|Table of Contents|

Research on the income distribution effect and countermeasures of economic financialization from the perspective of common prosperity(PDF)

《长安大学学报（社科版）》[ISSN:1671-6248/CN:61-1391/C]

Issue:
2023年05期
Page:
1-14
Research Field:
马克思主义理论研究
Publishing date:

Info

Title:
Research on the income distribution effect and countermeasures of economic financialization from the perspective of common prosperity
Author(s):
AN Qiangshen;  NIU Yan
(School of Business, Jinan University, Jinan 250002, Shandong, China)
Keywords:
economic financialization;  income distribution;  common prosperity;  upgrade of industrial structure
PACS:
F832; F124.7
DOI:
-
Abstract:
The quest for Chinese-style modernization and common prosperity necessitates the optimization of income distribution frameworks and mechanisms for wealth accumulation. Understanding the impact of economic financialization on income distribution has emerged as a crucial foundation for crafting informed policies. Using data from the provincial panel spanning 2013 to 2020 and a time series from 2002 to 2020, and by constructing a fixed effect dynamic panel model, an intermediary effect model, and an SVAR model, the study empirically examines the impact and working mechanism of economic financialization on income distribution. The study asserts that economic financialization, on the whole, widens the income disparity among residents, posing a challenge to the promotion of common prosperity. Moreover, shifts in income distribution exhibit a degree of inertia over time. Furthermore, the results of channel testing indicate that economic financialization drives the upgrade of industrial structures, thereby impacting the income distribution of residents. Additionally, the heterogeneity test conducted within urban and rural areas illustrates that economic financialization contributes to uneven income distribution, notably more pronounced within cities and towns. Consequently, the research underscores the necessity of innovating and coordinating relevant financial systems and policies to foster wealth accumulation and improve the income distribution system in order to counteract the uneven income distribution stemming from economic financialization.

References:

