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Akyuz Mert,Gueye Ghislain Nono,Karul Cagin 한국국제경제학회 2023 International Economic Journal Vol.37 No.2
The relatively small panel cointegration literature on the dynam- ics between FDI and income inequality predominantly finds that FDI will reduce income inequality in the long-run in developed countries. However, we point out an important technical oversight in the literature. Not accounting for cross-section dependence in panel data methodologies may yield unreliable results. Expanding on the work of Herzer and Nunnenkamp [(2013). Inward and out- ward FDI and income inequality: Evidence from Europe. Review of World Economics, 149(2), 395–422. https://doi.org/10.1007/s10290- 013-0148-3], who pioneered the use of panel cointegration in the European context, we obtain different results when we account for cross-section dependence and employ economic procedures robust to it. Using a panel containing 16 OECD countries (1979–2017), 2 income inequality measures, and 4 FDI measures, we begin by show- ing strong evidence for the existence of cross-section dependence. Then, using second-generation econometric procedures, we do not find any evidence for a cointegrating relationship between inward FDI and income inequality. We do find evidence that outward FDI is cointegrated with income inequality; however, contrary to the main results of the literature, we find that it widens the income gap in the long-run. Additionally, our results support the view that fiscal policy is an important tool to reduce income inequality.