Post-event statement

Iftekhar Hasan, the E. Gerald Corrigan Chair in International Business and Finance at Fordham University, delivered a seminar on ‘Foreign Bank Ownership and Income Inequality’ at ADBI on 7th July. Professor Hasan focused on the relationship between the presence foreign banks and income inequality. His results indicate that foreign bank presence contributes to a rise in equality. However, he found that the inequality was lowered only when foreign bank penetration reached high levels and took place over a prolonged period of time. His research also showed that foreign bank presence lowered income inequality in countries characterized by banks that operated under a sufficiently different legal and regulatory framework.

Purpose

ADBI’s Seminar Series provides a platform for eminent persons to encourage debate among policymakers, researchers, academics, think tanks, and other audiences interested in economic development challenges in Asia and the Pacific region.

In this seminar Professor Iftekhar Hasan will provide cross-country evidence that variations in bank regulatory policies result in differences in income distribution. In particular, the overall liberalization of banking systems decreases the Gini coefficient and the Theil index significantly.

Background

Iftekhar Hasan is the E. Gerald Corrigan Chair in International Business and Finance at Fordham University. He serves as a scientific advisor at the Bank of Finland; a research fellow in the Financial Institution Center at the Wharton School; a research associate in the Berkley Center at the NYU Stern School of Business; and a research associate in the Centre for Applied Macroeconomic Analysis at the Australian National University. Professor Hasan has held visiting faculty/scholar positions at several prestigious institutions around the world. He has served as a consultant/visiting scholar at several organizations, including: the World Bank; the IMF; the United Nations; the Federal Reserve Bank of Atlanta; the Banque de France; the Italian Deposit Insurance Corporation, and the Office of the Comptroller of Currency of the U.S. Treasury. He is the managing editor of the Journal of Financial Stability. Professor Hasan's research interests are in the areas of financial institutions, corporate finance, and emerging markets. He has over 300 publications in print, including 14 books and edited volumes and over 195 peer-reviewed articles in journals. He is a Fulbright Scholar and received his Ph.D. and M.S. from the University of Houston. He received a "Doctor Honoris Causa" (honorary Ph.D.) from the Romanian-American University in Bucharest.

Objectives

  • This Seminar examines empirically the impact of bank regulatory policies on the income distribution in different countries.
  • The analysis also addresses the question of how the presence of foreign banks impact income inequality and whether globalization of the banking sector failed to work to the advantage of the poor.

Participants

Policymakers, academics, outside researchers, and the general public

Output

Better understanding of the impact of bank regulatory policies on the income distribution in different countries.

Language

English

Time of event

12:00 - 13:00

Event Contact

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