A theory of financial inclusion and income inequality
A theory of financial inclusion and income inequality
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DOI：
10.1080/1351847x.2020.1792960
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发表时间：
2020-07
期刊：
影响因子：
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通讯作者：
Gerhard Kling;Vanesa Pesqué-Cela;Lihui Tian;D. Luo
中科院分区：
文献类型：
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作者：
Gerhard Kling;Vanesa Pesqué-Cela;Lihui Tian;D. Luo
我们提出了一个将金融包容性（定义为获得正式贷款和金融资产）与收入不平等联系起来的理论。家庭的初始不平等由一个决定初始禀赋的随机变量来建模。这些初始禀赋可以用来立即投资于人力资本和金融资产。人力资本转化为基于严格凹形生产函数的收入，这表明投资水平是最优的。金融资产的收益不取决于个人投资的金额。理论预测采用2011年和2013年中国家庭金融调查（CHFS）进行检验。由随机变量建模的初始条件被收入或资产的实际分布所取代，从而得出可能受益于普惠金融的人口比例的理论预测。普惠金融确实缓解了教育投资不足的问题，但正式贷款不起作用。如果家庭依赖正式或非正式贷款，收入不平等就会加剧，而获得银行账户则会改善家庭在未来收入分配中的前景。然而，低于家庭收入第40百分位的家庭确实受益于非正式贷款。
We develop a theory linking financial inclusion, defined as access to formal loans and financial assets, to income inequality. Initial inequality of households is modeled by a random variable determining initial endowments. These initial endowments can be used to invest instantaneously in human capital and financial assets. Human capital translates into income based on a strictly concave production function, suggesting optimal levels of investment. Financial assets earn yields which do not depend on the amount invested by individuals. Theoretical predictions are tested using the China Household Finance Survey (CHFS) for 2011 and 2013. Initial conditions modeled by a random variable are replaced by an actual distribution of income or assets to derive theoretical predictions regarding the proportion of the population that might benefit from financial inclusion. Financial inclusion does mitigate under-investment in education – but formal loans do not contribute. Income inequality worsens if households rely on formal or informal loans, whereas access to bank accounts improves households' prospects in the future income distribution. However, households below the 40th percentile of household income do benefit from informal loans.