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Abstract
Purpose – This paper aims to analyze the effect of financial depth in Islamic banks on income inequality in 33 provinces in Indonesia.
Methodology – We use data for the period 2010-2018 from 33 provinces in Indonesia which are estimated using panel data to develop spatial panel data model. The dependent variable is income inequality, while the variable independent are Islamic regional financial depth, economic growth, human capital, and government expenditure.
Findings – This research finds that Islamic Regional Financial Depth (FDS) has a positive and statistically significant direct effect on income inequality represented by Gini index. It means that an increase in the FDS will also cause an increase in the level of Gini index. In addition, the indirect effect of FDS on income inequality is also positive and significant, indicating that the ratio of financing to GRDP has a spillover effect on connected regions.
Implications – This research recommends policymaker to expand the business of Islamic banking by financing the small medium enterprises and concern on the promotion of Islamic banking in the regional level.
Originality – This study is potentially to contribute and be the early work which employs spatial analysis in the area of Islamic economics and finance. In addition, this study examines the impact of financial depth in Islamic bank on income inequality which is rarely discussed. Hence, this study presents relatively new information for policy makers, practitioners and researchers.
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References
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- Ahmad, A. (1987). Income determination in an Islamic economy. Jeddah: Scientific Publishing Center, King Abdulaziz University. https://iei.kau.edu.sa/Files/121/Files/152672_23-IncomeDetermination.pdf
- Akimov, A., Wijeweera, A., & Brian Dollery. (2006). Finance-growth nexus : Evidence from transition economies. Working Paper Series in Economics. https://www.une.edu.au/__data/assets/pdf_file/0007/67984/econ-2006-5.pdf
- Al-suwailem, S. (2007). Complexity Islamic economics in a complex world: Explorations in agent-based simulation. Islamic Development Bank Institute. http://www.irti.org/English/Pages/Publications.aspx.
- Anselin, L. (1995). Local indicators of spatial association: LISA. Geographical Analysis, 27, 93–115. https://doi.org/10.1111/j.1538-4632.1995.tb00338
- Anselin, L., Syabri, I. & Kho, Y. (2006). GeoDa: An introduction to spatial data analysis. Geographical Analysis, 38(1), 5–22. https://doi.org/10.1111/j.0016-7363.2005.00671.x
- Ayyagari, M., Beck, M., & Hoseini, M. (2013). Finance and poverty: Evidence from India. CEPR Discussion Paper, DP9497. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2275150
- Baligh, N, & Piraee, K. (2013). Financial development and income inequality relationship in Iran. Middle-East Journal of Scientific Research, 13, 56–64. https://doi.org/10.5829/idosi.mejsr.2013.13.e.13012
- Batuo, M. E., Guidi, F., & Mlambo, K. (2010). Financial development and income inequality: evidence from African countries. MPRA Paper, 25658. https://mpra.ub.uni-muenchen.de/25658/1/MPRA_paper_25658.pdf
- Belotti, F., Hughes, G., & Mortari, A. P. (2017). Spatial panel-data models using Stata. Stata Journal, 17(1),139–180. https://doi.org/10.1177/1536867X1701700109
- Beck, T., Demirgüç-Kunt, A., & Levine, R. (2007). Finance, inequality and the poor. Journal of Economic Growth, 12(1), 27-49. https://doi.org/10.1007/s10887-007-9010-6
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- Fotheringham, A.S., & Rogerson, P.A. (2008). The SAGE handbook of spatial analysis. Sage. https://dx.doi.org/10.4135/9780857020130.n14
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- Haughton, J., & Khandker, S. R. (2009). Handbook on poverty and inequality. The World Bank.
