金融发展加剧了中国收入不平等吗?——基于门槛回归模型的证据

作为现代经济的核心变量,金融发展的收入分配效应是宏观经济领域的一个新兴议题。文章系统梳理了国内外研究文献,总结金融发展影响收入不平等的传导机制,并利用中国1996-2009年省际面板数据和Hansen(1999)的门槛模型,对金融发展的收入分配效应进行了估计。研究结果表明,在样本期间内金融发展显著加剧了中国收入不平等,而且金融发展的收入分配效应表现出鲜明的门槛特征,跨越特定门槛值省区的金融发展对收入不平等的影响更大。     

Does the impact of financial liberalization on income inequality depend on financial development? Some new evidence

Instead of empirically finding that higher levels of financial development reduce the positive impact of financial liberalization on inequality, as others do, we come up with the opposite result: financial development strengthens the inequality-raising impact of financial liberalization. We suggest that by, e.g., allowing financial liberalization to lead to more volatility and uncertainty, the model of Bumann and Lensink (2016 “Capital Account Liberalization and Income Inequality.“ Journal of International Money and Finance 61: 143–162.) can be extended as such that also an amplifying instead of reducing effect of financial depth on the impact of financial liberalization on income inequality can be theoretically justified.     

The Evolution of Income Composition Inequality in Italy, 1989–2016

We study the evolution of inequality in income composition in terms of capital and labor income in Italy between 1989 and 2016. We document a rise in the share of capital income accruing to the bottom of the distribution, while the top of the distribution increases its share of labor income. This implies a falling degree of income composition inequality in the period considered and a weaker relationship between the functional and personal distribution of income in Italy. This result is robust to various specifications of self-employment income; nonetheless, it hinges crucially on the treatment of rental incomes. While the dynamics of imputed rents has brought about a more equitable distribution of capital incomes across the income distribution, that of actual rents has led to higher concentration of capital incomes at the top in the decade preceding the outbreak of the financial crisis. Finally, we conceptualize a rule of thumb for policy makers seeking to reduce income inequality in the long run.     

Technical Progress and Its Fruits: The Idea of Development in the Works of Raul Prebisch

The Seventeenth Communist Party National People's Congress in 2007 declared, for the first time, that the Chinese government would create conditions and opportunities to promote property income growth in order to enhance common prosperity. This new policy on the one hand helps to garner support for the further financial reform in China; but on the other hand, it entails potentially adverse impacts on economic equality in China, given the current configuration of income and wealth distribution, uneven process of financial development and other socio-economic structures. Employing the Institutionalist theory on property and distribution, this paper explores the impacts of institutions and institutional changes in the financial system on income and wealth inequality in China.     

中国财政金融支持农民收入增长的效率比较与完善措施

改革开放30年来,各级政府和金融机构对中国农业与农村经济的发展给予了重要的资金支持,有力地促进了农业生产与非农经济的发展,从而使农民收入有了显著提高。但实证分析表明,长期以来,我国金融支持与农民收入增长之间存在着低效率的关系。短期看,金融机构信贷对促进农民收入增长有一定的作用,而财政的作用则不明显。今后可通过加快财政支农资金的整合过程,提高政策性金融对农村的支持力度,推进开发性金融的发展等措施强化财政与金融对农民收入可持续增长的积极作用。     

Finance,income inequality and income redistribution

Using a panel fixed effects model for a large sample of countries covering 1975–2005, we test the hypothesis that income inequality caused by finance (financial development, financial liberalization and banking crises) is related to more income redistribution than inequality caused by other factors. Our results provide evidence in support of this hypothesis. We also find that the impact of inequality on redistribution is conditioned by ethno-linguistic fractionalization. Our findings are robust to the inclusion of several control variables suggested by previous studies.     

正规金融发展、非正规金融发展对城乡收入差距的影响——基于地级市层面数据的分位数回归分析

在理论剖析正规金融发展、非正规金融发展对城乡收入差距影响的基础上,基于2000—2013年中国225个地级市的面板数据,分别利用分位数回归方法和OLS回归方法对之进行了实证分析。结果显示:正规金融发展和非正规金融发展会影响城乡收入差距,就业结构、固定资产投资、城镇化水平和教育发展水平等也对城乡收入差距产生影响;在不同的分位点,正规金融发展、非正规金融发展对城乡收入差距的影响不同,而就业结构、固定资产投资、城镇化水平和教育发展水平等的影响未发生变化。     

