吉林省金融发展对城乡居民收入差距的影响
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摘要
1978年改革开放以来，我国经济社会面貌发生翻天覆地的变化，人民生活水平亦有很大的提高，作为东北黄金玉米带的吉林省也是如此。吉林省人均GDP从改革初的381元增长到2010年31599元，是改革初的83倍，年增速都保持在14%左右。吉林省人民生活得到很大改善的同时城乡收入差距的问题也随着而来，截止到2010年吉林省城镇恩格尔系数为32.3%，农村恩格尔系数为36.73%，两者相差将近5个百分点。影响吉林省居民收入分配的因素很多，本文针对金融发展这一因素检验与居民收入分配的关联度，以期得出有益的建议。
本文主要从金融发展视角探讨吉林省城乡收入差距问题，在回顾金融发展理论、农村金融发展理论、收入差距理论基础上，归纳总结前人研究观点，发现金融发展与收入差距的关系主要分为三类：“倒U型”理论、扩大理论、降低理论。理论上来讲，金融发展主要是金融机构数量的增加、金融工具的多样化和金融资产规模的扩大。金融发展通过其金融门槛效应，金融降低贫困效应，金融发展非均衡性等作用于经济进而影响城乡居民收入差距。实践证明，一国或一地区的金融市场制度的完善化、金融信息的透明化、金融工具的多样化、金融资产配置均衡化，可以有效地缩减城乡居民收入差距。
在理论分析的基础上，前面我们描述了吉林省金融发展和城乡收入分配的现状，通过横向、内部、纵向比较我们找出了影响吉林省金融发展的因素，以及吉林省城乡收入差距扩大的原因，最后又总结了吉林省金融发展通过金融机构二元性发展、金融信贷资源分配、保险市场和资本市场的差异等途径对吉林省城乡收入差距产生影响。
本文实证部分结合吉林省1978‐2010年的数据，通过建立VAR模型，采用ADF检验、协整检验、Granger因果检验、脉冲效应分析、方差分解等方法从吉林省整体金融和农村金融两个方面系统讨论城乡收入分配差距问题。实证结果表明:整体金融发展规模和农村金融发展规模与吉林省城乡收入差距正相关且存在双向Granger原因；金融效率与城乡收入差距负相关，存在单向Granger因果关系；金融结构、支农财政政策和城乡收入负相关。
通过理论分析、现状描述和实证分析后，本文最后从金融发展视角提出了一些降低吉林省城乡收入分配差距的政策建议，主要概括为，降低农村金融门槛、改善金融非均衡发展、丰富农村金融工具、加大财政支持力度。
Since the1978reform and opening up, China's economical and social situationhave change a lot, and it is also greatly improved of people's living standards. JilinProvince, northeast gold Corn Belt, per capita GDP of381Yuan from the beginningof the reform increased to31,599Yuan in2010, is83times the beginning of thereform, and the annual growth rate is maintained at about14%. Although people'sliving standard of Jilin Province has been greatly improved, the problem ofurban-rural income gap arises. Until2010the Engel’s coefficient in the town of JilinProvince was32.3%, and rural Engel coefficient was36.73%, with a difference ofnearly5percentage points between them. Many factors affect the income distributionin Jilin Province, especially for the financial development. This paper will test thecorrelation of this factor and the income distribution, in order to give suggestions.
This paper from the perspective of financial development discusses theurban-rural income gap in Jilin Province, and reviews the theory of financialdevelopment, development theory of rural finance. We summarize previous researchpoint of view and find that the income gap is divided into three categories: the theoryof "inverted U", the theory of expanding, and the theory of reduce. In theory, financialdevelopment points the increase pf the number of financial institutions, the expansionof the diversification of financial instruments and financial assets. The financialdevelopment through the effect of financial threshold, finance to reduce poverty, andthe lack of balance of financial development affect the income gap between urban andrural residents. Practice has proved that the improvement of the financial marketsystem, the transparency of financial information, the diversification of financialinstruments, and the balance of financial assets allocation in a country or region caneffectively reduce the income gap between urban and rural residents.
On the basis of theoretical analysis, we describe the status of the financial development and income distribution in Jilin Province. By lateral, internal, verticalcomparison we identify the factors that affect financial development, and expansionof the urban-rural income gap in Jilin Province. Finally we sum up the effect ofduality of the financial development through financial institutions, financial andcredit allocation of resources, and differences between insurance and capital marketsto the urban-rural income gap in Jilin Province. The empirical part builds a VARmodel using data from1978to2010in Jilin Province. And the paper discusses theurban-rural income distribution disparity from two aspects of finance and ruralfinance system by the ADF test, cointegration test, Granger causality test, pulse effectanalysis, and variance decomposition. The empirical results show that: overallfinancial development scale, the scale of rural financial development and theurban-rural income gap in Jilin Province present positive correlation and bidirectionalGranger cause; financial efficiency and urban-rural income gap is negativelycorrelated, there is also unidirectional Granger causality; financial structure,agriculture fiscal policy and the urban-rural income are negatively correlated.
