金融自由化對於所得分配不均度的影響

The Impact of Financial Liberalization on Income Inequality

鄭嘉(Zheng Jia)

指導教授 ： 林佩蒨

淡江大學/商管學院/產業經濟學系碩士班/碩士(2014年)

https://doi.org/10.6846/TKU.2014.00964

摘要

從1980年代開始，金融自由化的浪潮開始影響許多國家的經濟與金融制度，並且是許多國家在經濟發展上的重要政策與方向，而過去數十年來，所得分配不均、貧富差距擴大的現象也在全球多數國家開始發生，因此有許多學者開始研究金融自由化是否會對於所得分配造成影響。本文使用Pesaran et al.(1999)所提出的混合組群平均數估計式(Pooled Mean Group, PMG)來估計金融自由化對於所得分配不均度的影響效果。研究期間自1973年至2005年，樣本國包含21個已開發國家及36個開發中國家，共57個國家。實證結果顯示:

1.金融自由化不論是在已開發國家還是開發中國家，在長期皆會擴大所得分配不均，但是在短期的影響效果卻不顯著。而在模型中加入了其它的總體控制變數後，並不會影響主要結果。

2.在模型中加入金融自由化指標與人力資本的交乘項來討論，研究結果發現，若一國在發展金融自由化的時候，實施教育來做為配套措施的話，其對於降低所得分配的效果並不顯著。

3.將金融自由化指標細分成以銀行部門為基準的銀行自由化指標以及以資本市場為基準的資本市場自由化指標，研究結果發現，銀行自由化和資本市場自由化對於已開發國家和開發中國家在長期皆會擴大所得分配不均，尤其以銀行自由化對於所得分配不均的影響更為嚴重。

關鍵字

金融自由化 ； 所得分配

並列摘要

Since the 1980s, the waves of financial liberalization have undergone in many countries. Meanwhile, in the past couple decades, income inequality has grown significantly within many countries. For this observation, many scholars began to study and analyze whether financial liberalization has exerted some impacts on income inequality. In this study, we apply the pooled mean group (PMG) estimator of Pesaran et al.(1999) to evaluate the relationship between financial liberalization and income inequality. The stuy is dated from 1973 to 2005 and the sample includes 21 developed countires and 36 developing countries. The primary findings of this study are as follows:

1.Financial liberalization enlarges income inequality in the long run, for both developed and developing countries.

2.Human capital improving policy may not be an effective tool to mitigate the influence of financial liberalization on worsening income inequality.

3.When decomposing the indicators of financial liberalization into bank- liberalization and capital- market- liberalization, we found that in the long-run, both bank liberalization and capital-market liberalization will worsen income inequality, with bank liberalization comparatively having larger influence on income inequality than capital-market liberalization.

並列關鍵字

Financial Liberalization ； Income Inequality

參考文獻

Abiad, A., Detragiache, E., Tressel, T.(2010), “A New Database of Financial Reforms.” IMF Staff Paper 57: 281-302.

Agnello, L., Mallick, S. K. and Sousa. R. M. (2012), “Financial Reforms and Income Inequality.” Economics Letters 116: 583-587.

Ang, J. B. (2010), “Financial and Inequality: The Case of India.” Southern Economic Journal 76: 738-761.

Ang, J. B. (2009), “Financial Liberalization and Income Inequality.” MPRA Paper No. 14496, posted 6.

Arestis, P. and Cancer, A. (2004), “Financial Liberalization and Poverty: Channels of Influence.” Levy Economics Institute, Economics Working Paper No. 411.