股市自由化能否改变收入不平等的持续性——基于融资约束视角的分析

The Effect of Equity Market Liberalization on Sustainability of Income Inequality:An Analysis Based on the Credit Constrains

收入不平等是各国经济增长过程中面临的严重问题,尤其是收入不平等的代际持续性导致"贫者恒贫",这对于一国的经济稳定发展是极大的挑战。本文采用72个国家1980～2011年的国际面板数据,通过系统广义矩估计(GMM)方法研究股市自由化对代际持续的收入不平等的影响,研究发现:股市自由化能够有效缓解融资约束,通过提高教育投资来解决收入差距的代际持续问题,而且这种影响机制在股市发展程度较低的发展中国家较为显著,说明股市自由化能够促进世界范围内的收入分配均等化。

Income inequality is a crucial problem during the economic growth in every country.The persistence of income inequality which means that the income inequality may transfer from one generation to another,leads the poor to be impoverished for a long time.Accumulation of human capital through education investment is an efficient way to solve the problem.However,financial credit constrains may be an obstacle.This paper provides the compelling evidences that equity market liberalization,the most efficient way to smooth financial market frictions such as credit constraints,can alleviate persistent generational income inequality.Furthermore,there exists substitution between equity market liberalization and the activity of domestic stock market.It is proved that foreign equity flows benefit the less active stock markets in developing countries more than the active ones.