금융발전이 소득불평등에 미치는 영향에 대한 실증분석
An Empirical Analysis of the Effect of Financial Development on Income Inequality in Korea.
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초록
1990-2010년 기간의 국내 거시경제자료를 사용하여 금융발전이 소득불평등에 미치는 영향을 분석하였다. 지니계수, 5분위배율을 소득불평등 변수로, 민간신용, 시장자본화를 금융발전 변수로 하여 각각 분석한 결과 해당 기간 동안 국내에서는 금융이 발전할수록 소득불평등은 확대되는 것으로 나타났다. 금융기관 및 정부가 저소득층의 금융접근성을 실질적으로 확대할 수 있는 방안을 생각하지 않는다면 금융발전을 통해 소득불평등을 완화하기는 매우 어려울 것으로 판단된다. 그리고 정부지출, 교육수준, 교육투자지출 등 대부분의 변수가 소득불평등을 확대하는 것으로 나타난 것은 최근의 금융위기 하에서 소득양극화를 완화하기 위한 정부의 제반 정책 재정비가 시급함을 시사한다.
Abstract
This paper explores the effect of financial development on income inequality in Korea using macroeconomic data over the 1990-2010 period. Employing the bounds test approach of Pesaran et al.(2001), I find that there is a long-term relationship between income inequality, financial development, and other control variables, such as government expenditure, educational level, economic growth, inflation, and educational investment. After finding the long-term relationship, I estimate various ARDL models augmented by an error-correction term to find the most appropriate one, which shows the short-run dynamics between those variables. Overall, the financial development turns out to have an adverse effect on income inequality. The results are quite robust to the change of variables representing income inequality and financial development. Unless financial institutions and the government develop ways of improving the finance access for low-income households, the development of financial sector is not a good policy tool to reduce income inequality in Korea. On the other hand, the overall spending plan of the Korean government, especially in educational investment, should be reconsidered.
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