[1] 易行健,李家山,张凌霜.财富不平等问题研究新进展[J].经济学动态,2021(12):124-140.
[2]李金昌,任志远,陈宜治.扩大中等收入群体的内在逻辑与路径选择——基于国际经验与中国实践的定量分析[J].统计研究,2023,40(7):3-16.
[3]于斌斌,孙波约,郭东.企业金融化与产能过剩治理:“雪中送炭”还是“雪上加霜”[J].经济学家,2022(10):84-95.
[4]龙云安,张健,冯果.区域发展视角下金融深化、金融集聚与产业结构升级研究——以成渝城市群为例[J].金融理论与实践,2019(11):46-53.
[5]黎贵才,赵峰,卢荻.金融化对经济增长的影响:作用机理与中国经验[J].中国人民大学学报,2021,35(4):60-73.
[6]胡奕明,王雪婷,张瑾.金融资产配置动机:“蓄水池”或“替代”?——来自中国上市公司的证据[J].经济研究,2017,52(1):181-194.
[7]张成思,张步昙.中国实业投资率下降之谜:经济金融化视角[J].经济研究,2016,51(12):32-46.
[8]杜勇,张欢,陈建英.金融化对实体企业未来主业发展的影响:促进还是抑制[J].中国工业经济,2017(12):113-131.
[9]刘亚琳,申广军,姚洋.我国劳动收入份额:新变化与再考察[J].经济学(季刊),2022,22(5):1467-1488.
[10]KHATATBEH I N,MOOSA I A.Financialization and income inequality:an extreme bounds analysis[J].The Journal of international trade & economic development,2022,31(5):692-707.
[11]郝芮琳,陈享光.存量-流量一致框架下金融化的经济增长效应研究[J].国际金融研究,2021(10):3-13.
[12]KALDOR Y.Financialization and income inequality:bringing class struggle back in[J].Critical sociology,2022,48(3):381-396.
[13]陈波.经济金融化与劳资利益关系的变化[J].社会科学,2012(6):52-56.
[14]HUBER E,PETROVA B,STEPHENS J D.Financialization,labor market institutions and inequality[J].Review of international political economy,2022,29(2):425-452.
[15]陈享光.金融化及其对收入分配的影响[J].社会科学战线,2020(8):36-43.
[16]张甜迪.金融化影响金融、非金融行业收入差距的区域异质性研究——基于中国省际面板的实证分析[J].南方经济,2017(4):96-108.
[17]AVIRAL K T,MUHAMMAD S,FARIDUL I.Does financial development increase rural-urban income inequality?[J].International journal of social economics,2013,40(2):151-168.
[18]徐畅,毛志宏.金融化对实体企业内部收入差距的影响研究[J].华东经济管理,2022,36(2):98-108.
[19]杨俊,李晓羽,张宗益.中国金融发展水平与居民收入分配的实证分析[J].经济科学,2006(2):23-33.
[20]余玲铮,魏下海.金融发展扩大了中国收入不平等吗?——基于门槛回归模型的证据[J].财经研究,2012,38(3):105-114.
[21]冯涛,吴茂光,张美莎.金融发展、产业结构与城乡收入差距——基于金融“脱实向虚”视角的分析[J].经济问题探索,2020(10):170-181.
[22]BECK T,DEMIRGUE K A,LEVINE R.Finance,inequality and the poor[J].Journal of economy growth,2007,12(1):27-49.
[23]PRETE A L.Economic literacy,inequality,and financial development[J].Economics letters,2013,118(1):74-76.
[24]鲁春义.基于VAR模型的中国金融化、垄断与收入分配关系研究[J].经济经纬,2014,31(1):142-148.
[25]RAN M S,CHEN L,LI W L.Financial deepening,spatial spillover,and urban-rural income disparity:evidence from China[J].Sustainability,2020,12(4):1450-1465.
[26]GREENWOOD J,JOVANOVIC B.Financial development,growth,and the distribution of income[J].Journal of political economy,1990,98(5):1076-1107.
[27]ROBERT M,TOWNSEND,KENICHI U.Financial deepening,inequality,and growth:model-based quantitative evaluation[J].The review of economic studies,2006,73(1):251-280.
[28]惠新华.金融发展与收入不平等关系检验——基于美国宏观时间序列数据[J].河北经贸大学学报,2017,38(4):41-50.
[29]刘亦文,胡宗义.农村金融发展对城乡收入差距影响的实证研究[J].山西财经大学学报,2010,32(2):45-52.
[30]高明,李德龙,施雨水.金融发展与收入差距:二元体制是一个决定性的因素吗?[J].经济学报,2018,5(3):114-141.
[31]WANG Y F,LIU S L.Fiscal behavior volatility,economic growth,and urban-rural income disparity[J].Journal of systems science and information,2014,2(3):217-225.
[32]武文静,周晓唯.过度金融化对我国实体经济的影响及例证分析[J].理论月刊,2017(5):120-124.
[33]陈享光.金融化与现代金融资本的积累[J].当代经济研究,2016(1):5-15.
[34]张昭,王爱萍.金融发展对收入不平等影响的再考察——理论分析与经验数据解释[J].经济科学,2016(5):31-44.
[35]马晓君,李艺婵,傅治,等.空间效应视角下数字经济对产业结构升级的影响[J].统计与信息论坛,2022,37(11):14-25.
[36]徐云松,齐兰.区域金融化、地方政府行为与产业结构升级——基于中国四大经济区域面板数据的实证研究[J].贵州财经大学学报,2017(6):19-31.
[37]肖维泽,王景景,赵昕东.产业结构、就业结构与城乡收入差距[J].宏观经济研究,2022(9):78-86.
[38]ELTON B,LUCREZIA F,LUCA Z.Sectoral composition of output and the wage share:the role of the service sector[J].Structural change and economic dynamics,2019,51:1-10.
[39]张玉昌,陈保启.产业结构、空间溢出与城乡收入差距——基于空间Durbin模型偏微分效应分解[J].经济问题探索,2018(9):62-71.
[40]李玉姣,王晓洁.京津冀地区产业结构转型对城乡居民收入差距的影响[J].北京社会科学,2023(3):45-55.
[41]温忠麟.张雷,侯杰泰,等.中介效应检验程序及其应用[J].心理学报,2004(5):614-620.
[42]CLARKE G R G,XU L C,ZOU H F.Finance and income inequality:what do the data tell us?[J].Southern economic journal,2006,72(3):578-596.
[43]徐德云.产业结构升级形态决定、测度的一个理论解释及验证[J].财政研究,2008(1):46-49.
[44]卢文秀,吴方卫.生态补偿横向转移支付能缩小城乡收入差距吗?——基于2000—2019年中国典型流域生态补偿的经验证据[J].财政研究,2022(7):35-51.
[45]钱海章,陶云清,曹松威,等.中国数字金融发展与经济增长的理论与实证[J].数量经济技术经济研究,2020,37(6):26-46.
[46]王刚贞,韩蓉.数字普惠金融、金融素养与农户创业[J].重庆邮电大学学报(社会科学版),2022,34(4):118-128.

Memo

Memo:
-
Last Update: 2023-12-01