基于金融门槛视角的通货膨胀与收入不平等关系研究

发布时间：2018-05-06 05:41

本文选题：通货膨胀 + 收入不平等　；参考：《陕西师范大学》2012年硕士论文

【摘要】：改革丌放三十年来,我国经济快速增长,人民生活水平显著提高,贫困人口大幅减少,创造了“增长的奇迹”。然而,随着国民财富的迅速增长,财富在不同社会群体之间的分配,即收入不平等问题,越来越成为人们关注的焦点。其中,城乡、地区、群体之间的收入差距尤其突出,并在总体上呈不断扩大的趋势,由此引发的社会矛盾也逐渐显现。不断扩大的收入不平等问题,与我国统筹城乡发展、构建和谐社会的发展目标背道而驰,同时也成为困扰我国经济和社会发展极其重要的现实问题。与此同时,2010年以来我国通货膨胀率持续走高,其中,2011年6月份CPI为6.4%,创下35个月以来新高,成为人们近期关注的焦点。如果考虑资产价格变化趋势、居民的通货膨胀预期及对物价的感受程度,我国通货膨胀的严重程度实际已经远超国家统计局所公布的水平。持续的通货膨胀能够引起收入和财富的再分配,由此对收入不平等程度产生显著影响。在通货膨胀时期,金融市场是规避通货膨胀的重要途径,对于不同收入群体规避通货膨胀的效果具有重要影响。但长期以来,我国金融市场处于不发达状态,金融产品和服务项目单一,居民投资渠道较少,金融资源主要集中于城市,具有明显的二元化特征,这些均形成了一定的金融门槛。由于金融市场状态能够对不同收入群体规避通货膨胀产生不同的效果,对城乡居民的财富水平、收入水平等具有重要影响作用。因此有必要结合我国实际,从我国金融市场的门槛视角对通货膨胀与收入不平等两者之间的关系进行理论分析和实证检验,讨论金融门槛在二者关系中所起的作用。本文首先分析了通货膨胀对我国居民收入的再分配效应,认为通货膨胀扩大了我国城乡居民收入差距、地区之间收入差距以及不同行业之间的收入差距。其次,分析了我国不发达的金融市场对通货膨胀和收入不平等关系的调节作用,根据金融门槛理论,指出在我国金融市场不发达的背景下,由于金融门槛的存在,使得不同收入群体在享受金融服务时具有明显差异,高收入群体拥有较多金融资产,并且积累了丰富的投资经验,能够承受一定的风险,因此较容易跨越金融门槛,利用金融市场规避通货膨胀对收入的缩水作用,实现其资产的保值增值。而低收入群体受到自身收入水平、地理位置、交易成本等条件的限制,较少或者无法享受金融服务,难以跨越金融门槛,难于利用金融市场抵御通货膨胀对收入的消极影响,即我国金融市场的不发达状态导致了高收入群体规避通货膨胀的效果高于低收入群体,最终加剧了我国收入不平等状态。进一步通过构建数理模型,从金融门槛的角度对我国通货膨胀与收入不平等的关系进行了理论分析,发现：一方面,在我国金融市场不发达的现实背景下,形成了规避通货膨胀的金融门槛,金融门槛降低了低收入群体规避通货膨胀的效果,扩大了收入差距。另一方面,通货膨胀又在事实上提高了金融市场的门槛,进一步加剧了收入不平等状态。本文进一步设计了相关实证研究,试图验证我国通货膨胀与收入不平等的关系。利用我国1978-2009年的时间序列数据,并引入控制变量：金融发展水平、对外丌放程度、城市化水平、经济增长和平均受教育程度进行了Johansen协整检验,结果表明：通货膨胀与收入不平等之间具有稳定的关系,通货膨胀扩大了收入差距。在此基础上进一步进行了Granger因果检验,以验证通货膨胀与收入不平等之间的因果关系,因果检验发现：通货膨胀是收入不平等的Granger原因,即通货膨胀和收入不平等之间确实存在显著的因果关系,验证了金融市场对我国通货膨胀与收入不平等关系的正向影响作用。最后,根据我国实际情况,提出降低通货膨胀,完善社会保障体系,完善金融市场的投资机制等有针对性的政策建议。
[Abstract]:After thirty years of reform and opening, our country's economy has been growing rapidly, the living standard of the people has been greatly improved, the poor population has been greatly reduced, and the "miracle of growth" has been created. However, with the rapid growth of national wealth, the distribution of wealth among different social groups, that is, the inequality of income, has become the focus of attention. In the region, the income gap between the groups is particularly prominent, and the trend of the social contradictions is gradually emerging. The increasing inequality of income is contrary to the development of the urban and rural areas in China and the development goal of building a harmonious society, and it has also become a very heavy economic and social development in our country. At the same time, the rate of inflation in China has continued to go high since 2010, of which, in June 2011, CPI was 6.4%, creating a new high of 35 months, which has become the focus of attention in the near future. If the trend of asset price change, the inflation expectation of the residents and the degree of perception of prices, the severity of inflation in our country is taken into account. The reality is far beyond the level published by the National Bureau of statistics. Sustained inflation can cause the redistribution of income and wealth, which has a significant impact on income inequality.
In the period of inflation, the financial market is an important way to avoid inflation. It has an important impact on the effect of different income groups on avoiding inflation. But for a long time, China's financial market is in the underdeveloped state, the financial products and service items are single, the investment channels of the residents are less, the financial resources are mainly concentrated in the cities, and the financial resources are mainly in the city. The obvious two yuan characteristics have formed a certain financial threshold. Because the state of the financial market can have different effects on different income groups to avoid inflation, it has an important impact on the wealth level and income level of urban and rural residents. Therefore, it is necessary to combine the reality of our country and from the threshold of our financial market. The relationship between inflation and income inequality is analyzed theoretically and empirically, and the role of financial threshold in the two party relationship is discussed.
