金融发展与收入差距:二元体制是一个决定性的因素吗?

Financial Development and Income Disparity:Is the Dual System a Dominant Factor?

本文在先前文献的基础上,考虑到二元体制对中国城乡收入差距的决定性意义,引入城镇内收入差距的概念。文章运用中国31个省级行政单位1991—2008年的面板数据,分别对金融发展与城乡间、城镇内收入差距之间的关系进行了实证研究。结果显示,不论是城乡间还是城镇内,金融发展对收入差距的影响均存在倒U型的库兹涅茨效应。基于1997—2012年城乡财产性收入数据的研究也具有一致性。本文实证结果支持了Greenwood and Jovanovic(1990)所提出的门槛理论,即收入差距的扩大并非因为金融发展不具有正外部性,而是因为贫困者无法享受到此类福利。本文建议相关的制度设计应更加关注农村居民和低收入者。

Utilizing the income disparity between urban and rural areas and income disparity within urban areas, we empirically test the nonlinear relationship between financial development and income inequality in China. Based on the data covering 31 provinces in China from 1991 to 2008, we find that an inverted U shaped relationship exists between financial development and income disparity in the Chinese economy, even if we control for the systematic difference between urban and rural areas. Using 1997 2012 property income data produces similar results. The findings provide supporting evidence to Greenwood and Jovanovic （1990）, who proposed that a fixed cost, which is unaffordable to the poor, is often required to take advantage of the positive externality of financial markets. Our paper sheds light on the public policies towards rural and low income residents.