这篇论文同时也揭示了政府如何应对不断加剧的收入不均问题。两位作者分析了拉詹书中介绍的各种有关信贷膨胀措施法案的投票情况。他们发现越是来自收入不均地区的立法者,越是倾向于给放松抵押贷款政策投赞成票。
Inequality may drive instability in other ways. Although sovereign borrowing was not adirect contributor to the crisis of 2008, it has since become the principal danger to thefinancial system. In another recent paper Marina Azzimonti of the Federal Reserve Bank ofPhiladelphia, Eva de Francisco of Towson University and Vincenzo Quadrini of the University ofSouthern California argue that income inequality may have had a troubling effect in thisarea of finance, too.
收入不平等还可能引起其他方面的混乱。尽管主权债务没有直接导致2008年的金融危机,但是现在它已成为维护金融系统稳定的头号大敌。费城联邦储备银行的玛丽娜阿兹莫提、陶森大学的伊娃德弗朗西斯科以及南加州大学的文森佐夸德里尼在最近合作发表的一篇论文中指出,收入不平等可能会给主权债务这一金融领域造成不小的麻烦。
The authors models suggest that a less equitable distribution of wealth can boost demandfor government borrowing to provide for the lagging average worker. In the recent past thisdemand would have coincided with a period of financial globalisation that allowed manygovernments to rack up debt cheaply. Across a sample of 22 OECD countries from 1973 to2005, they find support for the notion that inequality, financial globalisation and risinggovernment debt do indeed march together. The idea that inequality might createpressure for more redistribution through public borrowing also occurred to Mr Rajan, whoacknowledges that stronger safety nets are a more common response to inequality thancredit subsidies. Liberalised global finance and rising inequality may thus have led tosurging public debts.
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