收入平等性与实际汇率  

Income Inequality and Real Exchange Rate

作　　者：杨长江[1] 石欢[2] 裘佳杰[1,2] 

机构地区：[1]复旦大学国际金融系,上海200433 [2]Northern Trust Bank, Chicago, United States 60661

出　　处：《金融研究》2014年第10期86-101,共16页Journal of Financial Research

基　　金：国家自然科学基金项目(批准号:71173041);上海市哲学社会科学基金项目(批准号:KBH3246653)的资助

摘　　要：本文试图为实际汇率变动提供一个基于收入平等性角度的解释。本文建立了较为全面的反映收入平等性对实际汇率影响机制的理论模型,认为收入平等性的变化会通过"相对收入效应"、"结构需求效应"、"消费倾向效应"等需求面影响机制和"物质资本积累效应"、"人力资本积累效应"等供给面影响机制对实际汇率产生影响。本文首次利用了跨国面板数据验证了收入平等性对于实际汇率影响的倒"U"型关系。This paper tries to explain the movement of real exchange rate by income inequality. Firstly, we build a theoretical model that can comprehensively reflect the demand and supply mechanisms through which income inequality influences real exchatlge rate. Secondly, we prove the inverted U shaped relation between real exchange rate and income inequality by using the panel data, and the empirical result supports our theory.

关 键 词：收入平等性 实际汇率 倒“U”型曲线 

分 类 号：F832.6[经济管理—金融学] F124.7