信贷增长如何影响中国的收入和财富不平等  

How Credit Growth Affects Income Inequality in China

作　　者：邹静娴[1] 张斌[2] 魏薇[3] 董丰 Zou Jingxian;Zhang Bin;Wei Wei;Dong Feng

机构地区：[1]中国人民大学国家发展与战略研究院,北京100872 [2]中国社会科学院世界经济与政治研究所,北京100732 [3]北京大学国家发展研究院,北京100871 [4]清华大学经济管理学院,北京100084

出　　处：《复印报刊资料（社会主义经济理论与实践）》2023年第6期78-91,共14页THE SOCIALIST ECONOMY:THEORY AND PRACTICE

基　　金：国家社科基金重大项目(21ZDA008);国家自然科学基金项目(72122011);社会科学研究规划基金项目(22YJA790096);教育部哲学社会科学研究专项项目的资助。

摘　　要：本文基于中国家庭追踪调查(CFPS)数据考察了信贷增长对中国家庭收入和财富不平等的影响。整体而言,信贷增长可以缩小家庭收入不平等,主要作用机制是信贷增长通过提高中低收入群体的劳动收入和单位时薪以缩小劳动收入不平等。同时,文献中所发现的信贷增长可能恶化收入不平等的机制——扩大家庭间非货币金融资产差距,在我国表现并不明显,原因在于中国家庭的非货币金融资产比例较低,这一点对于高收入家庭也不例外,且大部分家庭难以从金融资产交易中获利。信贷增长带来了各个收入组的房屋价值上涨,但高收入家庭房产价值上涨的幅度高于中低收入家庭,因此房价上涨扩大了不同收入家庭所持有的房产价值差异。考虑到家庭调查数据往往对高收入家庭的收入和财产覆盖不完整,上述结论可能低估了信贷增长对极少数高收入家庭收入和资产的影响。本文有助于更好地理解我国信贷增长对收入分配问题的影响,为相关政策制定提供了一定启示。A common criticism of the easy monetary policy widely used in developed countries is that it increases asset prices,which asymmetrically benefits wealthy households and those working in the financial sector who own a large number of assets.Thus,it widens inequalities in income and wealth distribution.In China,there is also a widespread concern that monetary easing would worsen income and wealth distribution.Therefore,investigating these issues is important.Income sources and asset composition vary greatly among income groups,and the effects of easy monetary policy differ among income sources and assets.These differences can significantly affect income and wealth distribution.According to the literature,easy monetary policy affects income and wealth distribution through various channels.On the one hand,easy monetary policy may worsen income and wealth distribution through two main channels.(1)The income composition channel.Middle-and low-income households mainly rely on labor income,while high-income households rely on capital income.Therefore,inequality in income and wealth distribution widens if the increase in capital income resulting from easy monetary policy is greater than the increase in labor income.(2)The financial segmentation channel.By stimulating financial activities,easy monetary policy would disproportionately benefit wealthy households,as they are generally more engaged in the financial market,and thus widen inequalities in income and wealth distribution.On the other hand,easy monetary policy may narrow the income and wealth inequality through three channels.(1)The saving redistribution channel.Decreasing interest rates or increasing inflation benefits debtors while hurting creditors,and creditors are generally wealthier than debtors,so easy monetary policy can decrease income inequality and narrow the wealth gap.(2)The earning heterogeneity channel.Studies show that the groups at the bottom of the income distribution are the most vulnerable to the effects of economic fluctuations.Specifically,duri

关 键 词：信贷 收入不平等 财富不平等 

分 类 号：F832.4[经济管理—金融学] F124.7