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Distributional effects of crises : the role of financial transfers
 
Author:Marina Halac; Sergio Schmukler; Collection Title:Policy, Research working paper series ; no. WPS 3173
Country:Mexico; Uruguay; Chile; Ecuador; Argentina; Date Stored:2004/01/20
Document Date:2003/11/20Document Type:Policy Research Working Paper
SubTopics:Economic Theory & Research; Payment Systems & Infrastructure; Financial Crisis Management & Restructuring; Banks & Banking Reform; Financial Intermediation; Financial EconomicsLanguage:English
Region:Latin America & CaribbeanReport Number:WPS3173
Volume No:1 of 1  

Summary: Financial crises affect income distribution by way of different channels. The authors argue that financial transfers are an important channel which has been overlooked by the literature. They study the role of financial transfers by analyzing some of the most severe Latin American crises during the past decades (Chile 1981-83, Mexico 1994-95, Ecuador 1998-2000, Argentina 2001-02, and Uruguay 2002). First, the authors investigate transfers to the financial sector-those from nonparticipants to participants of the financial sector. Second, they explore who receives these financial transfers by identifying the winners and losers within the financial sector. Their analysis suggests that financial transfers during crises are large and expected to increase income inequality.

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