资本回报率、人力资本投资与收入不平等——基于Galor-Zeira模型的扩展

资本回报率下降对人力资本投资、收入不平等程度有较大影响。本文将可变资本回报率加入Galor-Zeira模型,理论推导发现:收入不平等陷阱并非不可逾越的障碍。当技能劳动力工资高于受教育固定成本时,随着资本回报率下降,接受教育的遗赠临界水平将降低,更多家庭将发现投资人力资本是有利的,稳态的技能劳动力比例将提高。在当前资本回报率下降的大背景下,提高技能劳动力工资、降低受教育成本、对教育贷款实施财政减免优惠、为农村中等教育支出减负和提升农村教育质量、倡导节俭和重视遗赠的文化氛围在长期都有助于提高技能劳动力比重以及缓和收入不平等。     

Education bias of trade liberalization and wage inequality in developing countries

The aim of this article is to examine the impact of increased trade on wage inequality in developing countries, and whether a higher human capital stock moderates this effect. We look at the skilled–unskilled wage differential. When better educated societies open up their economies, increased trade is likely to induce less inequality on impact because the supply of skills better matches demand. But greater international exposure also brings about technological diffusion, further raising skilled labour demand. This may raise wage inequality, in contrast to the initial egalitarian level effect of human capital. We attempt to measure these two opposing forces. We also employ a broad set of indicators to measure trade liberalization policies as well as general openness, which is an outcome, and not a policy variable. We further examine what type of education most reduces inequality. Our findings suggest that countries with a higher level of initial human capital do well on the inequality front, but human capital which accrues through the trade liberalization channel has inegalitarian effects. Our results also have implications for the speed at which trade policies are liberalized, the implication being that better educated nations should liberalize faster.     

以基尼系数衡量的教育不平等与中国的实证研究

人力资本结构在经济增长中的作用已为人们所公认,而教育不平等是评价人力资本结构的重要内容。通过计算教育基尼系数得到我国教育不平等的基本状况。我国教育基尼系数从1982—2000年呈减少状态,与平均受教育年限和初中入学率负相关,同时人均GDP水平越高教育基尼系数越小。在整体教育不平等状况改善的情况下,以文盲率体现的性别受教育差异并未得到改善,甚至有扩大的趋向。     

SCALE‐INDEPENDENT TECHNOLOGICAL‐KNOWLEDGE BIAS,HUMAN‐CAPITAL ACCUMULATION AND GENDER INEQUALITY

We present a dynamic, non‐scale general‐equilibrium model with female and male human capital where Schumpeterian R&D and human‐capital accumulation are the engines of growth and gender wage inequality. Gender wage inequality is encouraged by changes in relative supply and relative demand of both human‐capital types. Relative supply restricts the levels of employed human capital. Relative demand is affected by the technological‐knowledge bias, which is driven by the price channel and is affected by human‐capital accumulation. In particular, the female‐premium per unit of human capital and per worker increases when the observed discrimination against women decreases or is removed.     

Trade and the distribution of human capital

We develop a two-country, two-sector model of trade where the only difference between the two countries is their distribution of human capital endowments. We show that even if the two countries have identical aggregate human capital endowments the pattern of trade depends on the properties of the two human capital distributions. We also show that the two distributions of endowments also completely determine the effects of trade on income inequality. We also look at a simple majority voting model. It turns out autarky and free trade with and without compensation may be the voting outcome.     

Trade and the distribution of human capital

We develop a two-country, two-sector model of trade where the only difference between the two countries is their distribution of human capital endowments. We show that even if the two countries have identical aggregate human capital endowments the pattern of trade depends on the properties of the two human capital distributions. We also show that the two distributions of endowments also completely determine the effects of trade on income inequality. We also look at a simple majority voting model. It turns out autarky and free trade with and without compensation may be the voting outcome.     

