货币低估与收入不平等

Currency Undervaluation and Income Inequality

本文研究了货币低估在促进出口和推动经济增长的同时,是否加剧了收入不平等。我们搜集和整理了1970-2014年159个经济体的数据,通过构建面板数据模型发现,货币低估能够改善收入的不平等程度,这在非OECD经济体中表现得尤为显著。进一步的经验分析表明,货币低估通过促进贸易部门,尤其是低技术部门的扩张,吸纳更多低技能劳动者就业,从而提高了低收入者收入占整体收入的比重,降低了社会整体的收入不平等程度。劳动密集型或低技术部门的规模越大,货币低估对收入不平等的改善程度越高。

Our research investigates whether currency undervaluation policy expands income inequality while promoting exports and economic growth.In this paper,we collect and classify data of 159 countries from 1970 to 2014,and build a panel data model,thus we find that currency undervaluation can lead improvement in income inequality,which is particularly significant in non-OECD countries.Further empirical analysis indicates that currency undervaluation stimulates the trade sectors,especially the low-tech sectors,which increases the relative demand of low-skilled workers and improves the income of low-wage earners,thus reducing income inequality throughout society.The larger the size of the labor intensive or low technology sector,the narrower the income gap brought by currency undervaluation.