Research On The Impact Of Economic Financialization On The Gap In Family Wealth Distributio

In the past four decades of reform and opening up,China’s economic development potential has been fully released,and considerable progress and remarkable achievements have been made.However,the rise of the financial sector’s status in the national economy and the looting of benefits in the social economy have led to the distribution of wealth in regions,urban and rural areas,and The gap between industries.This article studies the expansion of the wealth distribution gap in the process of economic financialization from the microscopic perspective of family differences,focusing on two aspects: First,the main mechanism and transmission path of economic financialization to the household field,that is,the shift from the macro-sectoral structure.Micro-family gap;the second is the relationship between family difference factors and the gap in the distribution of physical and non-physical wealth,that is,from individual income gap to family wealth distribution.Starting from the background and practical significance of the topic,based on the theoretical basis of Marxist theory,Western economic theories and the latest research results at home and abroad,this paper proves on the theoretical model the impact of economic financialization on the social reproduction process of the entity sector,leading to industrial capitalists " The currency demand of "substitution and value compensation" cannot be satisfied.From the practical environment,it is discussed that the competitive market structure faced by the entity sector,the expansion of credit currency,and the securitization of corporate assets are the internal reasons for the continuous expansion of the currency capital gap.Based on the theoretical and practical impact of financialization on the macroeconomic sector(financial and non-financial sectors),we will explore the impact of this macro sector structure on the micro-level of individual households.First of all,the proportion of cross-industry sectors in the national economic system will be discussed.Adjustment,followed by heterogeneous differentiation of household income,and then a steady increase in household sector debt.Moreover,the household wealth distribution gap is affected by two factors,macro imbalance and micro difference.On the one hand,the conditions of the development of the area where the family is located,the influence of the income distribution adjustment mechanism,and the impact of financial policies and openness are imbalanced from three macro perspectives.Factors that affect whether the family enjoys the spillover income from finance.On the other hand,the two microscopic differentiating factors of the initial endowment of household wealth and the ability of the household to obtain financial resources affect the share of the household’s financial spillover income.Next,empirical research is conducted on the empirical evidence that economic financialization has penetrated into the household micro-domain.Since household income is the basis of household wealth distribution,and the impact of financialization is concentrated on individual income,or the individual income gap,the measurement is first constructed The economic model regressed the relationship between economic financialization and the individual income gap of family members.At the same time,consider the differential impact of economic financialization between different regions,cities and urban and rural areas,as well as between different industries and educational levels,on the differential impact of family members’ individual income gaps.Then,it explores the impact of economic financialization on the family wealth distribution gap behind the expansion of the individual income gap of family members,involving family physical wealth(agricultural production value,total industrial and commercial assets,and real estate and land value)and non-physical wealth(term deposits)The amount of investment in stocks,the amount of stock investment,and the value of financial derivatives),and takes into account the differences between the eastern,central and western regions,the different educational levels of household heads,and the differences before and after the supply-side structural reforms.Furthermore,various interaction items are introduced to examine the moderating effects of different types of factors on the distribution of family wealth in kind and non-physical wealth,and other in-depth discussions on these two kinds of family wealth.According to the above research,the following conclusions can be drawn: First,due to the emergence of financial institutions(bank capitalists),the total social savings is no longer equal to the savings of the physical sector,and the power of control after savings is converted into currency capital is in the hands of financial institutions.The insensitivity of the profits of financial institutions to credit lines and the increase in risk appetite have made the necessary demand for "substitution and value compensation" of functional capitalists unsatisfied,and there has been a mismatch(gap)in the capital supply and demand situation of the whole society.And this currency capital gap depends on the risk coefficient of the entity sector.In addition,the physical sector is faced with internal reasons such as the competitive market structure,the expansion of credit currency,and the securitization of corporate assets that have caused the currency and capital gap to expand.Second,the use of funds by financial institutions has also steadily increased the proportion of funds exchanged between institutions.This kind of currency capital idling in the financial market has aggravated the difficulty of achieving social reproduction in the real economy.The family acts as a social organization.The small and medium unit also suffers from inevitable shocks and adjustments: First,financialization has transformed the way of national wealth accumulation,shifting from the traditional labor creation value accumulation to the financialization of the coexistence and accumulation of loan income and asset transactions.Secondly,the penetration of economic financialization into the household micro-domain has significantly increased the leverage ratio of the household sector,but this impact does not stop at the increase in the leverage ratio.The penetration of financialization also allows the household sector to use various types of financial tools to obtain idleness.Currency and continue to invest in the capital market to seek excess returns.Third,the mechanism of economic financialization that penetrates into the micro-domain of the household comes from the imbalanced factors that exist under the macro perspective,including the development conditions of the area where the household is located,the influence of the income distribution adjustment mechanism,and the impact of financial policies and openness.At the same time,it also comes from family differences from a micro perspective,including the advantages of the initial endowment of family wealth and the ability of families to obtain financial resources.Fourth,due to the long-term path dependence of individual family members in financial behavior,resource endowments,career choices,etc.,short-term economic power(structure)reversal will inevitably impact individual family members,especially in individuals.The income gap.The economic financialization process characterized by the growth of the deposit and loan balances of financial institutions has significantly widened the income gap between individual family members.Fifth,whether for the allocation of household assets or the use of funds by financial institutions(bank capitalists),due to the profit-seeking nature of capital,the value of agricultural production and total industrial and commercial assets with low long-term returns are not favored.Credit expansion financialization increases households’ distribution of wealth assets with higher yields to obtain more credit support,and also accelerates the transfer of household wealth assets from physical to non-physical ones to participate in the financial speculative market to obtain risk and return.Sixth,the impact of economic financialization on households’ physical wealth,including agricultural production value,total industrial and commercial assets,and the distribution gap between real estate and land values,is quite different.Similarly,economic financialization also has a very different impact on the distribution gap of household non-physical wealth,including time deposits,stock investment,and the value of financial derivatives.After that,this article introduces the post-reform financial system from four aspects: the formation of a diversified financial system and the innovation of business models,the reform of interest rate marketization and foreign exchange management system,the further cultivation and development of currency capital markets,and the revision and improvement of financial supervision and social credit systems.Policy development and change.Moreover,lessons learned from the financialization process of Western capitalist countries such as the United States,the United Kingdom,Germany,and Japan: The first is to strengthen the control of the disorderly flow of capital from the perspective of setting "traffic lights" in financial supervision;The angle of tax adjustment to narrow the wealth gap provides support for the family’s common prosperity.The main innovation of this paper may lie in the expansion and extension of the research scope from the representation of departmental structure in the macro field to the change of household wealth in the micro field,and the macro-level monetary demand for "substitution of goods and value compensation" cannot be met(deleted).The objective facts of real to virtual)give a theoretical basis for speculation and risk in household wealth distribution at the micro level.