公共债务的收入分配效应:理论机制与实证检验——基于跨国面板数据的经验证据  

The Income Distribution Effect of Public Debt:Theoretical Mechanism and Empirical Test——Empirical Evidence Based on Multinational Panel Data

作　　者：祁毓[1,2] 杨春飞 Qi Yu;Yang Chunfei

机构地区：[1]中南财经政法大学财政税务学院 [2]中南财经政法大学财政税务学院财政系

出　　处：《财政研究》2019年第2期59-74,共16页Public Finance Research

基　　金：国家社科基金重大项目"构建以反贫困为核心的面向家庭和个人公共转移支付制度研究"(18VSJ071);国家自然科学基金项目"财政分配的居民收入分配效应测度及矫正机制研究"(71573194)

摘　　要：将日趋严峻的全球债务风险问题和收入不平等问题结合,有助于从经济社会多维视角理解公共债务的风险"内涵",深化和丰富收入不平等财政干预机制的"内容"。本文从理论上阐述了公共债务影响收入不平等的可能机制,基于全球1980年至2017年跨国面板数据,实证分析得到了与研究假说一致的公共债务分配效应证据。研究发现,公共债务加剧了各国内部的收入不平等,选择多种公共债务指标和收入不平等指标得到的结论依然稳健,金融发展和基础设施建设是公共债务影响收入不平等两个重要的传导机制,基础设施建设投资产生的收入差距抑制效应并不能扭转总体的收入差距扩大效应;公共债务的收入不平等效应在发达国家和高税制累进度国家会得到缓解,一系列稳健性检验也证实了结论的可靠性。管控公共债务的"社会风险"、缓解财政干预机制的分配扭曲效应,需要适当降低公共债务规模,规范公共债务用途、优化公共债务结构、提高公共债务的使用绩效,提高税制累进度,建立责权利对等的"借用还"机制,扩大公共债务的分享受益范围。This paper theoretically expounds the possible mechanism of public debt affecting income inequality,and empirical analysis has obtained evidence of public debt distribution effect consistent with the research hypothesis. The study finds that public debt has aggravated income inequality within countries(regions). And the conclusions obtained by selecting various public debt indicators and income inequality indicators are still robust. Among them, financial development and infrastructure construction are important factors of transmission mechanism that affect income inequality. The decreasing effect on income gap from infrastructure construction investment cannot countervail the total income gap expansion effect;the income inequality effect of public debt will be alleviated in developed countries and countries with high tax progression. A series of robust tests also confirm the reliability of the conclusion. To control the "social risk" of public debt and alleviate the distorted effect of fiscal intervention mechanism, it is necessary to reduce the scale of public debt appropriately, regulate its use,optimize its structure, improve its performance, improve the progression of the tax system, establish a "borrowing,using and repaying" mechanism of equal rights and responsibilities, and expand the scope of public debt sharing.

关 键 词：公共债务 收入分配 中介效应 异质性 

分 类 号：F810.5[经济管理—财政学]