金融发展能否改善我国国民收入不平等状况——基于面板门限模型分析视角

Whether Financial Development can Improve Income Inequality: An Analysis from the Perspective of Panel Threshold Model

关于金融发展与收入不平等的关系,大多数理论研究认为金融发展是改善收入分配的一个可行办法。本文运用中国1985-2010年省级数据,采用Hansen(1999)的面板门限模型进行研究发现,不管金融发展处于较低、中等还是较高发展水平,金融发展与国民收入不平等之间都是正相关关系,这意味着在样本期内金融发展实际上扩大了收入不平等。然而,金融发展与收入不平等两者之间不是简单的线性关系,而存在鲜明的门限特征,并存在双重门限值,随着金融发展不断跨越门限值,金融发展扩大收入不平等的效应会不断减弱。

As for the relationship between financial development and income inequality, a major- ity of theoretical researchs show that financial development is a feasible way for improving income distribution. In this paper, by using provincial data from 1985 to 2010 in China, with the panel threshold model hy Hansen in 1999, it shows that no matter financial development is at a lower, middle or higher level, there is a positive relationship between financial development and income in- equality, which means that during the sample period, financial development actually widened the in- come inequality. However, the relationship between financial development and income inequality is not simply linear, but an obvious threshold characters. As financial development continuously ex- ceeds the threshold value, the effect of financial development on widening income inequality is decreasing.