Distributional Consequences of Financial Crises: Evidence from Recent Crises

Abstract

The paper examines the distributional consequences of financial crises based on the lessons of the past crises experiences of Argentina, Brazil, Korea, Mexico, and Turkey. It identifies the possible channels through which crises may affect functional and personal distribution of income. It concludes that the crises of the last two decades have both pro-capital and pro-finance distributional outcomes. JEL classification: D31, E25, O15, G01