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A Study on the Effects of Financial Development on Income Distribution in China

Author: LiuMin
Tutor: WangHaoZuo
School: Ningbo University
Course: Quantitative Economics
Keywords: Income distribution Financial development Gini coefficient VAR GMM
CLC: F832
Type: Master's thesis
Year: 2012
Downloads: 1
Quote: 0
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Abstract


With the reform and open up,China has made remarkable achievement both in economicgrowth and financial development. Meanwhile,the income gap has been sustained enlarged.Some researches shows,there is a closed connection between income inequality and financialdevelopment. If financial development can not only facilitate the economic boom,but also narrowthe income gap,it will be very significant to deepen financial reform.Firstly, based on classic foreign literature,this paper presents three effects of incomedistribution which financial development impacted on. They are GJ effects,interest rate effectsand the poverty reduction effects. By analyzing on the mechanism of these three effects,thispaper bring up a viewpoint as below: Based on financial repression are still the main features inChinese financial development, the threshold effects which GJ effects and interest rate effectsrepresent are still as their leading position. As the poverty reduction effects is not enough to makeup the income gap,the total effects from financial development will expand the income gap atthis stage.Secondly, according to China′s actual economic background,this paper takes an analysison the change of the income distribution and financial development. Then,we make an empiricalanalysis of the relation between financial development and income inequality. The results of VARmodel indicate that financial development has expanded China′s income gap. Both financialscale and financial structure are the Granger causes of China′s income inequality,and there isno causal relationship between financial efficiency and income inequality. The analysis results ofimpulse response function shows that the positive effect which financial development made,has asignificant positive effect on Gini coefficient.Finally,by using China′s province-level panel data,the regression conclusion shows thatfinancial development has significantly expanded urban-rural income gap. The improvement ratioof loan in GDP enlarges urban-rural income gap. And rate-cutting policies of the central banksenlarges urban-rural income gap. Also at work are local protectionism and improvement ofemployee education degree. And economic development showed a negative correlation to urban-rural income gap.Based on the above researching, this paper put forward three policy suggestions of incomeinequality improving,constructing multiplication of financing pattern system;developing micro-credit;and implementing a discriminatory monetary policy.

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CLC: > Economic > Fiscal, monetary > Finance, banking > China's financial,banking
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