금융 자유화가 소득 불평등에 미치는 영향의 경로분석: 순자본 유입과 환율 변동을 중심으로
Investigating the Links between Financial Liberalization and Income Inequality: Net Capital Inflows and Exchange Rate Flexibility
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본 연구는 금융 자유화가 소득 불평등에 미치는 영향의 경로를 동태적 패널 모형을 사용하여 분석한다. 한 국가의 금융 시장 개방은 소득 불평등에 다양한 경로를 통해 영향을 미칠 수 있는데 우리는 그 중 특히 순자본 유입과 환율 변동이라는 두 경로를 주목하여 이들을 고려한 영향을 분석하였다. 영향을 분석하기 위한 추정법으로는 고정효과를 포함한 OLS 추정법, 2단계 Orthogonal deviation GMM 추정법, 2단계 System GMM 추정법 등을 사용하였다. 추정 결과 금융 자유화는 대체로 소득 불평등을 상승시키지만 금융 자유화의 결과로 충분한 자본 유입이 발생하면 이러한 효과는 감소하는 것으로 나타났다. 이는 금융 자유화가 소득 불평등에 미치는 영향이 금융 시장 개방 정책으로 인해 얼마나 많은 양의 순자본 유입이 이루어지는가에 달려있음을 의미한다.
Abstract
This paper studies the channels through which financial liberalization affect income inequalities using dynamic panel-data models. Specifically, we focus on two channels that are main targets of financial liberalization policies, which are net capital inflows and flexible exchange rate. Furthermore, to estimate the effects of liberal- ized financial markets on countries’ income inequality, we use a fixed-effect OLS estimator, a two-step orthogonal deviation GMM estimator, and a two-step system GMM estimator. Main results suggest that although finan- cial liberalization increases income inequalities, enough net capital inflows help to reduce such harmful effects. Indeed, it indicates that the effect of financial liberalization on income inequality could be heterogeneous ac- cording to the amount of capital inflows after liberalization.
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