This study presents an institutional analysis using a dynamic overlapping generations model with capital rents and technological change to assess the impact of financial reforms on income inequality. We contribute to the growing research by examining the hypothesis in which capital rents are the underlying cause of income inequality resulting from financial openness, through changing the relative market power of capital and financial market structure, which affects investment activities. We find that i) in a closed economy, income inequality rises as capital rents decrease; ii) in a small open economy, income inequality falls when the capital rent ratio between entrepreneurs and investors increases; and (iii) financial openness can amplify the effect of technological changes on income inequality, although the ultimate effect is nonlinear. These findings provide valuable insights for further research and for policymakers to adjust capital rents in the interest of reducing income inequality.

本研究使用具有资本租金和技术变革的动态重叠世代模型进行制度分析，以评估金融改革对收入不平等的影响。我们通过改变影响投资活动的资本和金融市场结构的相对市场力量来检验资本租金是金融开放导致收入不平等的根本原因的假设，从而为不断增长的研究做出贡献。我们发现 i) 在封闭经济中，收入不平等随着资本租金的减少而增加；ii) 在小型开放经济体中，当企业家和投资者之间的资本租金比率增加时，收入不平等会下降；(iii) 金融开放可以放大技术变革对收入不平等的影响，尽管最终的影响是非线性的。