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- Ismail, A. G. (2010). Islamic banks and wealth creation. International Shari’ah Reseach Academy for Islamic Finance (ISRA) Journal 9, 1–16. https://www.ukm.my/ekonis/wp-content/uploads/2021/02/Islamic-Banks-and-Wealth-Creation.pdf
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- Jauch, S., & Watzka, S. (2016). Financial development and income inequality: A panel data approach. Empirical Economics, 51(1), 291–314. https://doi.org/10.1007/s00181-015-1008-x
- Kenourgios, D., & Samitas, A. (2007). Financial development and economic growth in a transition economy : Evidence for Poland. Journal of Financial Decision Making, 3(1), 35–48. http://users.uoa.gr/~dkenourg/proofs_J.Fin.Decision_Making.pdf
- Khan, M. S., & Mirakhor, A. (1989). The financial system and monetary policy in an Islamic economy. JKAU: Islamic Economics, 1(2), 39–57. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3076332
- Kumhof, M., & Rancière, R. (2010). Leveraging inequality. Finance and Development International Monetary Fund, 47(4), 28–31. https://www.imf.org/external/pubs/ft/fandd/2010/12/Kumhof.htm
- Lagarde. C. (2015). Lifting the small boats. International Monetary Fund. https://www.imf.org/en/News/Articles/2015/09/28/04/53/sp061715
- Law, S. H., & Tan, H. B. (2009). The role of financial development on income inequality in Malaysia. Journal of Economic Development 34(2), 1–17. https://doi.org/10.35866/caujed.2009.34.2.008
- Levine, R. (2003). More on finance and growth: More finance, more growth?. Federal Reserve Bank of St. Louis Review, 85(4), 31–46. https://doi.org/10.20955/r.85.31-46
- LeSage, J., & Pace, R.K. (2009). Introduction to spatial econometrics. Chapman and Hall/CRC London, https://doi.org/10.1201/9781420064254
- Liang, Z. H. (2006). Financial development and income distribution : A system GMM panel analysis with application to urban China. Journal of Economic Development, 31(2), 1–21. http://www.jed.or.kr/full-text/31-2/1.pdf
- Loayza, N. V., & Romain, R. (2006). Financial development, financial fragility, and growth. Journal of Money, Credit and Banking, 38(4),1051–76. http://dx.doi.org/10.1353/mcb.2006.0060
- Muhammad, S.D., Usman, M., Majid, A. & Lakhan, G. R. (2013). Distribution of wealth an Islamic perspective: Theoretical consideration. World Applied Sciences Journal, 23. 1118-1124. https://doi.org/10.5829/idosi.wasj.2013.23.08.949
- Mohieldin, M., Iqbal, Z., Rostom, A., & Fu, X. (2012). The role of Islamic finance in enhancing financial inclusion in organization of Islamic cooperation (OIC) Countries. Islamic Economic Studies, 20(2), 55–120. http://elibrary.worldbank.org/doi/pdf/10.1596/1813-9450-5920
- Naceur, S. Ben, & Zhang, R. (2016). Financial development, inequality and poverty: Some international evidence. IMF Working Paper No. 16/32. https://www.imf.org/external/pubs/cat/longres.aspx?sk=43718.0
- Nafziger, E. W. (2006). Economic Development (4th ed.) Cambridge University Press.
- Nawab, S., & Naqvi, H. (1997). The dimension of an Islamic economic model. Islamic Economic Studies. 4(2), 1-23. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3165334
- Onofrio, A. D., & Murro, P. (2013). Local banking development and income distribution across Italian provinces. Working Papers CASMEF, 1307. https://ideas.repec.org/p/lui/casmef/1307.html
- Ord, K. (1975). Estimation methods for models of spatial interaction. Journal of the American Statistical Association, 70(349), 120-126. https://doi.org/10.2307/2285387
- Ostry, J. D., Berg, A., & Tsangarides, C. G. (2014). Redistribution, inequality, and growth. Research Department International Monetary Fund. https://www.imf.org/external/pubs/ft/sdn/2014/sdn1402.pdf.
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- Pramanik, A. H. (1997). Development and distribution in Islam. Pelanduk Publications
- Putriani, D., Ghani, G. M., & Kartiwi, M. (2019). Explorations in agent-based simulation: Analysis of gini index after zakat enforcement under interest based system. Journal of Islamic Monetary Economics and Finance, 6(3), 667 - 688. https://doi.org/10.21098/jimf.v6i3.1110
- Rosly, S. A., Afandi, M., & Bakar, A. (2003). Performance of Islamic and mainstream banks in Malaysia. International Journal of Social Economics, 30(3), 1249–1265. http://dx.doi.org/ 10.1108/03068290310500652
- Salim, R., Hossain, M. Z., & Al-Mawali, N. (2016). Distribution of wealth and resources in Islam: Restoring social justice, peace and prosperity. International Journal of Economic Research, 13(2), 571-586. https://squ.pure.elsevier.com/en/publications/distribution-of-wealth-and-resources-in-islam-restoring-social-ju
- Sarma, M. (2008). Index of financial inclusion. Working Paper, 215. http://icrier.org/pdf/Working_Paper_215.pdf
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- Shahbaz, M., & Islam, F. (2011). Financial development and income inequality in Pakistan: An application of ARDL approach. Journal of Economic Development, 36(1), 35–57. https://doi.org/10.35866/caujed.2011.36.1.003
- Siddiqi, M. N. (1983). Issues in Islamic banking. Journal of Research in Islamic Economics, 1(1), 57-59. http://www.iefpedia.com/english/wp-content/uploads/2009/08/Issues-in-Islamic-Banking2.pdf
- Song, Y. (2013). Rising Chinese regional income inequality : The role of fiscal decentralization. China Economic Review, 27, 294–309. https://doi.org/10.1016/j.chieco.2013.02.001
- Todaro, M. P., & Smith, S.C. (2015). Economic development. Pearson.
