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首页> 外文期刊>Asian Economic Papers >Comments on Impact of Financialization and Financial Development on Inequality: Panel Cointegration Results Using OECD Data
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Comments on Impact of Financialization and Financial Development on Inequality: Panel Cointegration Results Using OECD Data

机译：关于金融化和金融发展对不平等的影响的评论：使用经合组织数据的面板协整结果

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摘要

This study compares the long-run impact of financialization and financial development on inequality through the panel cointegration approach using OECD country data. Results show that financialization, especially high-dividend tendency in non-financial corporations, is one of the causes of rising inequality measured as the share of the top 10 percent richest. Other measures of financialization, such as the increasing size of the financial sector and financial globalization, are not robustly linked to inequality. In addition, the argument that financial development reduces inequality by relaxing the credit constraints of the poor is not supported, and no evidence shows that financial development aggravates inequality. Further, the impact of skills-biased technological change is not a robust variable in explaining inequality. A policy implication is that a simple focus on financial development is not enough to reduce inequality. Government policies are necessary, including differentiated taxation on dividends and reinvestments, which induce non-financial firms to focus on productive reinvestments from profits and discourage high dividends for shareholders.
机译：这项研究通过使用经合组织国家数据的面板协整方法，比较了金融化和金融发展对不平等的长期影响。结果表明，金融化，尤其是非金融公司的高股息趋势，是导致不平等加剧的原因之一，按最富有的前10％的份额衡量。其他金融化措施，例如金融部门规模扩大和金融全球化，与不平等关系不紧密。此外，关于金融发展通过放松穷人的信贷约束来减少不平等现象的论据没有得到支持，也没有证据表明金融发展加剧了不平等现象。此外，在解释不平等时，以技能为导向的技术变革的影响并不是一个可靠的变量。政策含义是，仅关注金融发展不足以减少不平等现象。政府政策是必要的，包括对股息和再投资实行区别征税，这会促使非金融公司将利润集中在生产性再投资上，并阻止股东获得高额股息。

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  • 来源
    《Asian Economic Papers》 |2019年第1期|92-96|共5页
  • 作者

    Shin Hochul; Lee Keun;

  • 作者单位

    Seoul Natl Univ, Ctr Distribut Justice, Gwanak Ro 1, Seoul, South Korea;

    Seoul Natl Univ, Dept Econ, Gwanak Ro 1, Seoul, South Korea;

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