014-2921(95)00030-5
   Web of Science ®Google Scholar
• Ametoglo, M. E. S., Guo, P., & Wonyra, K. O. (2018). Regional integration and income inequality in ECOWAS zone. Journal of Economic Integration, 33(3), 604–627. https://doi.org/10.11130/jei.2018.33.3.604
   Web of Science ®Google Scholar
• Anyanwu, J. C., Erhijakpor, A. E., & Obi, E. (2016). Empirical analysis of the key drivers of income inequality in West Africa. African Development Review, 28(1), 18–38. https://doi.org/10.1111/1467-8268.12164
   Web of Science ®Google Scholar
• Arellano, M., & Bond, S. (1991). Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations. The Review of Economic Studies, 58(2), 277–297. https://doi.org/10.2307/2297968
   Web of Science ®Google Scholar
• Armelius, H., Hull, I., & Köhler, H. S. (2017). The timing of uncertainty shocks in a small open economy. Economics Letters, 155, 31–34. https://doi.org/10.1016/j.econlet.2017.03.016
   Web of Science ®Google Scholar
• Baker, S. R., Bloom, N., & Davis, S. J. (2016). Measuring economic policy uncertainty. Quarterly Journal of Economics, 131(4), 1593–1636. https://doi.org/10.1093/qje/qjw024
   Web of Science ®Google Scholar
• Balcilar, M., Bekiros, S., & Gupta, R. (2017). The role of news-based uncertainty indices in predicting oil markets: A hybrid nonparametric quantile causality method. Empirical Economics, 53(3), 879–889. https://doi.org/10.1007/s00181-016-1150-0
   Web of Science ®Google Scholar
• Batuo, M. E., Kararach, G., & Malki, I. (2022). The dynamics of income inequality in Africa: An empirical investigation on the role of macroeconomic and institutional forces. World Development, 157, 105939. https://doi.org/10.1016/j.worlddev.2022.105939
   Web of Science ®Google Scholar
• Bénassy-Quéré, A., Ragot, X., & Wolff, G. (2016). Quelle union budgétaire pour la zone euro ? Notes Du Conseil D’analyse Économique, n° 29(2), 1–12. https://doi.org/10.3917/ncae.029.0001
   Google Scholar
• Bernanke, B. S. (1983). Irreversibility, uncertainty, and cyclical investment. Quarterly Journal of Economics, 98(1), 85–106. https://doi.org/10.2307/1885568
   Web of Science ®Google Scholar
• Bicaba, Z., Brixiová, Z., & Ncube, M. (2017). Can extreme poverty in sub-saharan Africa be eliminated by 2030? Journal of African Development, 19(2), 93–110. https://doi.org/10.5325/jafrideve.19.2.0093
   Google Scholar
• Bloom, N. (2009). The impact of uncertainty shocks. Econometrica, 77(3), 623–685. https://doi.org/10.3982/ECTA6248
   Web of Science ®Google Scholar
• Bloom, N. (2014). Fluctuations in uncertainty. Journal of Economic Perspectives, 28(2), 153–76. https://doi.org/10.1257/jep.28.2.153
   Web of Science ®Google Scholar
• Blundell, R., & Bond, S. (1998). Initial conditions and moment restrictions in dynamic panel data models. Journal of Econometrics, 87(1), 115–143. https://doi.org/10.1016/S0304-4076(98)00009-8
   Web of Science ®Google Scholar
• Bonfiglioli, A., Crinò, R., & Gancia, G. (2022). Economic uncertainty and structural reforms: Evidence from stock market volatility. Quantitative Economics, 13(2), 467–504. https://doi.org/10.3982/QE1551
   Web of Science ®Google Scholar
