促进增长还是改善分配？——普惠金融与中国经济发展
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| Title | Spur Growth or Promote Income Equality?——Financial Inclusion and Economic Development in China
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| 作者 | 彭俞超 李建军 顾雷雷 马思超 |
| Author | Peng Yuchao,Li Jianjun,Gu Leilei and Ma Sichao |
| 作者单位 | 中国人民大学；中央财经大学 |
| Organization | Renmin University of China; Central University of Finance and Economics |
| 作者Email | yuchao.peng@ruc.edu.cn;ljjlsh@126.com;leilei.gu@hotmail.com;masichao_cufe@163.com |
| 中文关键词 | 普惠金融 经济增长 收入分配 区域平衡 |
| Key Words | Financial Inclusion; Economic Growth; Income Distribution; Regional Balance |
| 内容提要 | 发展普惠金融是更有利于经济增长还是更有利于收入分配？基于我国2004-2015年的省级面板数据，本文对这一问题进行了实证研究。总体而言，提高我国金融体系的普惠程度能够显著地促进经济增长，但对改善收入分配的作用有限。分区域看，普惠金融的发展扩大了区域增长不平衡，在经济较发达省份或东部沿海地区对经济增长的作用更强，但在经济欠发达省份或中西部地区更能缓解城乡收入差距。从条件看，普惠金融对经济增长的作用在投资环境较好、投资机会较丰富的地区更强；改善城乡收入差距的作用在农业边际资本产出率（相对工业）更高的地区更强。本文的政策建议在于，构建普惠金融体系应当注意区域平衡和制度条件。提高我国农村经济效率，改善经济欠发达的地区的投资环境和投资机会，将会增强普惠金融对经济平衡增长的促进作用及对城乡收入差距的缓解作用，从而兼顾效率与公平。 |
| Abstract | Does inclusive financial development spur economic growth or ameliorate income equality? Employing province-year panel data over 2004-2015, this paper answers this question. Overall, inclusive financial development can promote economic growth significantly, while it has little effect on income equality. Inclusive financial development enlarges the growth imbalance across different regions. It has more pronounced effect on economic growth in developed provinces and coastal regions, while it has more significant effect on shortening the urban-rural income gap in western provinces. Furthermore, inclusive financial development can more promote economic growth in regions with better investment environment and more investment opportunities. inclusive financial development can more ameliorate income equality in regions with higher marginal product on capital of agriculture than that of manufacture. Improvement on countryside economic efficiency, amelioration of investment opportunities and investment environment in less-developed regions, are conducive to the effect inclusive financial development has on balanced economic growth and urban rural income equality, with both efficiency and fairness taken in consideration. |
| 文章编号 | WP1278 |
| 登载时间 | 2018-06-05 |
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