Political Rivalry Effects on Human Capital Accumulation and Inequality: A New Political Economy Approach

We propose an endogenous growth model with new political economy elements in order to (1) examine how political incentives affect economic allocations and (2) study the effects of political rivalry on human capital accumulation and income inequality. Focusing on two important policies affecting economic performance—fiscal policy and public investments in human capital accumulation—we find that different political incentives have distinct effects on policies and economic allocations. We also find that political rivalry increases income inequality and reduces economic growth and human capital accumulation through its negative impact on public investments in education, wages and individual learning choice.     

Do types of foreign capital matter for income equality?

We investigate the link between financial integration and income inequality, suggesting that different channels of financial integration have contrasting distributional effects. Using an unbalanced panel of 65 countries from 1992 to 2015 and employing dynamic panel data methods, we find that greater financial integration through debt-creating capital increases income inequality compared to equity-type capital. Furthermore, a larger share of direct investment in financial integration is associated with lower income inequality; the converse is true for loans and credit, while the share of portfolio investment has no significant effect when considered as a whole. Evidence also shows that increased financial integration and trade is beneficial for reducing the income inequality of emerging economies.     

Timing of trade liberalization

Abstract

This paper studies the effects of trade liberalization on growth and long-run global income inequality using a two-country model of human capital accumulation by credit-constrained households. I show that the timing of trade liberalization is a crucial determinant of its effects on growth. Moreover, I show that the size of the long-run income gap between the two countries depends on the difference in domestic income inequality when they open up to trade. Based on these results, I analyze the effects of redistributive policy within a country. I show that redistribution in one country may increase income per capita of its trading partner if it is undertaken in a steady state, while the opposite is true if the policy is undertaken during transition.     

收入不平等对经济增长的负面影响机制——近二十年文献综述

近年来,国内外学者运用各种方法探讨了收入不平等与经济增长的关系。大部分研究结论显示,收入差距对经济增长存在间接的负面影响,两者之间存在一个多因素的传导过程,包括人力资本积累机制、政治经济决策机制、社会冲突机制、需求传导机制以及其他传导机制。总的来看,这些研究加深了对于两者关系性质和相互影响的认识,但研究结论的分歧和研究方法的局限性仍然存在,有必要对两者关系进行更深入的研究。     

Distributional Effects of Public Investment when Wealth and Classes are Back

In developed economies, wealth inequality is high, while public capital is underprovided. Here, we study the impact of heterogeneity in saving behavior and income sources on the distributional effects of public investment. A capital tax is levied to finance productive public capital in an economy with two types of households: high income households who save dynastically and middle income households who save for retirement. We find that inequality is reduced the higher the capital tax rate is and that low tax rates are Pareto‐improving. There is no clear‐cut trade‐off between efficiency and equality: middle income households’ consumption is maximal at a capital tax rate that is higher than the rate which maximizes high income households’ consumption.     

人力资本对经济增长绩效的实证研究——基于浙江省的分析

本文测量了浙江省1978-2004年经济增长过程中的物质资本存量、人力资本水平和人力资本存量,基于人力资本水平对经济增长影响的不同视角,建立包含物质资本和人力资本存量的不同类型生产函数模型,探讨各种生产要素对浙江经济增长的贡献率。通过对浙江经济增长过程中的三种类型生产函数的回归分析,及其各支撑因素对经济增长贡献率的比较研究,发现人力资本在经济增长的重要作用,人力资本水平是经济增长的格兰杰(Granger)原因。     

解析人力资本参与组织租金分配的原因

企业组织租金的分配是当前学术界十分活跃的一个研究领域。人力资本产权理论、间接定价理论和资产专用性理论分别从人力资本产权的绝对私有性、信息掌握的高强度性以及资产的高度专用性角度出发 ,论证了人力资本参与企业组织租金分配的合理性。其中 ,人力资本的异质性是人力资本参与组织租金分配的关键所在。     

我国经济增长要素贡献实证分析:不同人力资本指标比较

于相同模型和样本期,采用不同人力资本指标构造总量生产函数模型,测度了各因素对经济增长的贡献.结果表明,以基于预期收入法估算的人力资本货币存量指标较之成本法估算的人力资本流量指标、教育总年数或平均教育年数等人力资本代表指标等,能更好的用于模型的估计.而其他一些人力资本指标,如整合教育水平、预期劳动收入等多个因素的人力资本指数与预期收入法估算的人力资本货币存量的优劣比较还有待进一步的研究.     

