[en] The aim of this work is to see how the financial activity affects to inequality in income, wealth and consumption. Firstly, we carried out a theoretical analysis where we can see that financial activity can affect in the short and medium term inequality in income and wealth by several channels: the income composition, the portfolio, financial segmentation, flow of credit, the redistribution of savings and heterogeneous profits. In the long term, the financial activity affects the inequality in income and wealth directly through financial development, and indirectly, through the influence that financial activity has in economic growth and education access. In case of inequality in consumption, it is reviewed the main theories that studied the relationship between the variables studied, where we can see the important role of the financial system in the evolution of inequalities in consumption. Secondly, we conducted an empirical analysis, where we extended the study of Beck et al (2007). These authors, in a study of countries at different levels of economic development, found that 40% of the reductions in inequality was derived from the positive impact that financial activity has directly, while the remaining 60% came from the influence that financial activity exercised in economic growth. In the case of our study, where we developed European countries, we see that financial activity does not directly affect the inequality in income and wealth, and only makes indirectly effects through economic growth factors, and with asymmetric effects during periods of growth and recession. The idea that is common in the two studies is that the financial development, regardless of what happens with inequality, reduces the risk of poverty of the people. In addition, this work complements the analysis of the study of inequality in consumption inequality, where we see the important role of financial activity in devantidas inequalities, causing that inequalities in consumption can increase or reduce independently, what happens whith income and wealth inequality.

[gl] O presente traballo trata de ver como a actividade financeira afecta á desigualdade na renda, riqueza e consumo. En primeiro lugar realizouse un estudio teórico onde podemos ver que a actividade financeira pode afectar no curto e medio prazo á desigualdade na renda e riqueza por varios canais: canal da composición de ingresos, da carteira, da segmentación financeira, do fluxo de crédito, da redistribución do aforro e das ganancias heteroxéneas. No largo prazo, a actividade financeira afecta á desigualdade na renda e riqueza directamente á través do desenrolo financeiro e, indirectamente, á través da influencia que a actividade financeira ten no crecemento económico e no acceso á educación. No caso da desigualdade no consumo, repásanse as principais teorías que recollen a relación estudada, onde se pode observar o importante papel que xoga o sistema financeiro na evolución das desigualdades no consumo. En segundo lugar, realizamos un estudio empírico, onde ampliamos o estudio de Beck et al (2007). Estes autores, nun estudio de países de diverso nivel de desenrolo económico, encontraban que o 40% das reducións na desigualdade da renta eran derivadas do impacto positivo que tiña a actividade financeira directamente, mentres que o 60% restante, viña derivado da influencia que a actividade financeira exercía no crecemento económico. No caso do noso estudo para os países europeos desenrolados, vemos que a actividade financeira non afecta directamente á desigualdade na renda e riqueza, e só o fai indirectamente á través de factores de crecemento económico, e de xeito asimétrico ante perídos de crecemento e recesión. Adicionalmente, o que se encontra en común nos dous estudos é que o desenrolo financeiro, á marxe do que suceda coa desigualdade, reduce o riesgo de pobreza da xente. Ademais, o presente traballo, complementa a análise da desigualdade co estudio da desigualdade no consumo, onde vemos o importante papel que xoga a actividade financeira nas devantidas desigualdades, o que provoca que as desigualdades no consumo poidan aumentar ou reducirse, independentemente do que pase coas desigualdades na renda e riqueza.