金融化时代的金融与不平等关系:葡萄牙的证据

IF 2.8 3区 经济学 Q2 BUSINESS, FINANCE
Ricardo Barradas, Rishi Lakhani
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引用次数: 0

摘要

自 20 世纪 80 年代以来,葡萄牙的政策制定者一直在大力推进金融体系的自由化、放松管制和私有化进程,以遵守欧洲经济共同体实施的规则,并促进金融增长、推动经济增长和减少不平等现象。然而,在过去几十年中,葡萄牙的经济增长表现较弱,不平等现象持续扩大,这种情况似乎与金融化时代金融增长所发挥的支持作用的主流观点相悖。本文通过线性和非线性模型的估计,对葡萄牙从 1980 年到 2020 年的时间序列计量经济学分析,对金融与不平等之间的关系进行了实证评估。文章发现,有强有力的证据表明葡萄牙的金融与不平等之间存在正(线性)关系,也有一些证据表明金融与不平等之间存在凸二次(非线性)关系,从而证实了金融增长是有害的、加剧了葡萄牙不平等的假设。这些研究结果突出表明,迫切需要放弃所谓的 "涓滴理论 "或 "麻雀理论",在扶贫公共政策的支持下实施所谓的 "涓滴上升理论",以减少葡萄牙的不平等现象。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
The finance–inequality nexus in the era of financialisation: Evidence for Portugal

Since the 1980s, Portuguese policy makers have engaged in a strong process of liberalization, deregulation and privatization of the financial system to adhere to the rules imposed by the European Economic Community and to promote financial growth, boost economic growth and reduce inequality. However, the Portuguese economic growth has exhibited a weaker performance and inequality has continued to widen in the last decades, a situation that seems to contradict the mainstream beliefs regarding the supportive role played by financial growth in the era of financialisation. This article undertakes an empirical assessment of the finance–inequality nexus by performing a time series econometric analysis for Portugal from 1980 to 2020 through the estimation of both linear and non-linear models. It finds strong evidence for a positive (linear) relationship between finance and inequality and some evidence for a convex quadratic (non-linear) relationship between finance and inequality in Portugal, corroborating the hypothesis that the financial growth has been prejudicial, enhancing inequality in Portugal. These findings highlight the urgent need to abandon the so-called ‘trickle-down theory’ or the ‘horse and sparrow theory’ and to implement the so-called ‘trickle-up theory’ with the support of pro-poor public policies to decrease inequality in Portugal.

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来源期刊
CiteScore
5.70
自引率
6.90%
发文量
143
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