金融改革对收入不平等的影响研究——理论解释与实证分析

The Impact of Financial Reform on Income Inequality——Theoretical and Empirical Analysis

采集55个新兴市场国家的非平衡面板数据,使用动态门限面板模型实证结果表明,金融改革与收入不平等间存在明显的门限效应,当金融改革水平低于门限值时,金融改革会扩大收入差距;当金融改革水平越过门限值时,金融改革有利于收入差距的缩小。多数新兴市场国家金融改革对降低收入不平等已经发挥正向效应,为缩小新兴市场国家收入差距,必须进一步深化金融改革。

Based on the dynamic threshold panel data model and 55 countries data,the empirical results show that there is a significant threshold effect between income inequality and financial reform.When the financial reform level is lower than the threshold value,financial reform will enlarge the income gap;when the financial reform level over the threshold value,financial reform will narrow the income gap.In most emerging markets,financial reform has played a positive effect on reducing the income inequality.Emerging market countries must further deepen financial reform.