本文旨在探討金融發展與民主化程度對所得不均度之影響。利用111個國家自1970年至2009年的橫斷面資料，並且以分量迴歸方法進行實證分析，本文的發現如下。在低所得不均度的國家中，民主化程度對所得不均度有負向顯著的關係，這說明在低所得不均度的國家中，提升該國家的民主化程度有助於改善其所得不均度，另外，在各種所得不均度下，金融發展對所得不均度則是不顯著，這說明提升一個國家的金融發展能改善其所得不均度的能力不顯著。因此，提升一個國家的民主化程度較能改善其所得不均度。

This study investigates the non-linear relationships between income inequality, financial development and democracy in 111 countries over the period 1970-2009 using a quantile regression approach. The empirical results show that democracy is statistically significant and has a negative relationship in those nations that have lower levels of income inequality. Moreover, the financial development indicator is insignificant in nations with any income inequality, indicating that financial intermediary development has a minor effect on everyone. According to our empirical results, improving democracy ameliorates income inequality in countries with lower levels of inequality in terms of income distribution.

1 Introduction...............................................................................................................1
2 Literature Review......................................................................................................4
  2-1 Financial Development and Income Inequality.................................................4
  2-2 Democracy and Income Inequality...................................................................10
3 Methodology............................................................................................................13
  3-1 Quantile Methods............................................................................................ 13
   3-1-1 Quantile Regressions..................................................................................13
   3-1-2 Quantile regression model and Development.............................................14
   3-1-3 Estimation...................................................................................................15
   3-1-4 Model Specification...................................................................................15
  3-2 Data Description..............................................................................................16
4 Empirical Results....................................................................................................19
5 Conclusion...............................................................................................................45
References...................................................................................................................46
Appendix A: Countries...............................................................................................49
Appendix B: Summary Statistics................................................................................50
Appendix C: Correlations...........................................................................................50


List of Figures
Figure 1: Quantile estimated from Table 1.................................................................22
Figure 2: Quantile estimated from Table 2.................................................................22
Figure 3: Quantile estimated from Table 3.................................................................28
Figure 4: Quantile estimated from Table 4.................................................................28
Figure 5: Quantile estimated from Table 5.................................................................29
Figure 6: Quantile estimated from Table 6.................................................................29
Figure 7: Quantile estimated from Table 7.................................................................40
Figure 8: Quantile estimated from Table 8.................................................................40
Figure 9: Quantile estimated from Table 9.................................................................41
Figure 10: Quantile estimated from Table 10.............................................................41
Figure 11: Quantile estimated from Table 11.............................................................42
Figure 12: Quantile estimated from Table 12.............................................................42
Figure 13: Quantile estimated from Table 13.............................................................43
Figure 14: Quantile estimated from Table 14.............................................................43
Figure 15: Quantile estimated from Table 15.............................................................44

List of Tables
Table 1: Quantile estimated with simple condition set 
(Private Credit)………………………………………….…….….…...20
Table 2: Quantile estimated consider additional control variable, GDP growth
(Private Credit)……………………………...………….……….…….21
Table 3: Quantile estimated consider additional control variable, Government consumption
(Private Credit)………………………………………..….….….……...24
Table 4: Quantile estimated consider additional control variable, Trade
(Private Credit, The dependent variable is Gini net)…………….…...25
Table 5: Quantile estimated consider additional control variable, Trade
(Private Credit, The dependent variable is Growth of Gini)…….……26
Table 6: Quantile estimated with simple condition set 
(Liquid Liabilities)……….…..…………………………………..…...27
Table 7 Quantile estimated consider additional control variable, GDP growth
(Liquid Liabilities)……………...…………………………………….31
Table 8 Quantile estimated consider additional control variable, Government consumption
(Liquid Liabilities)…..…………………………………….…………...32
Table 9 Quantile estimated consider additional control variable, Trade
(Liquid Liabilities, The dependent variable is Gini net)….…………...33
Table 10 Quantile estimated consider additional control variable, Trade
(Liquid Liabilities, The dependent variable is Growth of Gini).....…...34
Table 11 Quantile estimated with simple condition set 
(Bank asset).……………………………………………………….…...35
Table 12 Quantile estimated consider additional control variable, GDP growth
(Bank assets)…………………………………………….…………….36
Table 13 Quantile estimated consider additional control variable, Government consumption
(Bank assets)…………………………………………….……….…...37
Table 14 Quantile estimated consider additional control variable, Trade
(Bank assets, The dependent variable is Gini net)…….……..….…...38
Table 15 Quantile estimated consider additional control variable, Trade
(Bank assets, The dependent variable is Growth of Gini)……….…...39

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