從1980年代開始，金融自由化的浪潮開始影響許多國家的經濟與金融制度，並且是許多國家在經濟發展上的重要政策與方向，而過去數十年來，所得分配不均、貧富差距擴大的現象也在全球多數國家開始發生，因此有許多學者開始研究金融自由化是否會對於所得分配造成影響。本文使用Pesaran et al.(1999)所提出的混合組群平均數估計式(Pooled Mean Group, PMG)來估計金融自由化對於所得分配不均度的影響效果。研究期間自1973年至2005年，樣本國包含21個已開發國家及36個開發中國家，共57個國家。實證結果顯示:

1.金融自由化不論是在已開發國家還是開發中國家，在長期皆會擴大所得分配不均，但是在短期的影響效果卻不顯著。而在模型中加入了其它的總體控制變數後，並不會影響主要結果。

2.在模型中加入金融自由化指標與人力資本的交乘項來討論，研究結果發現，若一國在發展金融自由化的時候，實施教育來做為配套措施的話，其對於降低所得分配的效果並不顯著。

3.將金融自由化指標細分成以銀行部門為基準的銀行自由化指標以及以資本市場為基準的資本市場自由化指標，研究結果發現，銀行自由化和資本市場自由化對於已開發國家和開發中國家在長期皆會擴大所得分配不均，尤其以銀行自由化對於所得分配不均的影響更為嚴重。

Since the 1980s, the waves of financial liberalization have undergone in many countries. Meanwhile, in the past couple decades, income inequality has grown significantly within many countries. For this observation, many scholars began to study and analyze whether financial liberalization has exerted some impacts on income inequality. In this study, we apply the pooled mean group (PMG) estimator of Pesaran et al.(1999) to evaluate the relationship between financial liberalization and income inequality. The stuy is dated from 1973 to 2005 and the sample includes 21 developed countires and 36 developing countries. The primary findings of this study are as follows:

1.Financial liberalization enlarges income inequality in the long run, for both developed and developing countries.

2.Human capital improving policy may not be an effective tool to mitigate the influence of financial liberalization on worsening income inequality.

3.When decomposing the indicators of financial liberalization into bank- liberalization and capital- market- liberalization, we found that in the long-run, both bank liberalization and capital-market liberalization will worsen income inequality, with bank liberalization comparatively having larger influence on income inequality than capital-market liberalization.

目 錄
第一章 緒論..........................................1
第一節 研究動機與目的..................................1
第二節 研究架構.......................................6

第二章 文獻回顧........................................8
第一節 金融自由化對所得分配不均度的影響之理論文獻.............8
第二節 金融自由化對所得分配不均度的影響之實證文獻............11

第三章 研究方法與實證模型................................17
第一節 實證模型........................................17
第二節 估計方法(Pooled Mean Group, PMG估計法)...........19

第四章 資料來源與變數建立................................21
第一節 樣本說明........................................21
第二節 變數定義以及資料來源..............................23
第三節 變數的敘述統計量與描述.............................27

第五章 實證結果分析及其意涵..............................34
第一節 主要結果........................................34
第二節 加入金融自由化指標與人力資本的交乘項.................44
第三節 細化金融自由化指標.................... ... ... ...48
第四節 摘要總結 .......................................55

第六章 結論與建議 ......................................56
參考文獻 ............................................58


圖 表 目 錄
圖 1-1 論文研究架構.....................................7
表 4-1 全部樣本國家表(將其區分為已開發國家以及開發中國家)......22
表 4-2 實證模型變數定義說明..............................26
表 4-3 敘述統計量(全部國家樣本)..........................31
表 4-4 敘述統計量(已開發國家樣本) ........................32
表 4-5 敘述統計量(開發中國家樣本) ........................33
表 5-1 基準模型........................................42
表 5-2 加入總體控制變數.................................43
表 5-3 加入金融自由化指標與人力資本的交乘項.................47
表 5-4 銀行自由化指標...................................53
表 5-5 資本市場自由化指標...............................54

中文部份:
鄭長德、楊曉龍(2010)「中國金融自由化效應分解: 經濟增長、金融風險以及收入分配」。《金融理論與政策》，第6期，19-23.

史迪格里茲(2013)，《不公平的代價: 破解階級對立的金權結構》，台北:天下雜誌。

英文部份:
Abiad, A., Detragiache, E., Tressel, T.(2010), “A New Database of Financial Reforms.” IMF Staff Paper 57: 281-302.

Agnello, L., Mallick, S. K. and Sousa. R. M. (2012), “Financial Reforms and Income Inequality.” Economics Letters 116: 583-587.

Ang, J. B. (2010), “Financial and Inequality: The Case of India.” Southern Economic Journal 76: 738-761.

