We estimate a panel model where the relationship between inequality and GDP per capita growth depends on countries’ initial incomes. Estimates of the model show that the relationship between inequality and GDP per capita growth is significantly decreasing in countries’ initial incomes. Results from instrumental variables regressions show that in Low Income Countries transitional growth is boosted by greater income inequality. In High Income Countries inequality has a significant negative effect on transitional growth. For the median country in the world, that in the year 2015 had a PPP GDP per capita of around 10000USD, IV estimates predict that a 1 percentage point increase in the Gini coefficient decreases GDP per capita growth over a 5-year period by over 1 percentage point; the long-run effect on the level of GDP per capita is around − 5%.

中文翻译：

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不平等与经济增长：初始收入的作用

我们估计了一个面板模型，其中不平等与人均GDP增长之间的关系取决于国家的初始收入。该模型的估计表明，不平等与人均GDP增长之间的关系在国家的初始收入中正在显着减少。工具变量回归的结果表明，在低收入国家，收入不平等的加剧促进了过渡性增长。在高收入国家，不平等对过渡时期的增长具有重大的负面影响。就世界中位数国家而言，2015年的人均PPP GDP约为10000USD，IV估计表明，基尼系数每增加1个百分点，五年内的人均GDP增长将下降1倍以上。百分点; 对人均GDP水平的长期影响约为-5％。