金融效率、经济增长与收入不平等——一个内生增长模型的解释

用金融发展规模来表示金融发展水平存在很多局限性,所以很多学者在实证研究中选择金融效率来替代。但学者们并没有从理论上构建模型分析金融效率对收入不平等的影响,导致其实证结论缺乏理论支撑。因此,在Garcia-Penalosa和Turnovsky(2006)的内生增长模型框架内加入金融部门,分析金融效率对经济增长和收入不平等的影响。结论显示,金融效率的提高虽然会导致更高的经济增长率,但是也会扩大收入不平等的程度。金融效率提高拉大收入不平等主要是由于金融资源配置不均造成的。政府在金融发展问题上应当兼顾效率和公平,赋予金融部门一定的社会责任,消除人为不公平的信贷配给,建立普惠性金融体系。

Financial Efficiency, Economic Growth and Income Inequality

There are many limitations in using the financial scale as the level of financial development,so some economists choose the financial efficiency instead of financial scale in the empirical studies. But they don't set a model to analyze the effect of financial efficiency in income inequality,in order that their outcomes from empirical studies lack of the theoretical basis. Therefore,we develop an engogenous growth model with financial department in the model framework of Garcia-Penalosa& Turnovsky (2006) to examine the impact of financial efficiency on the economic growth and income equality. The conclusion shows that although the improvement of financial efficiency can lead to higher rate economic growth,it also will enlarge the degree of income inequality. The financial efficiency enlarging the degree of income inequality is mainly due to the unfair collocation of financial resource. Therefore the government should pay equal attention to efficiency and equality in the face of financial development. The government should endue the financial department with some social responsibility,eliminate the unfair credit rationing and estalish the financial system which everyone can benefit from.