资本账户开放对收入差距的综合效应分析——不同效应的差异以及国内因素的制约性

An Analysis of the Comprehensive Effect of Capital Account Liberalization on Income Inequality:The Diversity of Effect and The Importance of Domestic Factors

本文融入资本收入特征和经济地理学的内容,在异质性个体模型(个人根据能力进行职业选择)的基础上,结合实证分析研究资本账户开放对收入差距的影响。通过研究认为国际资本对收入差距存在直接效应和间接效应,直接效应为国际资本会强化资本输入国的资本集聚状况从而进一步提高资本所有者收入,导致收入差距扩大的效应,间接效应为国际资本促进资本输入国的资本分散和利率下降有利于低收入者转变经济行为,从储蓄者转变为投资者,从而提高低收入者收入,进而缩小收入差距的效应,综合效应取决于这两种效应;同时,国内因素对综合效应存在重要的制约效应。最后本文认为我国应根据地区和行业的资本状态来采取不同的政策措施。

This paper analyzes how capital flow liberalization influence income inequality through introducing heterogeneous agents model and empirical analysis.And this paper combines the analyze of capital income characteristics and economic geography.We develop a theoretical model comprising agents with varying investment abilities and a banking sector.Agents with best investment skills become investors,and earn the highest amount of money.Agents with fewer investment skills become savers,and earn less money.Capital flow liberalization can lower investors’income,and increase savers’income.We think that capital flow liberalization has direct effect and indirect effect.The direct effect is that international capital inflows will strengthen capital agglomeration and further increase income of capital owners.The indirect effect is that international capital inflows will improve capital dispersion and lower interest rate,which is beneficial to change behavior for savers.At the same time,domestic factors have important restrictive effects on the comprehensive effect.Finally,we think that our country should adopt different measures according to the state of capital in the region and industry.