Financialization of the Economy and Income Inequality in China

被引：16

作者：

YU LUO ^{[1
]}

FRANK ZHU ^{[2
]}

机构：

[1] the School of Finance, Renmin University of China

[2] the College of Business, University of Illinois at Urbana-Champaign

来源：

Economic and Political Studies | 2014年 / 2卷 / 02期

关键词：

financialization; income inequality; social capital;

D O I：

暂无

中图分类号：

F124.7 [国民收入、国民财富]; F832 [中国金融、银行];

学科分类号：

0201 ; 020105 ; 1201 ; 020204 ;

摘要：

The income gap between the financial sector and other sectors has been widening since the mid-1990s. Why do financiers in China earn more than others? We analyze this issue against the background of financialization of the economy. The year 1993 was a watershed year, in which China began the process of rapid financialization. Since 1993, the financial sector has become increasingly powerful, overshadowing other sectors. Evidence shows that the high income levels that exist in the financial sector are related to this process of financialization in China. Financialization influences income distribution in China through two channels: money issuance and liquidation of social capital. The labor market equilibrium of the financial sector and wage level determination are not naturally formed but constructed. The increasing income inequality between the financial sector and other sectors is a consequence of financialization of the economy in China.

引用

页码：46 / 66

页数：21