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探讨金融深化对收入不平等的作用机制可为政府制定金融发展战略提供理论依据，有利于合理再分配与增进人民福祉。本文根据金融开放型经济的理论模型，定义内生的经济增长率，并扩展其对收入不平等水平的影响。随后选取58个发展中国家的平衡面板数据并采用系统性广义矩估计（SYS-GMM）方法进行实证检验。结果表明，金融深化会加剧收入不平等现象，并且以私人银行信贷衡量的金融深化对收入不平等的影响取决于实际利率(r)与实际GDP增长率(g)之间的差距，当金融深化程度越高时，r-g值越大将导致收入不平等的程度减少。因此从政策角度来看，发展中国家可以通过使得r-g值为正的情况下进一步扩张银行信贷来缓解收入不平等状况。
Abstract：Exploring the impact mechanism of financial deepening on income inequality provides a theoretical basis for the government to formulate financial development strategies, which is conducive to rational redistribution and improving people's well-being. Based on the theoretical model of the financial open economy, the article defines its endogenous economic growth rate and expands its impact on the level of income inequality. Then we select the panel data of 58 developing countries and use the SYS-GMM(Systematic Generalized Moments Estimation) method for empirical testing, and the results show that financial deepening plays a role in promoting income inequality, and the impact of financial deepening is measured by private bank credit on income inequality is determined by the gap between real interest rates(r)and real GDP growth(g). When the degree of financial deepening is higher, the greater the value of(r-g),that is, the greater the gap between the real interest rate and the GDP growth rate, the less in income inequality. Therefore, from a policy perspective, inequality can be reduced by further expanding bank credit in developing countries while the(r-g) value is positive.
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(1)国际货币基金组织（IMF）2018年公开信息。
(1)本文研究样本包括阿尔巴尼亚、亚美尼亚、孟加拉国、巴巴多斯、白俄罗斯、玻利维亚、博茨瓦纳、巴西、保加利亚、智利、中国、哥伦比亚、哥斯达黎加、科特迪瓦、多明尼加共和国、埃及、冈比亚、格鲁吉亚、洪都拉斯、匈牙利、印度、印度尼西亚、伊朗、牙买加、肯尼亚、吉尔吉斯斯坦、莱索托、马其顿、马拉维、马来西亚、毛里求斯、墨西哥、摩尔多瓦、蒙古、莫桑比克、纳米比亚、尼日利亚、巴基斯坦、巴拿马、巴拉圭、秘鲁、菲律宾、罗马尼亚、俄罗斯、卢旺达、塞尔维亚、塞拉利昂、斯里兰卡、圣卢西亚、斯威士兰、坦桑尼亚、泰国、乌干达、乌克兰、乌拉圭、委内瑞拉、越南、赞比亚。
(1)因篇幅所限，稳健性检验结果以附表1展示，见《统计研究》网站所列附件。
基本信息:
DOI：10.19343/j.cnki.11-1302/c.2023.04.005
中图分类号:F831;F113.8
引用信息:
[1]曾小倩,黄云英,桂文林等.发展中国家的金融深化与收入不平等——基于58个发展中国家面板数据研究[J].统计研究,2023,40(04):60-72.DOI:10.19343/j.cnki.11-1302/c.2023.04.005.
基金信息:
国家社会科学基金项目“时间序列分解与中国经济下行压力下的风险识别及预警研究”（16BJY014）