This study compares the long-run impact of financialization and financial development on inequality through the panel cointegration approach using OECD country data. Results show that financialization, especially high-dividend tendency in non-financial corporations, is one of the causes of rising inequality measured as the share of the top 10 percent richest. Other measures of financialization, such as the increasing size of the financial sector and financial globalization, are not robustly linked to inequality. In addition, the argument that financial development reduces inequality by relaxing the credit constraints of the poor is not supported, and no evidence shows that financial development aggravates inequality. Further, the impact of skills-biased technological change is not a robust variable in explaining inequality. A policy implication is that a simple focus on financial development is not enough to reduce inequality. Government policies are necessary, including differentiated taxation on dividends and reinvestments, which induce non-financial firms to focus on productive reinvestments from profits and discourage high dividends for shareholders.

中文翻译：

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金融化和金融发展对不平等的影响：使用 OECD 数据的面板协整结果

本研究使用经合组织国家数据通过面板协整方法比较了金融化和金融发展对不平等的长期影响。结果表明，金融化，尤其是非金融企业的高股息趋势，是导致不平等加剧的原因之一，以最富有的 10% 的人口所占的比例衡量。其他金融化指标，例如金融部门规模的扩大和金融全球化，与不平等没有密切联系。此外，金融发展通过放宽对穷人的信贷约束来减少不平等的观点也没有得到支持，也没有证据表明金融发展会加剧不平等。此外，偏向技能的技术变革的影响不是解释不平等的有力变量。政策含义是，仅仅关注金融发展并不足以减少不平等。政府政策是必要的，包括对股息和再投资征收差别税，这会促使非金融企业专注于利润的生产性再投资，并阻止向股东派发高额股息。