功能性收入分配、金融发展和经常账户失衡

发布时间：2018-01-16 03:33

本文关键词：功能性收入分配、金融发展和经常账户失衡　出处：《浙江工商大学》2014年硕士论文　论文类型：学位论文

【摘要】：自21世纪以来,全球经常账户失衡日益成为一个突出问题,一方面表现为以美国为代表的发达国家经常账户常年逆差；另一方面表现为以中国为代表的发展中国家却常年保持经常账户顺差。各国经常账户的深度失衡对全球稳定增长造成了威胁,更有学者认为全球失衡是2008年全球金融危机爆发的重要因素之一(Obstfeld and Rogoff,2009, Blanchard and Milesi-Ferretti,2009, Portes,2009)。因此,探究经常账户失衡问题对于揭示全球经济失衡以及危机成因具有一定的现实意义。经常账户失衡在一定程度上反映出储蓄和投资的失衡,而储蓄和投资失衡,主要源于收入分配结构的失衡,而收入分配结构的失衡,又与初次收入分配结构失衡直接相关。初次分配格局的变化,直接影响到国民收入的再分配,最终影响到全社会的投资和消费比例(刘伟和蔡志洲,2008)。本文将从功能性收入分配和金融发展视角来解释经常账户失衡,并从理论和实证两个方面研究三者的关系。本文在对国内外相关文献进行梳理的基础上,从四大部分来阐述功能性收入分配、金融发展和经常账户失衡的关系,首先,本文对经常账户失衡的现状进行了跨国比较分析,发现经常账户失衡具有全球性和持续性；在对劳动收入占比的跨国比较分析中发现发达国家的劳动收入占比远远高于发展中国家,而且所有国家的劳动收入占比都出现了下降的趋势。其次,本文通过构建一个消费外部性和代理人异质性的模型,从消费渠道解释了劳动收入占比、金融发展和经常账户失衡三者的关系。模型证明了在不存在资本积累和政府支出的情况下,劳动收入占比、金融发展程度和经常账户之间的关系与劳动者消费外部性以及主观贴现率的大小的有关。在发达国家中,居民的主观贴现率较小,倾向于当期消费,劳动者消费外部性越大,消费的越多,将会导致经常账户赤字,劳动收入占比越大,金融发展水平越高,经常账户赤字越大；而在发展中国家,居民的主观贴现率较大,倾向于储蓄即未来消费,劳动者越关注相对消费,消费的越少,将会导致经常账户顺差,劳动收入占比越大,金融发展程度越高时,经常账户顺差越大。在此基础上,本文选取了42个国家,并分为22个发达国家和20个发展中国家两个样本,以劳动收入占比、金融发展、外商直接投资等宏观经济变量对1995-2011年的经常账户失衡成因做实证研究。研究结果表明：劳动收入占比、金融发展对经常账户有显著的影响,发达国家中,劳动收入占比每增加一个单位,经常账户逆差将增加0.128%,而在发展中国家,劳动收入占比每增加1%,会导致经常账户顺差增加0.143%；金融发展在两个样本中对经常账户都有负影响,且在发达国家的影响更为显著。最后文章得出结论,经常账户失衡的根本原因在于各国的功能性收入分配失衡和金融发展程度的差异,对于经常账户失衡国在治理的过程中应注重本国的功能性收入分配,发展中国家还应注重本国金融市场的发展。
[Abstract]:Since twenty-first Century, the global current account imbalances has increasingly become a prominent issue, the one hand the performance of developed countries represented by the United States current account deficit year; on the other hand is to Chinese as a representative of developing countries has kept the current account surplus countries. The depth of the global current account imbalances caused by the steady growth of the threat. More scholars believe that the global imbalances is one of the important factors in the 2008 global financial crisis (Obstfeld and Rogoff, 2009, Blanchard and Milesi-Ferretti, 2009, Portes, 2009). Therefore, exploring the current account imbalances has certain practical significance for revealing the global economic imbalances and the causes of the crisis. The imbalance of current account reflects the imbalance between savings and investment to a certain extent, savings and investment imbalances, mainly due to the imbalance of income distribution structure, income distribution structure and loss Heng was directly related with the imbalance in the structure of income distribution. The changes of initial distribution pattern, directly affect the redistribution of national income, and ultimately affect the whole social investment and consumption ratio (Liu Wei and Cai Zhizhou, 2008). This article from the functional income distribution and financial development perspective to explain the current account imbalances, and the relationship between the study on the two aspects of theory and empirical three.
This paper summarizes the related literature at home and abroad, from four parts to elaborate the function of income distribution, the relationship between financial development and current account imbalances, first of all, the transnational comparative analysis present situation of current account imbalances, found out a global current account imbalances and persistence; on labor income share the international comparative analysis found in developed countries the labor income share is much higher than that of developing countries, and all countries of the labor income share decline trend.
Secondly, this paper constructs a consumption externality and agent heterogeneity model, from the consumer channel explains the labor income share, the relationship between financial development and current account imbalances of the three. Model shows that in the absence of capital accumulation and government expenditures, labor income accounted for the relationship between employees and external consumption between the financial development and the current account and the subjective discount rate size. In developed countries, the residents subjective discount rate is small, tend to the current consumption, labor consumption externalities are larger, more consumption, will lead to current account deficits, labor income accounted for the larger, higher levels of financial development the current account deficit, the greater; while in developing countries, residents of the subjective discount rate is larger, tend to save future consumption, workers more attention to relative consumption, consumption is less, will lead to current account The greater the household surplus, the greater the proportion of the labor income and the higher the financial development, the greater the current account surplus.
On this basis, this paper selects 42 countries, and is divided into 22 developed countries and 20 developing countries, two samples in labor income share, financial development, foreign direct investment and other macroeconomic variables to do empirical research on the causes of the imbalance of current account for 1995-2011 years. The results show that: the labor income share, financial the development has a significant impact on the current account, in developed countries, labor income accounted for each unit increase in the current account deficit will increase by 0.128%, while in developing countries, labor income accounted for 1% increase will lead to current account surplus increased 0.143%; financial development has a negative impact on the current account in a sample of two, and the influence in developed countries is more significant.
Finally, the current account is the root causes of the imbalance in the different functional income distribution imbalance and the degree of financial development, the current account imbalances in China should pay more attention to the function of income distribution in the process of governance in the country, developing countries should also pay attention to the development of China's financial markets.

【学位授予单位】：浙江工商大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F113.8;F831

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