本文關鍵詞：功能性收入分配、金融發(fā)展和經常賬戶失衡　出處：《浙江工商大學》2014年碩士論文　論文類型：學位論文

  更多相關文章： 經常賬戶失衡 功能性收入分配 金融發(fā)展

【摘要】：自21世紀以來,全球經常賬戶失衡日益成為一個突出問題,一方面表現(xiàn)為以美國為代表的發(fā)達國家經常賬戶常年逆差；另一方面表現(xiàn)為以中國為代表的發(fā)展中國家卻常年保持經常賬戶順差。各國經常賬戶的深度失衡對全球穩(wěn)定增長造成了威脅,更有學者認為全球失衡是2008年全球金融危機爆發(fā)的重要因素之一(Obstfeld and Rogoff,2009, Blanchard and Milesi-Ferretti,2009, Portes,2009)。因此,探究經常賬戶失衡問題對于揭示全球經濟失衡以及危機成因具有一定的現(xiàn)實意義。經常賬戶失衡在一定程度上反映出儲蓄和投資的失衡,而儲蓄和投資失衡,主要源于收入分配結構的失衡,而收入分配結構的失衡,又與初次收入分配結構失衡直接相關。初次分配格局的變化,直接影響到國民收入的再分配,最終影響到全社會的投資和消費比例(劉偉和蔡志洲,2008)。本文將從功能性收入分配和金融發(fā)展視角來解釋經常賬戶失衡,并從理論和實證兩個方面研究三者的關系。 本文在對國內外相關文獻進行梳理的基礎上,從四大部分來闡述功能性收入分配、金融發(fā)展和經常賬戶失衡的關系,首先,本文對經常賬戶失衡的現(xiàn)狀進行了跨國比較分析,發(fā)現(xiàn)經常賬戶失衡具有全球性和持續(xù)性；在對勞動收入占比的跨國比較分析中發(fā)現(xiàn)發(fā)達國家的勞動收入占比遠遠高于發(fā)展中國家,而且所有國家的勞動收入占比都出現(xiàn)了下降的趨勢。 其次,本文通過構建一個消費外部性和代理人異質性的模型,從消費渠道解釋了勞動收入占比、金融發(fā)展和經常賬戶失衡三者的關系。模型證明了在不存在資本積累和政府支出的情況下,勞動收入占比、金融發(fā)展程度和經常賬戶之間的關系與勞動者消費外部性以及主觀貼現(xiàn)率的大小的有關。在發(fā)達國家中,居民的主觀貼現(xiàn)率較小,傾向于當期消費,勞動者消費外部性越大,消費的越多,將會導致經常賬戶赤字,勞動收入占比越大,金融發(fā)展水平越高,經常賬戶赤字越大；而在發(fā)展中國家,居民的主觀貼現(xiàn)率較大,傾向于儲蓄即未來消費,勞動者越關注相對消費,消費的越少,將會導致經常賬戶順差,勞動收入占比越大,金融發(fā)展程度越高時,經常賬戶順差越大。 在此基礎上,本文選取了42個國家,并分為22個發(fā)達國家和20個發(fā)展中國家兩個樣本,以勞動收入占比、金融發(fā)展、外商直接投資等宏觀經濟變量對1995-2011年的經常賬戶失衡成因做實證研究。研究結果表明：勞動收入占比、金融發(fā)展對經常賬戶有顯著的影響,發(fā)達國家中,勞動收入占比每增加一個單位,經常賬戶逆差將增加0.128%,而在發(fā)展中國家,勞動收入占比每增加1%,會導致經常賬戶順差增加0.143%；金融發(fā)展在兩個樣本中對經常賬戶都有負影響,且在發(fā)達國家的影響更為顯著。 最后文章得出結論,經常賬戶失衡的根本原因在于各國的功能性收入分配失衡和金融發(fā)展程度的差異,對于經常賬戶失衡國在治理的過程中應注重本國的功能性收入分配,發(fā)展中國家還應注重本國金融市場的發(fā)展。
[Abstract]:Since twenty-first Century, the global current account imbalances has increasingly become a prominent issue, the one hand the performance of developed countries represented by the United States current account deficit year; on the other hand is to Chinese as a representative of developing countries has kept the current account surplus countries. The depth of the global current account imbalances caused by the steady growth of the threat. More scholars believe that the global imbalances is one of the important factors in the 2008 global financial crisis (Obstfeld and Rogoff, 2009, Blanchard and Milesi-Ferretti, 2009, Portes, 2009). Therefore, exploring the current account imbalances has certain practical significance for revealing the global economic imbalances and the causes of the crisis. The imbalance of current account reflects the imbalance between savings and investment to a certain extent, savings and investment imbalances, mainly due to the imbalance of income distribution structure, income distribution structure and loss Heng was directly related with the imbalance in the structure of income distribution. The changes of initial distribution pattern, directly affect the redistribution of national income, and ultimately affect the whole social investment and consumption ratio (Liu Wei and Cai Zhizhou, 2008). This article from the functional income distribution and financial development perspective to explain the current account imbalances, and the relationship between the study on the two aspects of theory and empirical three.
This paper summarizes the related literature at home and abroad, from four parts to elaborate the function of income distribution, the relationship between financial development and current account imbalances, first of all, the transnational comparative analysis present situation of current account imbalances, found out a global current account imbalances and persistence; on labor income share the international comparative analysis found in developed countries the labor income share is much higher than that of developing countries, and all countries of the labor income share decline trend.
Secondly, this paper constructs a consumption externality and agent heterogeneity model, from the consumer channel explains the labor income share, the relationship between financial development and current account imbalances of the three. Model shows that in the absence of capital accumulation and government expenditures, labor income accounted for the relationship between employees and external consumption between the financial development and the current account and the subjective discount rate size. In developed countries, the residents subjective discount rate is small, tend to the current consumption, labor consumption externalities are larger, more consumption, will lead to current account deficits, labor income accounted for the larger, higher levels of financial development the current account deficit, the greater; while in developing countries, residents of the subjective discount rate is larger, tend to save future consumption, workers more attention to relative consumption, consumption is less, will lead to current account The greater the household surplus, the greater the proportion of the labor income and the higher the financial development, the greater the current account surplus.
On this basis, this paper selects 42 countries, and is divided into 22 developed countries and 20 developing countries, two samples in labor income share, financial development, foreign direct investment and other macroeconomic variables to do empirical research on the causes of the imbalance of current account for 1995-2011 years. The results show that: the labor income share, financial the development has a significant impact on the current account, in developed countries, labor income accounted for each unit increase in the current account deficit will increase by 0.128%, while in developing countries, labor income accounted for 1% increase will lead to current account surplus increased 0.143%; financial development has a negative impact on the current account in a sample of two, and the influence in developed countries is more significant.
Finally, the current account is the root causes of the imbalance in the different functional income distribution imbalance and the degree of financial development, the current account imbalances in China should pay more attention to the function of income distribution in the process of governance in the country, developing countries should also pay attention to the development of China's financial markets.

【學位授予單位】：浙江工商大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F113.8;F831

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