Inequality occasionally rises with credit creation, as in America in the late 1920s and duringthe years before the 2008 crisis. This need not mean that the one causes the other, theynote. In other cases, such as in Australia and Sweden in the 1980s, credit booms seem todrive inequality rather than the other way around. Elsewhere, as in 1990s Japan, rapidgrowth in the share of income going to the highest earners coincided with a slump in credit.Rising real incomes and low interest rates reliably lead to credit booms, they reckon, butinequality does not. Mr Rajan s story may work for America s 2008 crisis. It is not an ironlaw.
收入不平等偶尔会伴随着信贷扩张而产生,美国在1920年代末和2008年就经历了这种情况。波尔多和麦斯纳注意到,这并不意味着不平等与信贷之间存在着因果关系。在有的情况中,信贷繁荣似乎反倒引起了收入不平等的加剧,比如1980年代的澳大利亚和瑞典就有这种情形的发生。在1990年代的日本,收入快速集中到高收入者手中的同时,信贷却在萎缩。他们估计,实际收入的上升和较低的利率导致了信贷的繁荣,收入不平等并非诱因。拉詹的的理论或许很好地解释了美国2008年的金融危机,但它并非任何条件下都适用。
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