国外金融发展影响收入不平等研究综述

金融发展对经济增长的积极推动作用已得到学术界的广泛认可,国外的大量研究进一步指出．金融发展通过实物资本投资、人力资本投资两大主要渠道对社会收入不平等产生影响。对文献的系统梳理和归纳将对促进我国经济增长及缓解收入差距提供理论依据,也对推动国内研究起到积极作用。     

农村居民低收入循环增长原因分析

首先利用收入、替代效应以及人力资本的风险投资特征分析了农村居民人力资本投资偏少的原因;而后从历史、制度、市场角度分析了农村居民收入增长缓慢的原因;最后利用人力资本投资乘数和加速数阐明了农村居民低收入循环现象的内在决定机制。     

国际贸易、租金分享和工资水平——基于浙江制造业的实证研究

本文在工资决定的租金分享谈判框架下,利用浙江省2004年的经济普查数据,研究了国际贸易、企业盈利能力对制造业企业工资水平的决定效应。研究发现,资本方和劳动方之间存在明显的租金分享机制,企业盈利能力的增加会导致制造业从业人员收入的提升;尽管出口贸易没能提升企业的盈利能力,但出口贸易可增强劳动方在租金分享中的谈判能力,最终提升工资水平。最后,本文在租金分享谈判框架下讨论了工资差异问题,并得出结论认为,当前的国际贸易模式不会导致工资差异的扩大,但是产业管制政策和外商直接投资有导致工资差异进一步扩大的可能性。     

Makroökonomie und Populismus

Is the rise in populism driven by economic issues, e.g. inequality and stagnating incomes, or by social issues, e.g. illiberal views on gender, race and migration? This paper argues that it is impossible to distinguish between the two factors, as social issues have a profound impact on economic issues. Populists make use of this tight link and exploit the inability of mainstream policymakers to address the negative economic impact that open borders for goods, capital and labour have on a large number of people within their countries. The result is the return of economic nationalism, as it seems to provide policymakers with an opportunity to dismantle the policy constraints set by a globalised economy.     

未被观测经济与居民收入不平等——基于中国省级面板数据的实证研究

未被观测经济（NOE）对经济发展具有诸多影响,但对居民收入不平等的影响尚未引起足够重视。文章基于动态均衡解的劳动报酬模型得到,随着NOE规模扩大,收入不平等程度（即劳动者从事NOE部门的报酬与从事可观测部门的报酬之差）呈现单调递增的变化过程,但边际变化率先增后减。当考虑劳动者决策的随机动态调整因素时,NOE规模与收入不平等之间存在高低两个动态变化均衡点。在该模型基础上,基于2000-2010年中国省级面板数据,证实了NOE规模与居民收入不平等之间存在显著正向影响关系,人力资本水平、市场化程度和腐败水平也与居民收入不平等呈正向影响关系,而城市化水平则呈较显著的负向影响关系。基于实证结果,提出了相关的政策建议,并对未来研究方向进行展望。     

Intellectual Capital and the New Wealth of Nations II

In the second part of his analysis of intellectual capital and the issues it raises for managers, the author concentrates on the distinction between intellectual capital and human capital. In particular, he argues that intellectual capital is far more important than human capital in economic growth, the creation of wealth and competitive advantage. He concludes with a discussion of why business education has not made intellectual capital central to its curriculum despite its importance.