- Yang, W., Chen, B. Y., Cao, X., Li, T., & Li, P. (2017). The spatial characteristics and influencing factors of modal accessibility gaps: A case study for Guangzhou, China. Journal of Transport Geography, 60, 21–32. https://doi.org/10.1016/j.jtrangeo.2017.02.005
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References
Aghion, P., Howitt, P., & Mayer-Foulkes, D. (2005). The effect of financial development on convergence: Theory and evidence. The Quarterly Journal of Economics, 120(1), 173–222. https://doi.org/10.1162/0033553053327515
Agnello, L. & Sousa, R.M. (2012). How do banking crises impact on income inequality. Applied Economics Letters, 19(15),1425–29. https://doi.org/10.1080/13504851.2011.631885
Ahmad, A. (1984). A macro model of distribution in an Islamic economy. Journal of Research Islamic Economics, 2(1), 3–18. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3127472
Ahmad, A. (1987). Income determination in an Islamic economy. Jeddah: Scientific Publishing Center, King Abdulaziz University. https://iei.kau.edu.sa/Files/121/Files/152672_23-IncomeDetermination.pdf
Akimov, A., Wijeweera, A., & Brian Dollery. (2006). Finance-growth nexus : Evidence from transition economies. Working Paper Series in Economics. https://www.une.edu.au/__data/assets/pdf_file/0007/67984/econ-2006-5.pdf
Al-suwailem, S. (2007). Complexity Islamic economics in a complex world: Explorations in agent-based simulation. Islamic Development Bank Institute. http://www.irti.org/English/Pages/Publications.aspx.
Anselin, L. (1995). Local indicators of spatial association: LISA. Geographical Analysis, 27, 93–115. https://doi.org/10.1111/j.1538-4632.1995.tb00338
Anselin, L., Syabri, I. & Kho, Y. (2006). GeoDa: An introduction to spatial data analysis. Geographical Analysis, 38(1), 5–22. https://doi.org/10.1111/j.0016-7363.2005.00671.x
Ayyagari, M., Beck, M., & Hoseini, M. (2013). Finance and poverty: Evidence from India. CEPR Discussion Paper, DP9497. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2275150
Baligh, N, & Piraee, K. (2013). Financial development and income inequality relationship in Iran. Middle-East Journal of Scientific Research, 13, 56–64. https://doi.org/10.5829/idosi.mejsr.2013.13.e.13012
Batuo, M. E., Guidi, F., & Mlambo, K. (2010). Financial development and income inequality: evidence from African countries. MPRA Paper, 25658. https://mpra.ub.uni-muenchen.de/25658/1/MPRA_paper_25658.pdf
Belotti, F., Hughes, G., & Mortari, A. P. (2017). Spatial panel-data models using Stata. Stata Journal, 17(1),139–180. https://doi.org/10.1177/1536867X1701700109
Beck, T., Demirgüç-Kunt, A., & Levine, R. (2007). Finance, inequality and the poor. Journal of Economic Growth, 12(1), 27-49. https://doi.org/10.1007/s10887-007-9010-6
Beik, I. S. & Arsyianti, L. D. (2016). Ekonomi pembangunan syariah. Jakarta: PT. Raja Grafindo Persada.
Ben Naceur, S., Barajas, A., & Massara, A. (2015). Can Islamic banking increase financial inclusion. IMF Working Paper. https://www.imf.org/external/pubs/ft/wp/2015/wp1531.pdf
Berg, A. D., & Ostry, J.D., (2011). Inequality and unsustainable growth: Two sides of the same coin?. International Monetary Fund. https://www.imf.org/external/pubs/ft/sdn/2011/sdn1108.pdf
Berg, A., Ostry, J.D., & Zettelmeyer, J. (2012). What makes growth sustained?. Journal of Development Economics, 98(2), 149–66. https://doi.org/10.1016/j.jdeveco.2011.08.002
Chapra, M. U. (1985). Towards a just monetary system. Leicester, UK: The Islamic Foundation.
