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金融体系能否在促进经济增长的同时提升收入分配的均等化?从分工视角研究金融体系在经济发展中的功能,在金融结构理论框架的基础上通过构建金融选择指数和结构错配指数对此给出了自洽的解释。1980~2013年全球64个经济体的实证结果表明,在经济发展的每个阶段均存在一个基于要素禀赋结构、企业规模及其风险特性的最优金融结构,采取违背最优金融结构的金融模式,不管是放松金融工具创新的监管、过度重视大银行和股票市场等直接融资方式还是过度压抑小额信贷、民间借贷市场等非正规金融渠道均会恶化收入不平等问题。
Can the financial system promote the equalization of income distribution while promoting economic growth? To study the function of the financial system in economic development from the perspective of division of labor. Based on the theoretical framework of financial structure, we can construct a financial choice index and a structural mismatch index A self-consistent explanation is given. The empirical results of 64 economies from 1980 to 2013 show that at each stage of economic development there exists an optimal financial structure based on factor endowment structure, firm size and risk characteristics, and the financial model that runs counter to the optimal financial structure , Whether it is to relax the supervision of innovative financial instruments, over-emphasize direct financing methods such as big banks and stock markets, or over-depress microcredit, non-formal financial channels such as the private lending market will worsen the problem of income inequality.