By theoretical analysis, the current situation description and empirical analysis,the end of this paper from the financial development perspective gives some policyrecommendations to reduce the gap of urban and rural income distribution in JilinProvince, mainly summarized as lowering financial threshold in rural areas,improving the financial non-balanced development, to enrich rural financialinstruments and increasing financial support.
本文主要从金融发展视角探讨吉林省城乡收入差距问题，在回顾金融发展理论、农村金融发展理论、收入差距理论基础上，归纳总结前人研究观点，发现金融发展与收入差距的关系主要分为三类：“倒U型”理论、扩大理论、降低理论。理论上来讲，金融发展主要是金融机构数量的增加、金融工具的多样化和金融资产规模的扩大。金融发展通过其金融门槛效应，金融降低贫困效应，金融发展非均衡性等作用于经济进而影响城乡居民收入差距。实践证明，一国或一地区的金融市场制度的完善化、金融信息的透明化、金融工具的多样化、金融资产配置均衡化，可以有效地缩减城乡居民收入差距。
在理论分析的基础上，前面我们描述了吉林省金融发展和城乡收入分配的现状，通过横向、内部、纵向比较我们找出了影响吉林省金融发展的因素，以及吉林省城乡收入差距扩大的原因，最后又总结了吉林省金融发展通过金融机构二元性发展、金融信贷资源分配、保险市场和资本市场的差异等途径对吉林省城乡收入差距产生影响。
本文实证部分结合吉林省1978‐2010年的数据，通过建立VAR模型，采用ADF检验、协整检验、Granger因果检验、脉冲效应分析、方差分解等方法从吉林省整体金融和农村金融两个方面系统讨论城乡收入分配差距问题。实证结果表明:整体金融发展规模和农村金融发展规模与吉林省城乡收入差距正相关且存在双向Granger原因；金融效率与城乡收入差距负相关，存在单向Granger因果关系；金融结构、支农财政政策和城乡收入负相关。
通过理论分析、现状描述和实证分析后，本文最后从金融发展视角提出了一些降低吉林省城乡收入分配差距的政策建议，主要概括为，降低农村金融门槛、改善金融非均衡发展、丰富农村金融工具、加大财政支持力度。
Since the1978reform and opening up, China's economical and social situationhave change a lot, and it is also greatly improved of people's living standards. JilinProvince, northeast gold Corn Belt, per capita GDP of381Yuan from the beginningof the reform increased to31,599Yuan in2010, is83times the beginning of thereform, and the annual growth rate is maintained at about14%. Although people'sliving standard of Jilin Province has been greatly improved, the problem ofurban-rural income gap arises. Until2010the Engel’s coefficient in the town of JilinProvince was32.3%, and rural Engel coefficient was36.73%, with a difference ofnearly5percentage points between them. Many factors affect the income distributionin Jilin Province, especially for the financial development. This paper will test thecorrelation of this factor and the income distribution, in order to give suggestions.
This paper from the perspective of financial development discusses theurban-rural income gap in Jilin Province, and reviews the theory of financialdevelopment, development theory of rural finance. We summarize previous researchpoint of view and find that the income gap is divided into three categories: the theoryof "inverted U", the theory of expanding, and the theory of reduce. In theory, financialdevelopment points the increase pf the number of financial institutions, the expansionof the diversification of financial instruments and financial assets. The financialdevelopment through the effect of financial threshold, finance to reduce poverty, andthe lack of balance of financial development affect the income gap between urban andrural residents. Practice has proved that the improvement of the financial marketsystem, the transparency of financial information, the diversification of financialinstruments, and the balance of financial assets allocation in a country or region caneffectively reduce the income gap between urban and rural residents.
On the basis of theoretical analysis, we describe the status of the financial development and income distribution in Jilin Province. By lateral, internal, verticalcomparison we identify the factors that affect financial development, and expansionof the urban-rural income gap in Jilin Province. Finally we sum up the effect ofduality of the financial development through financial institutions, financial andcredit allocation of resources, and differences between insurance and capital marketsto the urban-rural income gap in Jilin Province. The empirical part builds a VARmodel using data from1978to2010in Jilin Province. And the paper discusses theurban-rural income distribution disparity from two aspects of finance and ruralfinance system by the ADF test, cointegration test, Granger causality test, pulse effectanalysis, and variance decomposition. The empirical results show that: overallfinancial development scale, the scale of rural financial development and theurban-rural income gap in Jilin Province present positive correlation and bidirectionalGranger cause; financial efficiency and urban-rural income gap is negativelycorrelated, there is also unidirectional Granger causality; financial structure,agriculture fiscal policy and the urban-rural income are negatively correlated.
By theoretical analysis, the current situation description and empirical analysis,the end of this paper from the financial development perspective gives some policyrecommendations to reduce the gap of urban and rural income distribution in JilinProvince, mainly summarized as lowering financial threshold in rural areas,improving the financial non-balanced development, to enrich rural financialinstruments and increasing financial support.
