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The Relationship between Inclusive Financial Development and Labor Share:Empirical Evidence from China
Author(s): 
Pages: 90-105
Year: Issue:  3
Journal: Nankai Economic Studies

Keyword:  Inclusive Financial DevelopmentLabor ShareFinancial Intermediary Efficiency;
Abstract: This paper analyzes the impact of inclusive financial development on labor share in two aspects:return on capital effect and occupational choice effect. On the basis of the theoretical analysis,we use panel data of 31 provinces from 2004 to 2012,calculate each province′s inclusive financial development index,and test theoretical analysis using fixed effects model. It suggests that inclusive financial development has positive effect on labor share. That is,with the increase of inclusive financial development,labor share rises;financial intermediary efficiency plays a negative role on the impact of inclusive financial development on labor share. The paper advises constructing inclusive financial system and speeding up the pace of privatization of the economy in order to eliminate the negative influence of the old economic system on financial intermediary efficiency.
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