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金融研究  2019, Vol. 465 Issue (3): 129-148    
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普惠金融、收入分配和贫困减缓——推进效率和公平的政策框架选择
李建军, 韩珣
中央财经大学金融学院, 北京 100081
The Effect of Financial Inclusion on Income Distribution and Poverty Alleviation:Policy Framework Selection for Efficiency and Equity
LI Jianjun, HAN Xun
Central University of Finance and Economics
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摘要 本文从县域和省际两个层面,采用OLS最小二乘法和DID双重差分法检验了普惠金融的政策效应。研究发现,普惠金融发展初期,能够缩小城乡收入差距,但是这种效应仅在集中连片特困区显著,受资源倾向性配置的效率损失、农贷的“精英俘获”以及金融知识匮乏的影响,银行服务包容性的提高没有反映出明显的益贫性;在产品市场、要素市场和中介市场发育程度较高、对生产者和消费者合法权益保护程度较强的地区,良好的制度环境可以对金融资本扭曲配置行为加以约束,纠正普惠金融对贫困减缓的负面效应;银行、保险等正规金融机构忽视弱势群体的资源配置结构是导致包容性金融体系无法实现减贫的根源。因此,兼顾广泛包容、特定配比和商业可持续的制度框架才能扭转正规金融机构现有效率和公平皆损的局面;构建信息化普惠金融体系,能够克服正规金融机构高门槛、服务成本高以及逆向选择等问题,成为对社会帕累托最优的政策框架选择,促进收入分配公平和减缓贫困。
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李建军
韩珣
关键词:  普惠金融  收入分配  贫困减缓  政策框架    
Summary:  The concept of financial inclusion was formally proposed during the “International Year of Microcredit” in 2005, and focuses on broad inclusiveness and a commitment to provide reasonably priced, convenient, and efficient financial services to all social strata. In theory, financial inclusion can alleviate the financial constraints of the poor rural population and promote investment in production, operations, and human capital through providing savings, credit, and insurance, which are helpful in alleviating poverty. Can financial inclusion therefore improve the current situation of uneven income distribution and reduce the incidence of poverty? Is there a significant difference between traditional finance and information-based financial inclusion? This study addresses this question.
This focus of this study is the impact of financial inclusion on income distribution and poverty alleviation. Specifically, a theoretical model is first used to explain the connotation of financial inclusion and construct a financial index system for financial inclusion. The study then examines the impact of financial inclusion on income distribution and poverty alleviation at the country level, and also on regional heterogeneity in the concentrated and non-concentrated destitute areas, the western and eastern regions. Second, it examines why financial inclusion has failed to reduce the incidence of poverty via two mechanisms: capture of the rural credit market by the elite and lack of financial knowledge. Third, it uses a difference-in-differences quasi-natural experiment to empirically analyze the influence of financial inclusion on income distribution and poverty alleviation. Then, using the two dimensions of banking and insurance, it examines the role of the financial inclusion framework design in reducing the incidence of poverty, taking broad coverage, specific matching, and sustainability into account. Finally, it explores the positive role of information-based financial inclusion compared with the traditional financial system.
Based on the county level data of 2009 and 2015, this study empirically examines the impact of financial inclusion on urban-rural income distribution and the per-capita disposable income of rural residents in concentrated and non-concentrated areas. In addition, we select data for 31 provinces, municipalities, and autonomous regions from 2002 to 2015 to empirically analyze the policy effects of financial inclusion. The county-level data are derived from “The Yearbook of Socio-economic Statistics of County (City) in China from 2000 to 2015,” the “China Statistical Yearbook for Regional Economy,” the CEInet Statistics Database, and manual collection. The provincial-level data are derived from the 2015 “Report on China's Regional Financial Operation,” the “China Statistical Yearbook,” the website of the People's Bank of China, and the Wind database.
The results show that in the initial stage, financial inclusion can narrow the rural-urban income gap, but this effect is only significant in concentrated destitute areas and the western region. Elite capture of the rural credit market and lack of financial knowledge are the reasons that financial inclusion has not alleviated poverty. A policy framework needs to take account of extensive inclusivity, specific ratios, and commercial sustainability to realize the dual goals of efficiency and fairness. Information-based financial inclusion can overcome the high thresholds, high service costs, and adverse selection problems of formal financial institutions, becoming the optimal framework for the selection of Pareto efficiency to promote fair income distribution and alleviate poverty.
The contribution of this paper lies mainly in the following aspects. First, it overcomes the overlapping problem of financial inclusion and the Financial Exclusion Index, improving the design of the Inclusive Financial Index system. Second, it examines the effect of financial inclusion on income distribution and poverty reduction at the county and provincial level, answering the question of whether financial inclusion can improve the situation of uneven distribution and poverty, and further verifying the differential impact of the institutional environment on the economic consequences of financial inclusion. Third, it compares and analyzes the problems and advantages of traditional financial institutions and information-based finance in the development of financial inclusion, providing theoretical support and practical guidance for the selection of a policy framework, and helping to improve the role of financial inclusion in improving income distribution and alleviating poverty.
Keywords:  Financial Inclusion    Income Distribution    Poverty Alleviation    Policy Framework
JEL分类号:  G21   D33  
基金资助: 本文感谢资助国家社科基金重大项目“金融排斥、金融密度差异与信息化普惠金融体系建设研究”(14ZDA044)以及博士生重点选题支持项目的支持。
作者简介:  李建军,经济学博士,教授,中央财经大学金融学院,E-mail:ljjlsh@126.com.
韩 珣(通讯作者),博士研究生,中央财经大学金融学院,E-mail:17801031925@163.com.
引用本文:    
李建军, 韩珣. 普惠金融、收入分配和贫困减缓——推进效率和公平的政策框架选择[J]. 金融研究, 2019, 465(3): 129-148.
LI Jianjun, HAN Xun. The Effect of Financial Inclusion on Income Distribution and Poverty Alleviation:Policy Framework Selection for Efficiency and Equity. Journal of Financial Research, 2019, 465(3): 129-148.
链接本文:  
http://www.jryj.org.cn/CN/  或          http://www.jryj.org.cn/CN/Y2019/V465/I3/129
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