收入不平等、金融包容性与益贫式增长

Income Inequality,Financial Inclusive and Pro Poor Growth

文章通过构建异质性消费者的跨期最优化模型,基于理论分析金融包容性通过影响资本增长率和收入不平等两个途径实现益贫式增长的具体机制,并使用1990~2017年142个国家的跨国面板数据检验理论命题。研究认为,提升金融包容性兼备经济增长与收入分配改善的双重功能。金融包容性提升对中低收入国家的人力资本积累有较强促进作用,但对低收入国家资本积累则不存在显著影响。研究分析表明,提升金融包容性水平对于中国实现益贫式增长具有重要意义。大力开展普惠金融,放宽金融市场准入标准,增加金融服务的有效供给,加强信用体系建设,减少资金供需双方的信息不对称均有助于推动中国的益贫式增长。

By constructing a cross-period optimization model with heterogeneous consumers,this paper had analyzed the specific mechanism of financial inclusiveness to achieve pro-poor growth by influencing capital growth rate and income inequality.We had also tested theoretical propositions by using panel data from 142 countries between 1990 and 2017.The results had shown that the improvement of financial inclusiveness had both impact on increasing economic growth and reducing income inequalities.The promotion of financial inclusiveness has a strong role in promoting the accumulation of human capital in low-middle-income countries.However,Enhancing financial inclusiveness has no significant impact on capital accumulation in low-income countries.We had revealed that improving financial inclusiveness had great significance for China to achieve Pro-poor growth.Therefore,developing inclusive finance,relaxing financial market access standards,increasing the effective supply of financial services,strengthening the construction of credit system and reducing the information asymmetry between supply and demand of financial resources were all conducive to fulfilling China’s pro-poor growth.