正规金融和非正规金融对收入不平等的影响研究

Research on the Impact of Formal Finance and Informal Finance on Income Inequality

既有关于金融发展如何影响收入不平等的研究,大多忽略了正规金融和非正规金融存在着不同的作用渠道和影响。考虑到近年来我国非正规金融的快速发展和全国经济、金融发展的巨大地区差异,本文基于我国1998—2018年省际面板数据,运用动态面板GMM模型和面板分位数回归的方法,分别考察在东、中、西部地区和全国范围内两类金融发展对收入不平等的影响。实证结果显示,从东、西部地区和全国来看,正规金融的发展会扩大收入差距,而非正规金融的发展有助于缩小收入差距,但中部地区的情况相反。面板分位数估计显示,从全国来看,随着收入差距的扩大,正规金融的边际效应总体为扩大效应,非正规金融基本为缩小效应并趋于增强。

Today’s research on how financial development affects income inequality have ignored the different channels and effects of formal and informal finance.Considering the rapid development of informal finance in China and the huge regional differences in economic and financial development in recent years,this paper uses the methods of dynamic panel GMM model and panel quantile regression,based on the provincial panel data of China from 1998 to 2018,to investigate separately the impact of this two types of financial development on income inequality in the east,middle,and western regions and whole country.The results show that from the perspective of the eastern,western regions and the whole country,the development of formal finance will widen the income gap,while the development of non-formal finance will help narrow the income gap,but the results in the middle region is the opposite.The panel quantile estimates show that for the whole country,as the income gap widens,formal finance is generally expanding the income gap,while informal finance is generally narrowing the income gap and this trend is strengthening.