This paper first analyzes the effect of inflation on the redistribution of the income of the residents in China. It is believed that inflation widened the income gap between urban and rural residents, the income gap between regions and the income gap between different industries. Secondly, the adjustment function of the undeveloped financial market to the inflation and income inequality in China was analyzed. According to the financial threshold theory, it is pointed out that under the background of the underdeveloped financial market in China, the existence of the financial threshold makes the different income groups have obvious differences in the enjoyment of financial services. The high income groups have more financial assets, and they have accumulated rich experience in investment and can withstand certain risks, so it is easier to cross finance. The threshold is to use the financial market to avoid the shrinking effect of inflation on income and to realize the value of its assets. The low income group is limited by its own income level, geographical position, transaction cost and other conditions, less or unable to enjoy financial services. It is difficult to cross the financial threshold, and it is difficult to resist inflation against the income by using the financial market. The negative effect, that is, the underdeveloped state of the financial market in our country leads to the higher income group to evade the inflation effect higher than the low income group, and eventually aggravates the inequality of our country's income. On the one hand, on the one hand, under the background of the undeveloped financial market in China, the financial threshold to avoid inflation is formed. The financial threshold reduces the effect of the low income group to avoid inflation and expands the income gap. On the other hand, inflation has in fact raised the threshold of the financial market and further aggravated the income inequality. Equal state.
This paper further designs the relevant empirical research to try to verify the relationship between inflation and income inequality in China. Using the time series data of our country for 1978-2009 years and introducing the control variables: the level of financial development, the degree of foreign development, the level of urbanization and the peace of the economy, the results of Johansen cointegration test are carried out. It shows that there is a stable relationship between inflation and income inequality, and inflation expands the income gap. On this basis, the Granger causality test is further carried out to verify the causal relationship between inflation and income inequality. The causation test finds that inflation is the Granger cause of income inequality, that is, inflation. There is a significant causal relationship between income inequality and financial inequality, which confirms the positive impact of financial market on China's inflation and income inequality.
Finally, according to the actual situation in China, we put forward targeted policy recommendations to reduce inflation, improve the social security system and improve the investment mechanism of the financial market.

【学位授予单位】：陕西师范大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F822.5;F124.7;F224

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