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    題名: 證券市場與所得分配之關係研究
    其他題名: Income Inequality and Security Market
    作者: 胡聯國
    關鍵詞: 所得不平均度;股票交易;所得分配;股票市場
    Income inequality;Stock exchange;Income distribution;Stock market
    日期: 2000
    上傳時間: 2007-04-18 16:36:18 (UTC+8)
    出版者: 臺北市：國立政治大學國際貿易學系
    摘要: Various explanations have been offered for the upsurge of inequality in developed countries and conclude that a major cause of theses inequality has been a shift for skilled and unskilled labor. This study provides another explanation of the income inequality from the viewpoint of ownership change in our capitalistic society particularly through security transaction. This paper focuses on the examination of how income inequality is related to security market and the implication for fostering a more equitable capitalistic society. This study tries to argue that capital market system itself should not be the sole culprit of widening wealth gap. Instead the information asymmetry held among individuals toward their investment targets plays a pivotal role in exacerbating income inequality. Their diverse opinion on the prospect of investment return gradually deepens the nightmare of unruly income inequality. It is not our ownership system or capital market mechanism but the underlying information disclosing procedure that we need to strengthen or overhaul. This study will be conducted in the following steps. Step I reviews the recent empirical studies on a substantial increase in wage and income inequality in several OECD countries during the past twenty years and the ownership pattern change in history. Step II we set up a two-period consumption and investment model with a risk-less bank account and a risky security. The optimal consumption and investment strategy is solved by the concept of risk neutral probability measure. An example of binomial model with CARA utility function is explored in step III. The implication of security market on the dynamics of income inequality are further examines in step IV by imposing the restraints on bank account borrowing or prohibiting the short sale of risky asset. Step V exams the econometrics evidence on security market and income inequality accross countries. Some concluding remark is made in the last section.
    描述: 核定金額：456500元
    資料類型: report
    顯示於類別:[國際經營與貿易學系 ] 國科會研究計畫

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