• Bourguignon, F. (2004). The poverty-growth-inequality triangle. New Delhi: Indian council for Research on International economic relations (ICRIER). Working Paper No 125. https://www.econstor.eu/bitstream/10419/176147/1/icrier-wp-125.pdf
   Google Scholar
• Brueckner, M., & Vespignani, J., (2017, March 28). Trade uncertainty and income inequality. CAMA Working Paper No. 24/2017. https://doi.org/10.2139/ssrn.2942479
   Google Scholar
• Caggiano, G., Castelnuovo, E., & Figueres, J. M. (2017). Economic policy uncertainty and unemployment in the United States: A nonlinear approach. Economics Letters, 151, 31–34. https://doi.org/10.1016/j.econlet.2016.12.002
   Web of Science ®Google Scholar
• Caggiano, G., Castelnuovo, E., & Groshenny, N. (2014). Uncertainty shocks and unemployment dynamics in US recessions. Journal of Monetary Economics, 67, 78–92. https://doi.org/10.1016/j.jmoneco.2014.07.006
   Web of Science ®Google Scholar
• Caldara, D., Iacoviello, M., Molligo, P., Prestipino, A., & Raffo, A. (2020). The economic effects of trade policy uncertainty. Journal of Monetary Economics, 109, 38–59. https://doi.org/10.1016/j.jmoneco.2019.11.002
   Web of Science ®Google Scholar
• Christiano, L. J., Motto, R., & Rostagno, M. (2014). Risk shocks. The American Economic Review, 104(1), 27–65. https://doi.org/10.1257/aer.104.1.27
   Web of Science ®Google Scholar
• Davis, S. J. (2016). An index of global economic policy uncertainty. National Bureau of Economic Research, NBER Working Paper No. 22740.
   Google Scholar
• Dixit, R. K., Dixit, A. K., & Pindyck, R. S. (1994). Investment under uncertainty. Princeton university press.
   Google Scholar
• Dout, H., & Kebalo, L. (2021). Trade intensity, fiscal integration and income inequality in ECOWAS. Statistics, Politics, and Policy, 12(2), 375–394. https://doi.org/10.1515/spp-2021-0008
   Google Scholar
• Fang, L., Chen, B., Yu, H., & Qian, Y. (2018). The importance of global economic policy uncertainty in predicting gold futures market volatility: A GARCH‐MIDAS approach. Journal of Futures Markets, 38(3), 413–422. https://doi.org/10.1002/fut.21897
   Web of Science ®Google Scholar
• Fawaz, F., Rahnamamoghadam, M., & Valcarcel, V. (2012). Fluctuations, uncertainty and income inequality in developing countries. Eastern Economic Journal, 38(4), 495–511. https://doi.org/10.1057/eej.2011.32
   Google Scholar
• Fernandez, R., & Rodrik, D. (1991). Resistance to reform: Status quo bias in the presence of individual-specific uncertainty. The American Economic Review, 81(5), 1146–1155. https://www.jstor.org/stable/2006910
   Web of Science ®Google Scholar
• Fischer, M. M., Huber, F., & Pfarrhofer, M. (2021). The regional transmission of uncertainty shocks on income inequality in the United States. Journal of Economic Behavior and Organization, 183, 887–900. https://doi.org/10.1016/j.jebo.2019.03.004
   Web of Science ®Google Scholar
• Galbraith, J. K. (1977). The age of uncertainty. Houghton Mifflin.
   Google Scholar
• Ghirelli, C., Pérez, J. J., & Urtasun, A. (2019). A new economic policy uncertainty index for Spain. Economics Letters, 182, 64–67. https://doi.org/10.1016/j.econlet.2019.05.021
   Web of Science ®Google Scholar
• Gilchrist, S., Sim, J. W., & Zakrajšek, E. (2014). Uncertainty, financial frictions, and investment dynamics. NBER Working Paper No w20038. National Bureau of Economic Research.
