Globalization and Inequality, Past and Present

The late nineteenth and late twentieth centuries shared morethan globalization and economic convergence. The trend towardglobalization in both centuries was accompanied by changes inthe distribution of income as inequality rose in rich countriesand fell in poor ones. Between one-third and one-half of therise in inequality since the 1970s in the United States andother member countries of the Organization of Economic Cooperationand Development (OECD) has been attributed to global economicforces, about the same as a century earlier. It appears thatthe inequality produced by global economic forces before WorldWar I was responsible in part for the retreat from globalizationafter the war. What does this retreat imply for the future?Will the world economy once again retreat from globalizationas the rich OECD countries come under political pressure tocushion the side effects of rising inequality?      

The Evolution of Poverty and Inequality in Indian Villages

This paper examines the evolution of poverty and inequalityin rural India by reviewing longitudinal village studies. Itexplores the main forces of economic change—agriculturalintensification, changing land relations, and occupational diversification—froma wide range of disciplinary perspectives, and it considersthe roles of various institutions as conduits of change. Althoughmost village studies support the survey-based judgment thatrural poverty declined in India during the 1970s and 1980s,they find that progress has been slow and irregular and thatinequalities within villages have persisted. These continuedinequalities may constrain both the scope for further povertyreduction from economic growth and the impact of policy interventions.      

Inequality and Poverty in China: Institutional Change and Public Policy, 1978 to 1988

There is considerable uncertainty and debate about changes inpoverty and living standards that are likely to occur in aneconomy in transition from centrally planned allocations toa more market-oriented basis, but a dearth of evidence and rigorousanalysis remains. There is a tradeoff between policies thatprovide a guaranteed living standard with low inequality, albeitat a low income level, and systems that provide much highermonetary incomes, but create greater income variability andvulnerability, particularly during periods of high inflation.The Chinese experience following the economic reforms of 1978highlights this dilemma, and our analysis strongly suggeststhe need for appropriate social safety nets if rapid growthis to be achieved without the poor and vulnerable bearing thecosts of such growth.     

论20世纪80年代以来我国市场类型的演变

本文包括理论构筑和实证分析两部分，在理论部分论述了市场价值与价值的异同，市场价值三种形式的存在条件，指出了西方对市场类型传统划分的缺陷，提出了新的划分标准。在实证部分，运用市场价值理论，对80年代以来我国市场格局的演变作了判研，最后，作者对中国市场未来作了展望，进一步提出了个人见解，以供参考。     

Income Inequality and Living Standards: Changes in the 1970s and 1980s

‘This country has the highest standard of living that it has ever known … Real incomes have increased throughout all income groups.’ Margaret Thatcher (Weekly Hansard, 27 April 1989, cols 1087–8) ‘While the very rich have lost some of their riches to the less rich, over time, the poor have hardly profited proportionately.’ Neil Kinnock (The Future of Socialism, Fabian Tract no. 506, January 1986)     

改革开放以来我国金融扶贫的 政策演进、特色模式与成效

金融扶贫是扶贫开发战略体系的重要组成部分,可以有效促进贫困地区金融市场健康有序发展.对改革开放以来的金融扶贫政策进行梳理,提炼出较具特色的六种金融扶贫模式,并总结相应的金融扶贫成效,这将对今后繁荣农村金融市场,巩固拓展脱贫攻坚成果,更好解决农户融资难问题,进一步提升金融服务乡村振兴成效等方面具有重要的应用参考价值.     

How Have the World's Poorest Fared since the Early 1980s?

A new assessment is made of the developing world's progressagainst poverty. By the frugal $1 a day standard there were1.1 billion poor people in 2001—almost 400 million fewerthan 20 years earlier. During that period the number of poorpeople declined by more than 400 million in China, though halfthe decline was in the early 1980s and the number outside Chinarose slightly. At the same time the number of people in theworld living on less than $2 a day rose, so that there has beena marked bunching up of people living between $1 and $2 a day.Sub-Saharan Africa has become the region with the highest incidenceof extreme poverty and the greatest depth of poverty. If thesetrends continue, the 1990 aggregate $1 a day poverty rate willbe halved by 2015, meeting the Millennium Development Goal,though only East and South Asia will reach this goal.      

Globalization, telecommunications and trade

This article describes some characteristics of globalization, one of the most dramatic impacts of the information revolution. There is a need for a broad international agreement on trade in services, yet the changes in thinking that this demands are being hampered by old perceptions, particularly in telecommunications. Issues arising in the Geneva negotiations on trade in services are examined. Particular importance is attached to factoring the implications of the globalization process and the new telecommunications realities into national decision making, if governments wish to retain control over those decisions and their impacts.     

Optimal Poverty Reduction, Adjustment, and Growth

This article analyzes poverty reduction policies in an appliedoptimal growth framework. Assuming that poverty reduction iseffected through redistribution, it focuses on the static anddynamic tradeoffs between equity and efficiency and on the choicebetween current income and future income (that is, current productiveasset) transfers to the poor. By numerically estimating a stylizedeconomy, it is shown that, given reasonable assumptions aboutbehavioral parameters, the efficiency cost of poverty reductionin an economy on a steady growth path is relatively low. Ina period of adjustment following a severe exogenous shock, however,the scope for redistribution may be extremely limited if thereis a constraint on foreign borrowing. Plausible examples aregiven of adjustment cases in which poverty reduction becomesoptimal only after partial adjustment has been achieved.     