Chu, M. H., & Le, Q. H. (2012). Financial development and income inequality in Vietnam: An empirical analysis. Journal of Economics and Development, 14(2), 5–25. https://doi.org/10.33301/2012.14.02.01
Čihák, M., Demirgüč-Kunt, A. Feyen, E., & Levine,R. (2013). Financial development in 205 economies, 1960 to 2010. Journal of Financial Perspectives, 1(2), 17–36. http://www.nber.org/papers/w18946
Clarke, G., Xu, L., & Zou, H. (2006). Finance and income inequality: What do the data tell us?. Southern Economic Journal, 72(3), 578-596. https://doi.org/10.2307/20111834
Dabla-norris, E., & Kochhar, K. (2015). Causes and consequences of income inequality : A global perspective. International Monetary Fund. https://www.imf.org/external/pubs/ft/sdn/2015/sdn1513.pdf
Djohan, S., Hasid, Z., & Setyadi, D. (2016). Government expenditure as determinants of economic growth and income inequality of inter-province of the Islands in Indonesia, Journal of Economics and Sustainable Development, 7(22), 148–158. https://core.ac.uk/download/pdf/234647716.pdf
Elmi, Z., & Ariani, F. (2011). Financial development and the distribution of income in MENA. Iranian Economic Review 15(28), 1–11. https://ideas.repec.org/a/eut/journl/v16y2011i1p1.html
Fotheringham, A.S., & Rogerson, P.A. (2008). The SAGE handbook of spatial analysis. Sage. https://dx.doi.org/10.4135/9780857020130.n14
Gelfand, A.E., Diggle, P., Guttorp, P., & Fuentes, M. (2010). Handbook of spatial statistics. CRC press.
Haughton, J., & Khandker, S. R. (2009). Handbook on poverty and inequality. The World Bank.
Islahi, A. A. (1992). Islamic distributive scheme: A concise statement, MPRA Paper, 30033, https://mpra.ub.uni-muenchen.de/30033/
Ismail, A. G. (2010). Islamic banks and wealth creation. International Shari’ah Reseach Academy for Islamic Finance (ISRA) Journal 9, 1–16. https://www.ukm.my/ekonis/wp-content/uploads/2021/02/Islamic-Banks-and-Wealth-Creation.pdf
Ismail, A. G., Akbar,S., & Ngalim, S. M. (2014). Measuring the value of Islamic banks, IRTI Working Paper Series (1435–13), 28. http://www.irti.org/English/Research/Documents/WP-1435-13.pdf
Jauch, S., & Watzka, S. (2016). Financial development and income inequality: A panel data approach. Empirical Economics, 51(1), 291–314. https://doi.org/10.1007/s00181-015-1008-x
Kenourgios, D., & Samitas, A. (2007). Financial development and economic growth in a transition economy : Evidence for Poland. Journal of Financial Decision Making, 3(1), 35–48. http://users.uoa.gr/~dkenourg/proofs_J.Fin.Decision_Making.pdf
Khan, M. S., & Mirakhor, A. (1989). The financial system and monetary policy in an Islamic economy. JKAU: Islamic Economics, 1(2), 39–57. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3076332
Kumhof, M., & Rancière, R. (2010). Leveraging inequality. Finance and Development International Monetary Fund, 47(4), 28–31. https://www.imf.org/external/pubs/ft/fandd/2010/12/Kumhof.htm
Lagarde. C. (2015). Lifting the small boats. International Monetary Fund. https://www.imf.org/en/News/Articles/2015/09/28/04/53/sp061715
Law, S. H., & Tan, H. B. (2009). The role of financial development on income inequality in Malaysia. Journal of Economic Development 34(2), 1–17. https://doi.org/10.35866/caujed.2009.34.2.008
Levine, R. (2003). More on finance and growth: More finance, more growth?. Federal Reserve Bank of St. Louis Review, 85(4), 31–46. https://doi.org/10.20955/r.85.31-46
LeSage, J., & Pace, R.K. (2009). Introduction to spatial econometrics. Chapman and Hall/CRC London, https://doi.org/10.1201/9781420064254
Liang, Z. H. (2006). Financial development and income distribution : A system GMM panel analysis with application to urban China. Journal of Economic Development, 31(2), 1–21. http://www.jed.or.kr/full-text/31-2/1.pdf
Loayza, N. V., & Romain, R. (2006). Financial development, financial fragility, and growth. Journal of Money, Credit and Banking, 38(4),1051–76. http://dx.doi.org/10.1353/mcb.2006.0060
Muhammad, S.D., Usman, M., Majid, A. & Lakhan, G. R. (2013). Distribution of wealth an Islamic perspective: Theoretical consideration. World Applied Sciences Journal, 23. 1118-1124. https://doi.org/10.5829/idosi.wasj.2013.23.08.949
Mohieldin, M., Iqbal, Z., Rostom, A., & Fu, X. (2012). The role of Islamic finance in enhancing financial inclusion in organization of Islamic cooperation (OIC) Countries. Islamic Economic Studies, 20(2), 55–120. http://elibrary.worldbank.org/doi/pdf/10.1596/1813-9450-5920
Naceur, S. Ben, & Zhang, R. (2016). Financial development, inequality and poverty: Some international evidence. IMF Working Paper No. 16/32. https://www.imf.org/external/pubs/cat/longres.aspx?sk=43718.0
Nafziger, E. W. (2006). Economic Development (4th ed.) Cambridge University Press.
