In this paper, we put into perspective the recent literature which points to inequality as a possible cause of credit bubbles, by reintegrating it into a more general analysis on the two‐way relationship between inequality and finance. We focus more specifically on situations where high inequalities and widespread access to credit coexist, and argue that, even when institutions maintain more or less equal access to finance, there may be a dynamic, positive circular relationship between inequality and financial development. However, even if there is some evidence in the literature of a positive causal impact of inequality on credit, this does not preclude other important, cofounding factors. The conclusions concerning the distributional impact of finance are more ambiguous. A survey of the empirical literature highlights several issues that must be tackled. First, endogeneity: reverse causality and coincidental factors are major concerns. Second, the choice of consistent measurements for the key variables (both credit and inequality) has strong empirical implications, and must be grounded on relevant theoretical channels. Third, those circular dynamics have substantial policy implications for emerging economies, since an increasing number face a joint increase in inequality and credit.

Our objective in this research is to provide empirical evidence relating to the linkages between gender equality and international emigration. Two theoretical hypotheses can be made for the purpose of analyzing such linkages. The first is that gender inequality in origin countries could be a push factor for women. The second one is that gender inequality may create a "gender bias" in the selection of migrants within a household or a community. An improvement of gender equality would then increase female migration. We build several original indices of gender equality using principal component analysis. Our empirical results show that the push factor hypothesis is clearly rejected. All else held constant, improving gender equality in the workplace is positively correlated with the migration of women, especially of the high-skilled. We observe the opposite effect for low-skilled men. This result is robust to several specifications and to various measurements of gender equality.

A rapidly growing body of research examines the relationship between migration and institutions. Three strands of studies can be distinguished. Some studies focused on the role of domestic and foreign institutions in the decision to migrate. Others were interested by the impact of migration on institutional reforms in migrants' countries of origin. Recent studies focus on how migrants affect social and informal institutions in the destination countries. This survey puts together these three strands of literature with three purposes. First, we offer a short definition and synthetic typology of institutions, which provide a guide to understand several studies we have critically reviewed. Second, our analysis is presented following the analytic framework exit, voice, and loyalty of Hirschman in order to highlight the brain gain phenomenon for developing countries, from an institutional point of view. Third, we review the limited existing work on the very timely topic, whether migrants are harmful or not to institutions in the host countries.

Any opinions expressed here are those of the author(s) and not those of NOVAFRICA. Research published in this series may include views on policy, but the center itself takes no institutional policy positions. NOVAFRICA is a knowledge center created by the Nova School of Business and Economics of the Nova University of Lisbon. Its mission is to produce distinctive expertise on business and economic development in Africa. A particular focus is on Portuguese-speaking Africa,