金融发展、经济增长、收入分配的联动关系——基于金融普惠性的视角

The Linkage among the Financial Development,Economic Growth and Income Distribution——Based on the Perspective of Financial Inclusion

金融发展对经济增长与收入分配的影响一直是学术界关注的热点,尤其是普惠金融发展战略提出后,更应成为金融发展实践中的重要问题。本文在向量自回归模型(VAR)框架内探讨金融发展、经济增长、收入分配的联动关系,主要通过granger因果检验、脉冲响应函数分析、方差分解研究三者之间的内生传导机制。研究发现:当前,我国金融与经济之间仍然属于供给引导型关系;金融发展具有内生性机制;金融发展、经济增长对收入分配差距产生显著影响;城乡收入分配差距过大导致经济二元性、农村金融出现需求型抑制等。由此提出避免金融业自我服务的倾向、大力发展普惠金融、深化农村金融改革等相关政策建议。

The impact of the financial development on the economic growth and income distribution has always been the hot topicof the academic circle. Especially after the inclusive finance development strategy was raised, it has become an important issue in fi-nancial development practice. Within the vector autoregressivc model （VAR） framework, the paper explores the linkage among the fi-nancial development, economic growth and income distribution, and mainly through granger causality test, impulse response functionanalysis and variance decomposition, studies the endogenous transmission mechanism among them. The study finds that at present, therelationship between China＇ s finance and economy still belongs to supply-guided pattern, the financial development has its endoge-nous mechanism, the financial development and economic growth have a significant impact on the income distribution gap, urban andrural income distribution gap is so big as leading to the economic duality, and the rural fmancial demand is suppressed and so on. Thus,the paper puts forward following policy suggestions like avoiding the tendency of financial self service, greatly developing the inclu-sive finance and deepening the reform of rural finance.