Nawab, S., & Naqvi, H. (1997). The dimension of an Islamic economic model. Islamic Economic Studies. 4(2), 1-23. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3165334
Onofrio, A. D., & Murro, P. (2013). Local banking development and income distribution across Italian provinces. Working Papers CASMEF, 1307. https://ideas.repec.org/p/lui/casmef/1307.html
Ord, K. (1975). Estimation methods for models of spatial interaction. Journal of the American Statistical Association, 70(349), 120-126. https://doi.org/10.2307/2285387
Ostry, J. D., Berg, A., & Tsangarides, C. G. (2014). Redistribution, inequality, and growth. Research Department International Monetary Fund. https://www.imf.org/external/pubs/ft/sdn/2014/sdn1402.pdf.
Park, D., & Shin, K. (2017). Economic growth, financial development and income inequality. Emerging Markets Finance and Trade, 53(12), 2794–2825. https://doi.org/10.1080/1540496X.2017.1333958
Pramanik, A. H. (1997). Development and distribution in Islam. Pelanduk Publications
Putriani, D., Ghani, G. M., & Kartiwi, M. (2019). Explorations in agent-based simulation: Analysis of gini index after zakat enforcement under interest based system. Journal of Islamic Monetary Economics and Finance, 6(3), 667 - 688. https://doi.org/10.21098/jimf.v6i3.1110
Rosly, S. A., Afandi, M., & Bakar, A. (2003). Performance of Islamic and mainstream banks in Malaysia. International Journal of Social Economics, 30(3), 1249–1265. http://dx.doi.org/ 10.1108/03068290310500652
Salim, R., Hossain, M. Z., & Al-Mawali, N. (2016). Distribution of wealth and resources in Islam: Restoring social justice, peace and prosperity. International Journal of Economic Research, 13(2), 571-586. https://squ.pure.elsevier.com/en/publications/distribution-of-wealth-and-resources-in-islam-restoring-social-ju
Sarma, M. (2008). Index of financial inclusion. Working Paper, 215. http://icrier.org/pdf/Working_Paper_215.pdf
Sarma, M. (2012). Index of Financial Inclusion – A Measure of Financial Sector Inclusiveness. Working Paper, 7, https://finance-and-trade.htw-berlin.de/fileadmin/HTW/Forschung/Money_Finance_Trade_Development/working_paper_series/wp_07_2012_Sarma_Index-of-Financial-Inclusion.pdf
Seven, U., & Coskun, Y. (2016). Does financial development reduce income inequality and poverty? Evidence from emerging countries. Emerging Markets Review 26(1), 34–63. https://doi.org/10.1016/j.ememar.2016.02.002
Shahbaz, M., & Islam, F. (2011). Financial development and income inequality in Pakistan: An application of ARDL approach. Journal of Economic Development, 36(1), 35–57. https://doi.org/10.35866/caujed.2011.36.1.003
Siddiqi, M. N. (1983). Issues in Islamic banking. Journal of Research in Islamic Economics, 1(1), 57-59. http://www.iefpedia.com/english/wp-content/uploads/2009/08/Issues-in-Islamic-Banking2.pdf
Song, Y. (2013). Rising Chinese regional income inequality : The role of fiscal decentralization. China Economic Review, 27, 294–309. https://doi.org/10.1016/j.chieco.2013.02.001
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