【作者】 李杰；

【导师】 冯永琦；

【作者基本信息】 吉林大学 ， 金融（专业学位）， 2022， 硕士

【摘要】 无论是基于学术还是实践,收入差距一直是世界各国重点关注的问题。依据世界银行相关数据,自进入21世纪以来,世界范围内基尼系数始终高居不下,并且有进一步扩大的趋势。金融发展过程中收入差距过大势必使各国不同收入群体相关矛盾激化,在长期将会影响国民经济可持续发展与社会稳定。金融发展对收入差距影响因素与途径众多,国内外大量学者从不同角度进行了研究,相关研究也越来越成为理论与政策所关注的热点。金融发展的过程伴随着一国金融结构的相关动态变化,通常表现为金融发展上层结构的变动与国民财富所构成的经济基础结构间的相对变化,以及二者间的相关影响过程。无论是对于发达国家还是发展中国家,金融发展更多地意味着金融抑制的逐渐放松,金融市场结构的逐步优化,金融机构效率的不断提高,与金融资源配置的持续优化。现有研究成果已证实金融发展与收入差距间存在紧密联系,同时对于两者关系的研究具有一定的现实意义。进入21世纪以来,世界范围内金融业持续发展,金融规模不断扩张,金融结构逐步优化。然而伴随2008年金融危机等事件在世界范围内集中爆发,主要国家金融发展历程发生深刻变革,在这之后,学术界理论研究便不断显现出对过度金融化的担心与警惕。伴随此进程的同时,世界范围内收入差距问题逐渐引起国内有效需求不振、储蓄率趋于高涨、国际收支不平衡与产业结构转型困难等宏观经济问题。至今此类问题仍未得到有效解决并进一步制约各国金融发展优化进程,由此引发了对于金融发展与金融市场结构改革的期待。因此探究金融发展对收入差距影响也将成为有效解决以上问题的重要研究方向之一。本文从金融发展的规模、效率、开放度三个角度,基于2002——2017年43个国家的跨国面板数据,深入探究其对于收入差距的影响,并进行实证研究。通过相关研究最终发现,金融发展对于收入差距的影响,在不同角度、不同周期、不同结构的影响存在显著差异性。基于金融发展规模角度,可验证短期内金融发展会使得收入差距缩小,长期内则会使得收入差距扩大,与库兹涅茨假说倒“U”型趋势相反。基于金融发展效率角度,短期内金融发展会使得收入差距缩小,长期内反而会扩大差距,同样与库兹涅茨假说倒“U”型趋势相反。基于金融发展开放度角度,短期内金融发展可使得收入差距扩大,长期内反而会缩小差距,符合库兹涅茨假说趋势。更多还原

【Abstract】 Whether based on academics or practice,income disparity has always been a major concern for countries.According to the relevant data of the World Bank,since the beginning of the 21 st century,the Gini coefficient has remained high in the world,and there is a trend of further expansion.In the process of financial development,the large income gap will inevitably intensify the contradictions related to different income groups in various countries,which will affect the sustainable development of the national economy and social stability in the long run.There are many factors and ways for financial development to influence income gap.A large number of scholars at home and abroad have carried out research from different perspectives,and related research has increasingly become the focus of theoretical and policy attention.The process of financial development is accompanied by the relative dynamic changes of a country’s financial structure,usually manifested in the relative changes between the changes in the superstructure of financial development and the economic infrastructure composed of national wealth,as well as the related impact process between the two.For both developed and developing countries,financial development means the gradual relaxation of financial repression,the gradual optimization of the financial market structure,the continuous improvement of the efficiency of financial institutions,and the continuous optimization of the allocation of financial resources.Existing research results have confirmed that there is a close relationship between financial development and income disparity,and the research on the relationship between the two has certain practical significance.Since the beginning of the 21 st century,the world’s financial industry has continued to develop,the financial scale has continued to expand,and the financial structure has been gradually optimized.However,with the outbreak of the 2008 financial crisis and other events around the world,the financial development process of major countries has undergone profound changes.After this,academic research has continuously shown concerns and vigilance about excessive financialization.Along with this process,the worldwide income gap has gradually caused macroeconomic problems such as sluggish domestic effective demand,rising savings rate,imbalance of international payments,and difficulties in industrial restructuring.So far,such problems have not been effectively solved and further restrict the optimization process of financial development in various countries,which has raised expectations for financial development and financial market structural reform.Therefore,exploring the impact of financial development on income gap will also become one of the important research directions to effectively solve the above problems.From the perspectives of scale,efficiency and openness of financial development,based on the cross-border panel data of 43 countries from 2002 to 2017,this paper deeply explores its impact on income gap and conducts an empirical study.Through relevant research,it is finally found that the impact of financial development on income disparity is significantly different from different angles,different cycles,and different structures.From the perspective of the scale of financial development,it can be verified that financial development will narrow the income gap in the short term,and widen the income gap in the long run,which is opposite to the inverted "U" trend of the Kuznets hypothesis.From the perspective of the efficiency of financial development,financial development will narrow the income gap in the short term,but it will widen the gap in the long run,which is also opposite to the inverted "U" trend of the Kuznets hypothesis.Based on the openness of financial development,financial development can widen the income gap in the short term,but narrow the gap in the long run,which is in line with the trend of the Kuznets hypothesis.更多还原