   Google Scholar
• Handley, K., & Limão, N. (2022). Trade policy uncertainty. Annual Review of Economics, 14(1), 363–395. https://doi.org/10.1146/annurev-economics-021622-020416
   Google Scholar
• Huang, Y., & Luk, P. (2020). Measuring economic policy uncertainty in China. China Economic Review, 59, 101367. https://doi.org/10.1016/j.chieco.2019.101367
   Web of Science ®Google Scholar
• Kebalo, L., Dout, H., Couchoro, M. K., & Zouri, S. (2022). Intégration–commerciale, budgétaire, financière–régionale et inégalités de revenu dans la Communauté Economique des Etats de l’Afrique de l’Ouest (CEDEAO). African Development Review, 34(S1), S102–S116. https://doi.org/10.1111/1467-8268.12647
   Google Scholar
• Kinda, H., & Thiombiano, N. (2021). The effects of extractive industries rent on deforestation in developing countries. Resources Policy, 73, 102203. https://doi.org/10.1016/j.resourpol.2021.102203
   Web of Science ®Google Scholar
• Knight, F. H. (1921). Risk, uncertainty and profit (Vol. 31). Houghton Mifflin.
   Google Scholar
• Newey, W. K., & Windmeijer, F. (2009). Generalized method of moments with many weak moment conditions. Econometrica, 77(3), 687–719. https://doi.org/10.3982/ECTA6224
   Web of Science ®Google Scholar
• Obiakor, R. T., Akpa, E. O., & Okwu, A. T. (2022). Economic size, uncertainty, and income inequality in Nigeria. Journal of Economics and Allied Research, 7(2), 250–264. https://ssrn.com/abstract=4151748
   Google Scholar
• Pastor, L., & Veronesi, P. (2012). Uncertainty about government policy and stock prices. The Journal of Finance, 67(4), 1219–1264. https://doi.org/10.1111/j.1540-6261.2012.01746.x
   Web of Science ®Google Scholar
• Pierce, J. R., & Schott, P. K. (2016). The surprisingly swift decline of US manufacturing employment. The American Economic Review, 106(7), 1632–62. https://doi.org/10.1257/aer.20131578
   Web of Science ®Google Scholar
• Ranciire, R. G., & Tornell, A. (2016). Why do reforms occur in crises times? SSRN Electronic Journal. https://doi.org/10.2139/ssrn.2796251
   Google Scholar
• Romer, C. D. (1990). The great crash and the onset of the great depression. Quarterly Journal of Economics, 105(3), 597–624. https://doi.org/10.2307/2937892
   Web of Science ®Google Scholar
• Roodman, D. (2009). How to do Xtabond2: An introduction to difference and system GMM in stata. The Stata Journal, 9(1), 86–136. https://doi.org/10.1177/1536867X0900900106
   Web of Science ®Google Scholar
• Stiglitz, J. (2015). The origins of inequality, and policies to contain it. National Tax Journal, 68(2), 425–448. https://doi.org/10.17310/ntj.2015.2.09
   Web of Science ®Google Scholar
• Tchamyou, V. S., Asongu, S. A., & Odhiambo, N. M. (2019). The role of ICT in modulating the effect of education and lifelong learning on income inequality and economic growth in Africa. African Development Review, 31(3), 261–274. https://doi.org/10.1111/1467-8268.12388
   Web of Science ®Google Scholar
• Theophilopoulou, A. (2022). The impact of macroeconomic uncertainty on inequality: An empirical study for the United Kingdom. Journal of Money, Credit, and Banking, 54(4), 859–884. https://doi.org/10.1111/jmcb.12852
   Web of Science ®Google Scholar
• Thye, G. L., Kumari, S. S., Lu, Y. S., & Muhairah, S. S. (2021). The impacts of external and internal uncertainties on income inequality in the ASEAN 5 countries. International Journal of Economics & Management, 15(3). http://eprints.um.edu.my/id/eprint/36063
   Google Scholar
• Tommasi, M., & Velasco, A. (1996). Where are we in the political economy of reform? Journal of Policy Reform, 1(2), 187–238. https://doi.org/10.1080/13841289608523362
   Google Scholar
• Windmeijer, F. (2005). A finite sample correction for the variance of linear efficient two-step GMM estimators. Journal of Econometrics, 126(1), 25–51. https://doi.org/10.1016/j.jeconom.2004.02.005
   Web of Science ®Google Scholar
• Zalla, R. (2017). Economic policy uncertainty in Ireland. Atlantic Economic Journal, 45(2), 269–271. https://doi.org/10.1007/s11293-017-9536-8
   Web of Science ®Google Scholar