本文旨在探討所得不均度與金融發展程度間的關聯是否會因經濟發展程度或金融發展程度的不同而有所差異。利用61個國家自1960年至2005年的橫斷面資料，並且以門檻迴歸方法進行實證分析，本文的發現如下。由於資本市場不完美導致進入金融市場的機會為不平等的，以至於在低所得國家與金融體系發展程度較不成熟的國家，人們受限於許多借貸限制，即使提高金融發展程度，不僅無法立即降低貧富差距，反而使富有者獲利更多，造成所得更加地不平均。相對地，在高所得國家與金融體系發展程度較成熟的國家，大部分的人們皆能享用金融資源與服務，故金融發展程度的提高有利於增進多數人的福利，並且降低所得不均度。倘若政府想透過金融管道來縮減貧富之間的差距，則應針對國家的性質制定合適的金融政策，並且確實監督與執行，如此才能夠更有效率地達成目標。

This paper explores the connection between financial development and income inequality. Specifically, we examine whether the finance-inequality link varies with the degree of economic or financial development. By using a cross section of 61 countries during the period of 1960-2005, our threshold regressions results point out that the relationship between finance and inequality is regime specific, depending on real GDP per capita or financial development. In particular, countries with low income and less developed financial systems tend to experience higher income inequality and better financial development. By contrast, countries with high income and more developed financial systems tend to experience lower income inequality and better financial development. Our analysis thus implies that in addition to fiscal measures, the government may consider financial reforms as an alternative means to reduce income inequality.

目錄
表目錄	II
第一章 緒論	1
第二章 文獻回顧	4
第一節 理論文獻	4
第二節 實證文獻	8
第三章 計量方法與資料來源	14
第一節 Hansen之門檻迴歸模型	14
第二節 資料來源與敘述	17
第四章 實證分析	24
第一節 經濟發展之影響	25
第二節 金融發展之影響	31
第三節 股票市場	37
第五章 結論與建議	44
參考文獻	46
附錄	51


表目錄
表 1 所得不均度與金融發展程度之議題相關文獻整理	12

表 2 樣本國家	17

表 3 敘述統計量	23

表 4 吉尼係數成長率與金融發展程度之門檻估計結果
    (以期初每人實質GDP之自然對數為門檻變數)	26

表 5 第一五分位之所得份額成長率與金融發展程度之門檻估計結果
(以期初每人實質GDP之自然對數為門檻變數)	29

表 6 吉尼係數成長率與金融發展程度之門檻估計結果
(以期初金融發展指標之自然對數為門檻變數)	32

表 7 第一五分位之所得份額成長率與金融發展程度之門檻估計結果
(以期初金融發展指標之自然對數為門檻變數)	35

表 8 吉尼係數成長率與股票市場發展程度之門檻估計結果
(以期初每人實質GDP之自然對數為門檻變數)	38

表 9 第一五分位之所得份額成長率與股票市場發展程度之門檻估計結果
(以期初每人實質GDP之自然對數為門檻變數)	39

表 10 吉尼係數成長率與股票市場發展程度之門檻估計結果
(以期初股票市場發展指標之自然對數為門檻變數)	41

表 11 第一五分位之所得份額成長率與股票市場發展程度之門檻估計結果
(以期初股票市場發展指標之自然對數為門檻變數)	43

附表 1 所得不均度與金融發展程度之OLS估計結果
(以同期金融發展指標衡量)	51

附表 2 所得不均度與金融發展程度之OLS估計結果
(以期初金融發展指標衡量)	52

附表 3 所得不均度與金融發展程度之IV估計結果	53

附表 4 國家別—以所得區分	54

附表 5 國家別—以金融發展程度區分	55

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