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运用最近发展起来的面板协整技术,本文分析了中国的收入差距、投资与经济增长之间的关系。1978-2004年省际面板数据的研究结果表明,中国的城乡收入比、固定资产投资、人均实际GDP是包含单位根的非平稳变量,它们之间存在稳定的协整关系。从长期看,收入差距的拉大对经济增长有害,但投资并非是收入差距作用于经济增长的桥梁。因此,要保持经济的持续增长,必须着力解决日益恶化的收入差距问题。
Using the recently developed panel cointegration technology, this paper analyzes the relationship between China’s income disparity, investment and economic growth. The results of the inter-provincial panel data from 1978 to 2004 show that the urban-rural income ratio, fixed asset investment and real GDP per capita in China are nonstationary variables with unit roots, and there is a stable cointegration relationship between them. In the long run, the widening income gap is harmful to economic growth. However, investment is not a bridge between the income gap and economic growth. Therefore, in order to maintain sustained economic growth, we must make efforts to solve the worsening income gap.