机会不平等对收入不平等的影响研究——基于60—80后三个群体的问卷结果与实证检验

采用对60后、70后和80后三个不同群体所做的问卷调查数据,按照Roemer(1998)的机会不平等分解法,实证检验了导致机会不平等的各客观环境因素对个体收入不平等的影响。结果发现,从全样本来看,性别、出生地、受教育程度和工作类型对收入产生了显著的影响;而父亲的收入、职业类型和受教育程度在代际转移中对个体收入不平等的影响均十分显著。从分样本来看,在对60后收入具有显著影响的性别、户籍和父亲工作性质等因素中,性别与户籍对70后、80后收入不平等的影响逐渐弱化,而基于父亲收入和工作性质的不平等现象却愈加彰显,个体受教育程度和工作性质对收入水平的影响亦在不断强化。     

Globalization, Macroeconomic Performance, and Monetary Policy

The paper argues that many of the exaggerated claims that globalization has been an important factor in lowering inflation in recent years just do not hold up. Globalization does, however, have the potential to be stabilizing for individual economies and has been a key factor in promoting economic growth. The paper then examines four questions about the impact of globalization on the monetary transmission mechanism and arrives at the following answers: (i) Has globalization led to a decline in the sensitivity of inflation to domestic output gaps and thus to domestic monetary policy? No. (ii) Are foreign output gaps playing a more prominent role in the domestic inflation process, so that domestic monetary policy has more difficulty stabilizing inflation? No. (iii) Can domestic monetary policy still control domestic interest rates and so stabilize both inflation and output? Yes. (iv) Are there other ways, besides possible influences on inflation and interest rates, in which globalization may have affected the transmission mechanism of monetary policy? Yes.     

全球化：前景、潜力与问题

本文扼要阐述了经济全球化发展的前景和潜力,并运用李嘉图模型对全球化可能导致的经济损害作出论证分析进而说明,尽管经济学家在极大程度上趋向于将全球化视为基本良性的现象,但全球化仍然对某些国家（包括发达国家）带来经济损害,及对部分人群可能造成极其痛苦的后果。不过,源自于全球化的不断增长的竞争压力,会加强创新和增长,从长远来看,的确对每个国家有利。     

Inequality,stock market participation,and the equity premium

The last 30 years saw substantial increases in wealth inequality and stock market participation, smaller increases in consumption inequality and the fraction of indebted households, a decline in interest rates and the expected equity premium, as well as a prolonged stock market boom. In an incomplete markets, overlapping generations model I jointly explain these trends by the observed rise in wage inequality, decrease in participation costs, and loosening of borrowing constraints. After accounting for these changes, I show that the stock market played a major role in increasing wealth inequality. Crucially, these phenomena must be considered jointly; studying one independently leads to counterfactual predictions about others.     

Bridging the Gaps: Credits,Adoption, and Inequality

We examine here the role of credits on technology adoption and inequality from the perspective of developing countries. Utilizing a model of exogenous growth, with heterogeneous labor and technical progress embodied in physical capital, we find that credits can contribute to a faster adoption and to reducing income inequality. Thus, a virtuous cycle of credits, a shorter technological gap, less inequality, and economic growth is feasible to be created when there is full liquidity in the market. When credits are constrained, the cycle loses virtuosity, where the economy can lose up to two points in growth due to credit constraints.     

Brazil's rise: Inequality, culture and globalization

This paper argues that the manifold patterns of globalization in relation to inequality can give rise to both the emergence of economic powers (again) rooted in widespread or deep social inequalities and to transversal forces—that cut across social domains (such as the economy, politics or cultural life), national borders, and social groups or classes—seeking to reinforce or to overturn those inequalities. These rising global players both represent particular historical courses toward modernity and capitalism and express in their contradictory outlook the very trends informing hegemonic globalization. These societies are fundamentally split in terms of a global/local economic and socio-cultural dynamics, which at once positions them in favor of integration and resists several of its instantiations. This further sets off a political dispute over the meaning and impact of globalization, which raises an awareness of cultural particularity and also prompts moves toward global articulations as a means to tackle inequality. The Brazilian case is offered as an example of this process: inequality lies at the root of its capitalist modernization, strongly connected to the legacy of slavery, and the recent juncture of globalization has both deepened inequality and opened a chance of fighting it.     

金融自由化、金融全球化与银行并购

本文对金融自由化及其具体表现,金融全球化及其表现,以及金融自由化与金融全球化的关系作了比较深入的探讨,认为金融自由化、金融全球化对银行并购形成了外在压力,也提供了动力,而后者又促进了前者的发展.     

金融扶贫、存款外流与农村金融困境

农村金融发展依赖于存款资金的运用,而存款是农村金融的主要资源,金融扶贫要求不断提高贷存比和涉农贷款比例,本文基于中国县域数据,利用贷存比描述中国农村存款外流的状况,并进一步探究影响农村存款外流的因素,实证结果表明,中国农村普遍存在存款外流现象,中部农村的存款外流较东部和西部更为严重,经济发展水平和工业化水平较低的县域地区存款外流情况较为严重。同时,两类涉农金融机构的金融支持功能不强,一定程度反而加剧农村存款的外流。