金融发展与收入分配不平等:回到G-Z假说  

Financial Development and Income Inequity: Back to G-Z Hypothesis

作　　者：张文[1] 许林[2] 骆振心[3] 

机构地区：[1]武汉大学经济与管理学院,武汉430072 [2]华南理工大学工商管理学院,广州510640 [3]北京大学经济学院,北京100871

出　　处：《当代财经》2010年第11期14-25,共12页Contemporary Finance and Economics

摘　　要：在充分揭示金融发展对收入分配影响机制的基础上,运用我国宏观数据对金融发展水平与收入分配不平等程度进行了实证检验。研究结果发现:在长期,经济增长对我国居民收入分配产生了负面效应;而我国金融发展水平的提高有助于缩小我国城乡收入差距。这与国内已有研究结论恰好相反,却验证了Galor和Zeira(1993)提出的金融发展水平与收入分配不平等程度的线性负相关假说。这一研究结果表明,金融发展并不是导致我国收入分配差距扩大的原因,其真正原因可能在于现行经济增长模式。该研究结论将对我国下一步如何推动经济增长及金融发展具有重要的政策意义。Based on a thorough revelation of the affecting mechanism of financial development on income distribution,this paper makes use of the macroscopic data of China to have an empirical test on different degrees of the effect of financial development on income distribution inequity.The result indicates that in the long run,financial development has a negative effect on income distribution;while the improvement of the financial development can help to narrow the urban and rural income gap.This conclusion is contrary to the existed studies in China;however,it testifies the hypothesis advanced by Galor and Zeira which assumes that there is a linear negative relationship between financial development level and income inequality.The conclusion proves that the main reason of the income inequity in China is not financial development but the existing pattern of economy growth.This conclusion is significant in compiling policies to promote both the economic and financial growth in China.

关 键 词：金融发展 收入分配 人力资本 G-Z假说 协整分析 

分 类 号：F014.4[经济管理—政治经济学]