收入不平等与经济增长：移动的库兹涅茨曲线*——新时期收入分配改革的思路与意义

准确判断收入不平等对经济增长的影响,对于客观评价中国各个阶段的收入分配制度改革尤为重要。本文在统一增长理论的框架下引入收入不平等因素,构建了一个人口数量、不平等和经济增长同时内生的理论模型,并利用CGSS数据构造收入不平等指标,使用中国省际非平衡面板数据进行经验检验。研究发现：收入不平等与经济增长之间呈现倒U型关系。更重要的是,随着经济发展水平的提高,倒U型曲线将逐渐向左移动,即最优的收入不平等程度随着经济发展水平的提高而逐渐降低。这一发现意味着改革开放以来,中国各个时期的收入分配制度改革均是在特定历史条件下的最优选择。本文的结论具有深刻的政策含义：为了提高经济增长率,需要进一步巩固“脱贫攻坚”成果,逐渐加大收入分配调节力度,使收入分配制度改革紧跟经济发展的步伐,根据经济发展水平不断缩小收入不平等程度。     

Does the inequality-credit-crisis nexus exist? An empirical re-examination

ABSTRACT

Rajan claims that rising inequality led to financial crises through credit booms in the U.S. Kumhof and Ranciere provide a theoretical formulation for this hypothesis. However, their assertions are not supported by cross-country evidence found in the work of Bordo and Meissner. A few subsequent empirical studies, albeit inspired by this pioneering work, find new evidence not in line with its conclusion but with the Rajan hypothesis. To clarify this controversial issue, we base our study on the B-M framework, resort to different estimators, and employ more model specifications by incorporating the role of deindustrialization. We find strong evidence for the inequality-credit-crisis nexus as modelled by Kumhof et al.     

开放进程中我国银行稳定的影响因素与稳定策略

20世纪80年代以来无论是发达的欧美国家,还是新兴市场国家的金融业都先后在经济开放中,发生了银行危机、货币危机等金融危机事件,尤其是银行危机给这些国家造成了沉重的经济损失.目前,我国银行业正处于全面开放阶段,如何在开放进程中保持我国银行稳定,是我国经济社会持续发展中的一项战略性课题.     

金融发展与城乡收入差距间关系的区域差异

利用1978—2009年我国省级数据,采用单位根检验方法、协整检验方法和误差修正模型,实证分析了我国东、中、西部地区的金融发展与其城乡收入之间的关系,并比较分析了两者间关系在三大地区的区域差异。检验结果显示:对于东、西部地区而言,地区城乡收入差距与地区金融发展效率负相关,与地区金融发展规模正相关;中部地区的城乡收入差距与其金融发展效率正相关,与其金融发展规模负相关,城乡收入差距与金融发展规模存在长期因果关系;在不同的区域条件下,金融发展与城乡收入差距之间的关系存在区域差异。最后提出相应的对策建议。     

Banking structure and financial stability: a comparison of Chinese and German banking systems

In the process of financial globalization and diversification, the issue of financial stability has become heated all over the world. This paper attempts to uncover the delicate relationship between banking structure and financial stability by comparing and analyzing the situation of the Chinese and German banking systems. This paper suggests that (i) the trade-off between competition and concentration in banking industry is a vital factor to maintain financial stability and (ii) concentration is not always a bad thing for financial stability, especially in banking systems with discontent bank performance.     

农村金融发展与农民收入增长:理论假说与实证检验

运用1981—2011年的相关数据,对我国农村金融发展与农民收入增长之间的关系进行实证检验,结果显示:从长期来看,农村金融发展规模、农村金融发展结构对于农民收入的增长具有促进作用,而农村金融发展效率却抑制了农民收入的增长;在短期内,农村金融发展规模和结构两个指标与农民收入增长之间没有明显的正向关系,而农村金融发展效率依然具有较为显著的抑制作用。Granger因果检验显示:农村金融发展规模和效率是农民收入增长的Granger原因,但是其反向的Granger因果关系不存在,脉冲响应函数得到同样结论。     

我国商业银行金融创新策略初探——以金融产品专利为视角

随着信息科学技术的快速发展及其在金融业的广泛应用,金融创新的代表——金融产品专利逐渐成为现代商业银行强化竞争优势的法宝。通过对当前中国内外资银行金融产品专利数量及质量的对比分析可以发现,近年来我国商业银行在金融产品创新和专利申请方面取得了一定的成绩,但在专利领域的竞争优势尚未确立。因此,为应对外资银行的竞争,银行业需要加大金融创新,加强行业合作,运用技术和法律双重武器增强自身竞争力。