本文旨在探討台灣所得不均與金融發展之間的關係。以往許多文獻討論金融發展與所得不均關係，由於不同的金融發展指標，導致其結論並不一致。因此，本文使用1964 年至2011 年的台灣時間序列資料，以ARDL 共整合模型進行實證分析，發現不同的金融發展指標與所得不均之間的關係並不一致。
   本文使用五種金融發展指標。其中，以債劵市場餘額與放款為金融發展指標時，若金融發展越成熟時，改善了所得不均；另一方面，當以M2、存款以及股票總市值為金融發展指標時，若金融發展越成熟時，卻導致了所得不均的惡化。本研究指出，在不同的金融運作機制下，導致金融發展與所得不均的影響，皆不相同。

The purpose of the research is to investigate income inequality and financial development nexus in Taiwan. There are many empirical literatures studied the relationship between financial development and income inequality but reached different conclusions. We saw they were using different proxies to represent financial development and this might be one of the reasons that they obtained different results.By applying Taiwan data in the period of 1964-2011 to the estimation, the results of autoregressive
distributed lag (ARDL) co-integration show that the relationships between financial development and income inequality are not unique; depending on what financial development indices are used.

       We consider five financial development indices. When bond outstanding value and bank loan are
used as the proxies of the degree of financial development, we found that as the degree of financial development increases, the degree of income inequality tends to decline. On the contrary, as M2, bank deposit and stock market value are used as the proxies of financial development; financial development tends to worsen income inequality. Our analysis implies the financial development and income inequality nexus is not certain when using different proxies.

目錄     I
表目錄   II
圖目錄   III
第一章緒論   1
第二章文獻回顧   6
第一節 理論文獻   6
第二節 實證文獻   7
第三章實證方法   17
第一節 資料敘述與分析   19
第二節實證方法- ARDL 共整合模型   26
第四章實證結果分析   29
ARDL 模型實證結果   29
(一) 市場資金需求    29
(二) 貨幣供給面  37
(三) 股票市場   45
第五章結論與建議   50
References   52
APPENDIX A   57

表目錄
表 1 為金融發展程度與所得不均的文獻   13
表 2 為先驗假設金融發展面與社會經濟面對於所得不均之間的關係 17
表 3 本文使用的變數   23
表 4 變數的基本敘述統計量   24
表 5 變數的相關係數矩陣   24
表 6 所得不均與金融發展程度長期均衡關係(以債劵期底發行餘額為金
融發展程度指標)   31
表 7 所得不均與金融發展程度ECM 結果(以債劵期底發行餘額為金融
發展程度指標)   32
表 8 所得不均與金融發展程度長期均衡關係(以放款為金融發展程度指
標)   34
表 9 所得不均與金融發展程度ECM 結果(以放款為金融發展程度指標)
  36
表 10 所得不均與金融發展程度長期均衡關係(以貨幣市場為金融發展
程度指標)   39
表 11 所得不均與金融發展程度ECM 結果(以貨幣市場為金融發展程度
指標)   40
表 12 所得不均與金融發展程度長期均衡關係(以存款為金融發展程度
指標)   42
表 13 所得不均與金融發展程度ECM 結果(以存款為金融發展程度指標)
  43
表 14 所得不均與金融發展程度長期均衡關係(以股票市值為金融發展
程度指標)   46
表 15 所得不均與金融發展程度ECM 結果(以股票市值為金融發展程度
指標)   48

