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Fiscal consideration and the distribution of income: does the currency regime matter?
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This paper studies whether there are differences in fiscal consolidation's
effect on the distribution of income, depending on a countrys currency regime.
I find that countries under a fixed currency regime experience lower inequality
measured by the Gini coefficient in times of fiscal consolidation when
compared to countries with free floating currencies. Limiting the sample to
fixed countries, consolidation still tends to lower inequality. The effect is only
apparent for small consolidation episodes, larger ones - > 1% of GDP - show
disequalizing effects. Spending cuts and tax hikes both increase the Gini in floating countries and have equalizing effects in fixed countries. Their size matters for fixed countries.
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Palavras-chave
Income inequality Fiscal consolidation Currency regime Gini coefficient