金融发展、经济增长和收入不平等:一个内生增长模型

Financial Development,Growth and Income Inequality:An Endogenous Growth Model

本文借用Dekle和Kletzer(2004)的模型框架并考虑金融抑制的影响,构建了一个包含企业、银行和家庭的内生增长模型,结论显示:(1)金融发展水平的提高会促进长期经济增长率;(2)收入不平等对经济增长的影响存在一个金融发展门槛,在金融发展水平较低时,收入分配不平等会降低经济增长率,而当金融发展水平较高时,收入分配不平等不会对经济增长产生负面影响;(3)金融发展改变收入分配与经济增长关系的门槛值与企业生产率有关,企业生产率越高,金融发展的门槛值就越低;(4)存在金融抑制的情况下,金融发展改变收入分配与经济增长关系的门槛值和金融抑制程度有关,金融抑制程度越低,金融发展的门槛值就越低。

This paper develops an endogenous growth model with firm,bank and household under the model framework of Dekle and Kletzer(2004).It has been shown that(1)the improvement of the financial development level can increase the rate of growth in the long run;(2)There is a threshold value with the impact of income inequality on growth;when the level of financial development is low,the income inequality will reduce the rate of growth;when the level of financial development is high,the income inequality will raise the rate of growth;(3)the threshold value on which financial development changes the relationship between income inequality and growth is connected with the productivity of firm,and the higher productivity of firm is,the lower threshold value of financial development is;(4)In the case of financial repression,the threshold value on which financial development changes the relationship between income inequality and growth is connected with the degree of financial repression,and the lower degree of financial repression is,the lower threshold value of financial development is.