圖目錄
圖 1 台灣地區1976 年至2011 年間卲尼係數   4
圖 2 台灣地區1976 年至2012 年間金融發展指標   4

Ang, J. B. (2008). Finance and inequality: The case of India. CAMA Working Paper 18.,
Beck, Demirguc-Kunt and Levine(2007). Finance, inequality and the poor. Journal of Economic Growth, Springer, 12(1), 27-49.
Bittencourt, M. F. M. (2006). Financial development and inequality: Brazil 1985-99.ECINEQ Working Paper 26.
Claessens, S. a. P., E. (2007). Finance and inequality: Channels and evidence. Journal of Comparative Economics, 35(4), 748-773.
Clarke, G. (1995). More evidence on income distribution and growth. Journal of Development Economics, 47(2), 403-427.
Clarke, G., Xu, L., and Zou, H. (2006). Finance and income inequality: What do the data tell us? Southern Economic Journal, 72(3), 578-596.
Davidson, J.E.H.(1978). Economotric modeling of the aggregate time-servies relationship between expenditure and income in the United Kingdom, Economic 
   Journal, 88(352), 661-692.
Felix, R., and Neven, V. (2004). Finance and the sources of growth at various stages of economic development. Economic Inquiry, 42(1), 127-140.
Flug, K. ,Spilimbergo, A. and Wachtenheim, E. (1998). Investment in education: Do economic volatility and credit constraints mater? Journal of Development Economics, 55(2), 465-481. 
Greenwood, J. and Jovanovic, B. (1990). Financial development, growth, and the distribution of income. Journal of Political Economy, 98(5), 1076-1107.
Jalilian, H., and Kirkpatrick, C. (2005). Does financial development contribute to poverty reduction. Journal of Development Studies, 41(4), 636-656.
Kim, D., and Lin, S. (2011). Nonlinearity in the financial development–income inequality nexus. Journal of Comparative Economics, 39(3), 310-325.
Kumhof, M and Ranciere, R. (2010). Inequality, Leverage and Crises (No. 10/268).
Kuznets, S. (1955). Economic growth and income inequality. The American Economic Review, 45(1), 1-28.
Levine, R., Loayza, N., and Beck, T. (2000). Finance intermediation and growth : Causality and cases. Journal of Monetary Economics, 46, 31-77.
Li, H., Lyn, S., and Zou, H. (2001). Explaining International and Intertemporal Variations in Income Inequality. The Economic Journal, 108(446), 26-43.
Liang, Z. (2006). Financial development and income distribution: A system GMM panel analysis with application to urban china. Journal of Economic Development, 31(2), 1-21.
Motonishi, T. (2006). Why has income inequality in Thailand increased? An analysis using surveys from 1975 to 1998. Japan and the World Economy, 18(4), 464-487.
Papageorgiou, C., Lall, S., and Jaumotte, F. (2008). Rising Income Inequality: Techology, or Trade and Financial Globakization? (No.08/185).
Pesarn, M. H., Shin, Y., and Smith, R. (2001). Bounds testing approach to the analysis of level relationship. Journal of Applied Econometrics, 16, 289-326.
Rioja, F. and Valev, N. (2004).Does One Size Fit All?: A Reexamination of the Finance and Growth Relationship. Journal of Development Economics, 74, 429-447.
Rioja, R. G. (2010). Fault Lines. Princeton, NJ: Princeton University Press.
Robert F. E. and C. W. J. Granger(1987). Co-Integration and Error Correction: Representation, Estimation, and Testing. Econometrica, 55(2), 251-276
S. Johansen and k. Juseliusb(1990). Identification of the long-run and the short-run structure an application to the ISLM model. Journal of Econometrics, 63(1), 7–36
Sebastian, J. and Sebastian, W.(2012). Financial Development and Income Inequality: 
A Panel Data Approach.  CESIFO Working Paper no. 3687.
Sylwester, K. (2003). Changes in income inequality and the black market premium. Journal of Applied Econometrics, 35(4), 403-413.
李建強. (2006). 金融發展、經濟成長與通貨膨脹的門檻效果. 台灣經濟預測與政策, 36(2), 77-113
吳宜臻. (2009). 所得不均度與物價膨脹率之門檻效果分析. (碩士論文, 淡江大學). , 1-58.
林福來、彭建章、劉春蘭.(2008). 匯率波動對美國出口的影響-ARDL共整合分析法的應用. 人文暨社會科學期刊, 4(2), 1-9
陳仕偉、陳韻婷.(2009). OECD國家財政支出與經濟成長之間的因果關係-Wagner法則驗證. 台灣銀行季刊, 62(2),129-146
陳亭慈. (2009). 金融發展與所得不均之關連:以門檻迴歸方法分析. (碩士論文, 淡江大學). , 1-55.
莊希豐. (1999). 金融發展與經濟成長之臺灣實證研究. 台灣銀行季刊, 50(4), 64-85.
莊希豐、陳亞為. (2011). 貿易開放與所得不均：以門檻迴歸法分析. 經濟研究, 47(2), 185-224.