金融抑制、经济结构扭曲与劳动收入份额下降——基于新结构经济学理论的思考

基于新结构经济学理论推行赶超战略的国家倾向于采用金融抑制政策以扶持工业部门、压制服务业部门，造成经济结构工业化的扭曲，而由于工业部门的劳动收入份额偏低，这种结构扭曲致使其劳动收入份额不断走低。使用理论模型与基于跨国面板数据进行实证检验并针对中国的研究发现，样本期中国的劳动收入份额显著低于模型预测值，且缺口趋于扩大；中国严重的金融抑制与经济结构扭曲状况可以解释劳动收入份额约1/3的下偏。

Financial Repression,Distortion of Economic Structure and the Declining Labor Share Based on New Structural Economics

Based on the theory of New Structural Economics,financial repression policies stemming from Structuralism and "Catch-up" strategy suppresses the labor share through the channel of economic structure distortion.Based on the predictions of a theoretical model,we use cross-country panel data to show that financial repression supports the secondary sector and sup-presses the tertiary sector,and an industry-biased structural distortion further leads to the decline of the labor share.A case study of China further indicates that there is a 6.18% gap between ac-tual and predicted data of labor's share of income during 1 995 and 2005,and this gap tends to wid-en over time;counter-factual analysis proves that about 35.52% of its decline can be attributed to financial repression and distortion of economic structure.