We study the effects of the adoption of macroprudential policies on income inequality in former transition economies over the period 2002–2014. In general, this adoption leads to rising income inequality; however, the effect depends on the degree of domestic financial development and globalization: for low levels of openness and financial development, they increase inequality. Instead, some macroprudential measures may result in lower income inequality, provided the adopting economy is sufficiently open and has a developed/unrestricted financial system. Our results suggest that reduction in income inequality can be promoted together with financial stabilization and the avoidance of systemic risks.

我们研究了 2002 年至 2014 年期间前转型经济体采用宏观审慎政策对收入不平等的影响。一般而言，这种采用导致收入不平等加剧；然而，效果取决于国内金融发展和全球化的程度：对于低水平的开放和金融发展，它们会加剧不平等。相反，如果采用的经济体足够开放并且拥有发达/不受限制的金融体系，那么一些宏观审慎措施可能会导致收入不平等程度降低。我们的研究结果表明，收入不平等的减少可以与金融稳定和避免系统性风险一起促进。