金融包容性
经济
经济不平等
不平等
投资(军事)
人力资本
分布(数学)
综合收益
收入分配
人口
家庭收入
财务
劳动经济学
人口经济学
金融服务
公共经济学
经济增长
总收入
社会学
人口学
历史
考古
法学
政治
国家所得税
税制改革
数学
政治学
数学分析
作者
Gerhard Kling,Vanesa Pesqué‐Cela,Lihui Tian,Deming Luo
标识
DOI:10.1080/1351847x.2020.1792960
摘要
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.
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