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HOW DOES FISCAL CONSOLIDATION IMPACT ON INCOME INEQUALITY?

机译：财务合并对收入不平等有何影响？

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摘要

In this paper, we assess the impact of fiscal consolidation on income inequality. Using a panel of 18 industrialized countries from 1978 to 2009, we find that income inequality significantly rises during periods of fiscal consolidation. In addition, while fiscal policy that is driven by spending cuts seems to be detrimental for income distribution, tax hikes seem to have an equalizing effect. We also show that the size of the fiscal consolidation program (in percentage of GDP) has an impact on income inequality. In particular, when consolidation plans represent a small share of GDP, the income gap widens, suggesting that the burden associated with the effort affects disproportionately households at the bottom of the income distribution. Considering the linkages between banking crises and fiscal consolidation, we find that the effect on the income gap is amplified when fiscal adjustments take place after the resolution of such financial turmoil. Similarly, fiscal consolidation programs combined with inflation are likely to increase inequality and the effects of fiscal adjustments on inequality are amplified during periods of relatively low growth. Our results also provide support for a non-linear relationship between inequality and income and corroborate the idea that trade can promote a more equal distribution of income.
机译：在本文中，我们评估了财政合并对收入不平等的影响。在1978年至2009年间，由18个工业化国家组成的小组进行的调查发现，在财政整顿期间，收入不平等现象显着加剧。此外，虽然由削减支出推动的财政政策似乎不利于收入分配，但增税似乎具有均等的作用。我们还表明，财政巩固计划的规模（占GDP的百分比）会对收入不平等产生影响。特别是，当合并计划仅占GDP的一小部分时，收入差距就会扩大，这表明与努力相关的负担会严重影响收入分配底部的家庭。考虑到银行危机与财政巩固之间的联系，我们发现，在解决金融动荡之后进行财政调整时，对收入差距的影响会扩大。同样，财政合并计划与通货膨胀相结合可能会加剧不平等现象，并且在相对较低的增长时期，财政调整对不平等现象的影响会加剧。我们的结果也为不平等与收入之间的非线性关系提供了支持，并证实了贸易可以促进收入分配更加平等的观点。

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