金融發展與所得不均度之關聯：亞洲地區之門檻迴歸分析

本文主要討論金融發展程度與所得不均度之間的關聯性是否會因為所得水準不同而有所差異。運用19個亞洲國家自1980年至2012年的縱橫資料，並且以門檻迴歸模型進行分析。　　本文使用私部門放款比例、流動負債比例、股票市場資本比例以及股票市場成交值比例為金融發展衡量指標，結果為無論使用哪一項指標衡量，皆發現亞洲地區所得偏低的樣本，其金融發展可減緩所得不均度的增長，而在所得較高的樣本，金融發展程度與所得不均度關係不顯著，在這四種指標下實證結果一致，具高度穩健性。

關鍵字

所得不均度；金融發展；門檻迴歸

並列摘要

This paper discusses the connection between financial development and the growth rate of income inequality. Specifically, we examine whether the finance-inequality link varies with the levels of per capita income. By using panel data of 19 countries in Asia during the period of 1980-2012. 　　In this paper, we use Private Credit, Liquid Liabilities, Market Capitalization and Value Traded to measure the degree of financial development and stock market development. No matter what indices we use , all our threshold regressions results show that the relationship between financial development and income inequality is regime specific, depending upon the real GDP per capita. In particular, sample countries with low income can slow down the growth rate of income inequality by promoting financial development. On the contrary, the relationship between financial development and income inequality are not significant in the samples with high income.

並列關鍵字

Inequality ； Financial Development ； Threshold Regression

參考文獻

Rajan, R. G. (2010). Fault Lines. Princeton, NJ: Princeton University Press.

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莊希豐、陳亞為.(2011) 貿易開放與所得不均：以門檻迴歸法分析. 《經濟研究》 50(4), 185-224

陳亭慈. (2009). 金融發展與所得不均度之關聯: 以門檻迴歸方法分析.(碩士論文,淡江大學),1-55.

Aghion, P. and Bolton, P. (1997). A theory of trickle-down growth and development. Review of Economic Studies, 64(2), 151-172.

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金融發展與所得不均度之關聯：亞洲地區之門檻迴歸分析

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