金融發展與所得不均的關係 – 台灣實證研究

Financial Development and income inequality : An application to Taiwan Economy.

郭哲麟(Che-Lin Kuo)

指導教授 ： 莊希豐

淡江大學/商管學院/經濟學系碩士班/碩士(2013年)

https://doi.org/10.6846/TKU.2013.00717

摘要

本文旨在探討台灣所得不均與金融發展之間的關係。以往許多文獻討論金融發展與所得不均關係，由於不同的金融發展指標，導致其結論並不一致。因此，本文使用1964 年至2011 年的台灣時間序列資料，以ARDL 共整合模型進行實證分析，發現不同的金融發展指標與所得不均之間的關係並不一致。
本文使用五種金融發展指標。其中，以債劵市場餘額與放款為金融發展指標時，若金融發展越成熟時，改善了所得不均；另一方面，當以M2、存款以及股票總市值為金融發展指標時，若金融發展越成熟時，卻導致了所得不均的惡化。本研究指出，在不同的金融運作機制下，導致金融發展與所得不均的影響，皆不相同。

關鍵字

金融發展程度 ； 所得不均 ； ARDL ； 共整合模型

並列摘要

The purpose of the research is to investigate income inequality and financial development nexus in Taiwan. There are many empirical literatures studied the relationship between financial development and income inequality but reached different conclusions. We saw they were using different proxies to represent financial development and this might be one of the reasons that they obtained different results.By applying Taiwan data in the period of 1964-2011 to the estimation, the results of autoregressive
distributed lag (ARDL) co-integration show that the relationships between financial development and income inequality are not unique; depending on what financial development indices are used.

We consider five financial development indices. When bond outstanding value and bank loan are
used as the proxies of the degree of financial development, we found that as the degree of financial development increases, the degree of income inequality tends to decline. On the contrary, as M2, bank deposit and stock market value are used as the proxies of financial development; financial development tends to worsen income inequality. Our analysis implies the financial development and income inequality nexus is not certain when using different proxies.

並列關鍵字

Financial Development ； Income Inequality ； ARDL ； Co-integration

參考文獻

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