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顶层收入不平等的迅速扩大是近年来收入不平等变化的重要趋势，相对于更广泛的收入不平等概念而言，顶层收入不平等与金融自由化和金融危机的联系更为密切，其主要驱动因素也有所区别。文章基于1996—2022年169个国家和地区的数据进行检验发现资本账户开放对顶层收入不平等的影响与资本流动类型密切相关：直接投资和证券投资开放的竞争促进效应和其他投资开放的融资成本效应都能降低顶层收入不平等，但证券资本流入会通过财富效应提高顶层收入不平等。异质性分析表明，对新兴经济体而言，无论资本账户开放后出现经济繁荣或是危机衰退，前1%的顶层收入者都能获取超额收入，但这种非对称性特征并不存在于其他前10%的高收入者中；更高水平的金融深度、税收遵从度、法治环境，以及避免近期同步放松资本流出和金融管制是防范新兴经济体顶层收入份额激增的有效措施；对发达经济体而言，征收资本税和保持适度的金融深度可以有效防范资本账户开放后顶层收入份额上升。文章的研究为金融高水平开放过程中如何改善中国收入分配水平提供了国际经验和实证证据。
Abstract：The rapid expansion of top-income inequality has become a prominent trend in recent years. In contrast to broader measures of inequality,top-income inequality is more closely linked to financial liberalization and financial crises,with distinct driving factors. Using panel data from 169 countries between 1996 and 2022,this study finds that the impact of capital account liberalization on top-income inequality varies significantly depending on the type of capital flows. In general,capital account liberalization reduces top-income inequality through effects such as increased competition and lower financing costs. However,the inflow of portfolio investment tends to increase topincome inequality due to wealth effects. For emerging economies,the top 1% of earners capture excess returns,regardless of whether capital account liberalization triggers economic booms or crisis-induced recessions. This asymmetric benefit does not extend to other high-income groups within the top 10%. Effective measures to prevent surges in top-income shares in emerging countries include increasing financial depth,improving tax compliance,strengthening the rule of law,and avoiding simultaneous deregulation of capital outflows alongside financial controls. In advanced economies,capital taxation and moderate financial depth can effectively mitigate the rise in top-income shares following capital account liberalization.
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(1)限于篇幅,描述性统计表格不予给出,留存备索。
(2)Furceri等(2019)指出更为合适的加权变量应该是双边资本流动,但是相对而言双边贸易流动更容易获得,他们发现可以获得数据的国家中,双边资本流动依存度和双边贸易流动依存度的相关性是0.7,因此采用贸易依存度进行替代。
(3)限于篇幅,结果未列出,留存备索。
(4)为缩减篇幅,下文主要报告5年内发生过资本账户开放的结果。
(5)根据European System of Accounts(ESA 2010)的定义,资本税不包括在现行的收入和财富税收之中,资本税的征收范围主要包括以下两个内容:(1)对受益人的资本征收的遗产税和赠予税,属于“资本税”;(2)对机构单位所拥有的资本或财富偶尔或特别征收的税款,如改良税即为原有的农业用地被规划许可用于商业和住宅目的所征收的税。
基本信息:
DOI：10.13516/j.cnki.wes.2025.12.005
中图分类号:F113.8;F831.6
引用信息:
[1]李曦晨,张明,张午敏.资本账户开放与顶层收入不平等[J].世界经济研究,2025,No.382(12):43-57+133.DOI:10.13516/j.cnki.wes.2025.12.005.
基金信息:
中国社会科学院-上海市人民政府上海研究院项目“在岸与离岸市场协调发展推进上海国际金融中心建设研究”(项目编号:2025zb006); 首都经济贸易大学学术创新团队项目“新国际环境下跨境资本流动特征、影响及监管研究”(项目编号:XSCXTD202501)的阶段性成果