普惠金融、共同富裕与双支柱政策——基于异质性的DSGE模型分析

Inclusive Finance,Common Prosperity,and Dual Pillar Policies:An Analysis Based on a Heterogeneous DSGE Model

普惠金融以其普惠、包容性对社会大多数群体尤其是中低收入群体的发展起到了促进作用。本文通过构建含有异质性居民的DSGE模型,深入剖析了普惠金融发展对“双支柱”政策传导机制及共同富裕的影响。结果表明,一是普惠金融发展通过扩大金融服务的覆盖面,扩展了货币政策传导路径,提升宏观审慎政策有效性,进而增强了微观个体对货币政策和宏观审慎政策的反应程度。二是普惠金融发展有助于缓解居民收入不平等,提高居民总收入,带动了总产出增加。三是普惠金融增加了中小银行的运营压力,对金融稳定构成一定冲击。本文研究加深了对普惠金融的理解,建立了普惠金融与货币政策以及宏观审慎政策效率的逻辑联系,对于完善普惠金融机制具有重要的现实意义。

Inclusive finance,with its universal and inclusive nature,has played a significant role in promoting the development of the majority of society,especially low-to middle-income groups.This paper constructs a DSGE model with heterogeneous agents to analyze the impact of inclusive finance development on the transmission mechanisms of the "dual pillar" policy and common prosperity.The results indicate that:First,the development of inclusive finance expands the coverage of financial services,broadens the transmission pathways of monetary policy,enhances the effectiveness of macroprudential policies,and increases the responsiveness of microeconomic agents to both monetary and macroprudential policies.Second,inclusive finance helps to alleviate income inequality among residents,increases total household income,and drives an increase in overall output.Third,inclusive finance increases the operational pressure on small and medium-sized banks,posing certain challenges to financial stability.This research deepens the understanding of inclusive finance and establishes a logical connection between inclusive finance and the efficiency of monetary and macroprudential policies,which is of significant practical importance for improving the inclusive finance mechanism.