Ang, J. B. (2009), “Financial Liberalization and Income Inequality.” MPRA Paper No. 14496, posted 6.

Arestis, P. and Cancer, A. (2004), “Financial Liberalization and Poverty: Channels of Influence.” Levy Economics Institute, Economics Working Paper No. 411.

Arestis, P. and Cancer, A. (2009), “Financial Liberalization and The Geography of Poverty.” Cambridge Journal of Regions, Economy and Society, 2(2): 229-244.

Assa, J. (2012), “Financialization and Its Consequences: The OECD Experience.” Finance Research Journal 1(1): 35-39.
Baldacci, E., Mello, L., D., and Inchauste, G. (2002), “Financial Crises, Poverty and Income Distribution,” IMF Working Paper, WP/02/4, Washington, DC: International Monetary Fund.
Birdsall, N. (1998), “Life is unfair: Inequality in the world.” Foreign Policy , No. 111.

Bumann, S. and Lensink, L. (2012), “Financial Liberalization Does Not Benefit Them All.” Available at: https://www.tilburguniversity.edu/ 

Clarke, G. R. G., Xu, L. C. and Zou, H. F. (2006), “Finance and Income Inequality: What Do Data Tell Us?” Southern Economic Journal 72: 578-596.

Chigumira, G. and Masiyandima, N. (2003), “Did Financial Sector Reform Result in Increased Savings and Lending for the SMEs and the Poor?” IFLIP Research Paper 03-7.

Delis, D. M., Hasan, I. and Kazakis, P. (2012), “Bank Regulations and Income Inequality: Empirical Evidence.” Bank of Finland Research Discussion Papers 18.

Easterly, W. and Fischer, S. (2001), “Inflation and the Poor.” Journal of Money, Credit and Banking 33: 160-178.

Ferreira, F., Prennushi, G., and Ravallion, M. (1999), “Protecting the Poor from Macroeconomic Shocks: An Agenda for Action in a Crisis and Beyond,” Policy Research Working Paper No. 2160, Washingtion, DC: World Bank.

Grabel, I. (1995), “Speculation-led Economic Development: A Post Keynesian Interpretation of Financial Liberalization Programs,” International Review of Applied Economics, Vol. 9, No. 2.

Held, D., McGrew, A., Goldblatt, D., & Perraton, J. (1999). Global transformations. Stanford, CA: Stanford University Press.

Holden, P. and Vassili, P. (2001), “Financial Development and Poverty Alleviation: Issues and Policy Implications for Developing and Transition Countries,” IMF Working Paper, WP/01/160, Washington, DC: International Monetary Fund.

Kaminsky, G. L. and Schmukler, S. (2008), “Short-Run Pain, Long-Run Gain: Financial Liberalization and Stock Market Cycles.” Review of Finance 12: 253-292.

Klasen, Stephan (2001), “In search of the Holy Grail: How to Achieve Pro-Poor Growth?” Mimeo, University of Munich.

Kus, B. (2012), “Financialisation and Income Inequality in OECD Nations: 1995-2007”The Economic and Social Review 43(4): 477-495.

Lustig, N. (2000), “Crises and the Poor: Socially Responsible Macroeconomics,” Poverty and Inequality Advisory Unit Working Paper No. 108, Inter-American Development Bank (Sustainable Development Department): Brazil.

Mandel, B. (2010), “Dependencia Revisited: Financial Liberalization and Inequality in Latin America.” The 
Michigan Journal of Business 3: 57-96.

McKinnon, R. I. (1973). Money and Capital in Economic Development. Washington, DC: Brookings Institution.

McKinnon, R. I. and Pill, H. (1997), “Credible Economic Liberalization and Overborrowing.” American Economic Review 87, 189-193.

Milanovic, B. (2011), “More or Less.” Finance & Development, September 2011, Vol. 48, No. 3.

Ostry, J. D., Berg, A. and Tsangarides, C. G. (2014), “Redistribution, Inequality, and Growth” IMF Staff Discussion Note 14/02 
(Washington: International Monetary Fund).

Pesaran, M. H., Shin, Y., and Smith, R. P. (1999), “Pooled Mean Group Estimation of Dynamic heterogeneous Panels.” Journal of the American Statistical Association 94, 621-634.

Prasad, E., Rogoff, K., Wei, S. J., and Kose, M. A. (2003), “The Effects of Financial Globalization on Developing Countries: Some Empirical Evidance.” IMF Occasional Paper No. 220.

Rodrik, D. (1997). Has Globalization Gone Too Far?. Washington, DC: Institute for International Economics.

Sun. P, Sen, S. and Jin. S. (2012), “Equity Market Liberalization, Credit Constraints and Income Inequality.” Economics Discussion Paper No. 2012-22.