引文
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[2] Banerjee,Abhijit V.,Andrew F.Newman.Occupational Choice and the Processof Developmen[J].Journal of Political Economy,1993,101(2):274-298.
[3] Beck,T. and Levine,R.Stock Markets,Banks,and Growth:Panel Evidence[J].Journal of Banking and Finance,2004,28:423-442.
[4] Beck,Thorsten,Asli Demirguc-Kunt,Ross Levine.A New Database on Financial Development and Structure[R]. World Bank Working Papers wps2146,1999
[5] Bencivenga,Valerie and Bruth Smith.Financial Intermediation and Endogenous Growth[J],Review of Economic Studies,1991,58.
[6] Boot.A,Thakor.A Financial Intermediation and Endogenous Growth[J],Review of Economic Studies,1997,58
[7] Clarke,George,Lixin Colin Xu,Heng-fu Zou.Finance and Income Inequality:Test of Alternative Theories[R].World Bank Policy Research Working PaperNo.2984,2003.
[8] Deininger,Klausand Lyn Squire.A New Data Set Measuring Income Inequality[J],World Bank Economic Review,1996,10(3):565-91.
[9] Diamond,D.W.Financial Intermediation and Delegated Monitoring[J].Reviewof Economic Studies,1984,51:393-414.
[10]Dollar and Kraay.Growth is Good for the Poor[R].World Bank Development Economics Research Group,2001.
[11]Fry,M.j.Money,Interest and Banking in Economic Dvelopment[M].Johns HopKins University Press,1988.
[12]Galbraith.,Lu.Inequality and Financial Crises[R].Some Early Findings,UTIPWorking Paper No.9,1999.
[13]Galor,Oded,Joseph Zeira.Income Distribution and Macroeconomice[J].Reviewof Economic Studies,1993,60,(1):35-52.
[14]Greenwood,Jeremy,Boyan Javanovic.Financial Development,Growth and theDistribution of Income,Journal of Political Economy,1990,98(5):1076-1107.
[15]Gurley,J.G.and Shaw,E.S.Financial Structure and Economic Development[J].Economic Development and Cultural Change,April,1967.
[16]Honohan,P.Financial Sector Policy and the Poor:Selected Findings and Issues[C].World Bank mimeo,2004.
[17]Hossain,Mahabub.Credit for Alleviation of Rural Poverty:The Grameen Bankin Banglades[R]. IFPRI Research Report.International Food Policy Research Institute,Washington,D.C,1998.
[18]Jalilian,Hossein,Colin Kirkpatrick.Financial Development and Poverty Reduct-ion in Developing Countries[R],Working Paper No30,University of Manch-ester,2001.
[19]Johnson S.From Fragmentation to Embeddedness:Towards a Framework forthe Institutional Analysis of Financial Markets[R].Center for DevelopmentStudies in University of Bath,Working Paper Series2001,29.
[20]Kuznets,Simon.Economic Growth and Income Inequality[J].American Economic Review,1955,45(1),1-28
[21]Li,Squire,Zou.Explaining International and Intertemporal Variations in Income Inequality[J]. The Economic Journal,1998,108(2):26-43.
[22]Machinnon,Ronald,Money and Capital in Economic Development[M].Washington DC:Brook: Brooking Instituion,1973.
[23]Matsuyama,Kiminori.Endogenous Inequality[J].Review of Economic Studies,2000,67:743-759.
[24]Maurer,Noel and Haber,Stephen.Bank Concentration,Related Leading and Economic Performance Evidence from Mexico[R].Stanford University MMEO,2003.
[25]Patrick.Financial Development and Economic Growth in Underdeveloped Countries[J].Economic Development and Cultural Change,1996,14(2):174-89.
[26]Ross Levine,“Financial Development and Economic Growth:Viewa and Agend”. Journal of Economic Literature.1997.
[27]陈宗胜.经济、发展与收入分配[M].复旦大学出版社，第一版，1999.
[28]陈志刚、师文明.金融发展、人力资本和城乡收入差距[J].中南民族大学学报(人文社会科学版),2008,3(2).
[29]方文全.中国收入差距与金融发展关系的实证分析[J].江淮论坛，2006(2)
[30]高铁梅，王金明，梁云芳，刘玉红.计量经济分析方法与建模[M].清华大学出版社，第2版，2009.
[31]耿敏灵，我国金融发展与城乡收入分配的关系：一个分析视角[J].成都行政学院学报，2007(7).
[32]郭剑雄，公平教育、竞争市场与收入增长的城乡分享[J].陕西师范大学大学学报，2007(7).
[33]胡祖光.基尼系数的理论最佳值和简易计算公式[J].经济研究，2004(9).
[34]李实，赵人伟，张平.中国经济改革中的收入分配变动[J].管理世界，1998(1).
[35]卢莉娟.金融发展与收入差距：来自中国1978‐2004年的证据[D].中国人民大学硕士论文,2008(4).
[36]林志伟.经济增长、金融发展与城镇居民收入不平等[J].山西财经大学学报，2007(1).
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