Solow 1956 Kaldor 1948 Kuznets Bertoli and Farina 2008 Bertoli and Farina 2008 OLG Bertola U U 2009

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1 * 1994 GMM 1 Daudey and Garcia-Penalosa * ruc. edu. cn lby@ ruc. edu. cn 08JZD GDP GDP 16 2 GDP GDP

2 Solow 1956 Kaldor 1948 Kuznets Bertoli and Farina 2008 Bertoli and Farina 2008 OLG Bertola U U b 2009a 17

3 Deran 1967 Hoffman 1968 Lane 1998 O Toole 1997 De Mooij & Nicodème GDP 0. 2% IMF 2007 European Commission 2007 Haufler et al τ y τ c τ r τ w T = τ y θ f k l + τ w wl + τ r rk + τ c c T k l r w f k l c θ 0 < θ Xie U c l = ln c - l max e - ρt ln c - l dt

4 k = wl + rk - τ w wl - τ r rk - τ c c - c 1 - τ y θ f 4 max 1 - τ y θ f - wl - rk 5 f k l = Ak α l 1 - α r = 1 - τ y θ αak α -1 l 1 - α w = 1 - τ y θ 1 - α Ak α l - α 6 7 H = ln c - l + λ 1 - τ w wl τ r rk τ c c / c - l - λ 1 + τ c = / c - l + λ 1 + τ w w = 0 λ = ρλ - λ 1 - τ r r c = limkλe - ρt 0 t τ c λ + l w = 1 + τ c / 1 - τ w k = r 1 - τ r k - 1 / λ kλ d kλ = ρ - 1 dt kλ kλ = 1 / ρ 7 13 l = A 1 - α 1 - τ w 1 - τ y θ [ ] 1 + τ 17 7 c 1 α k [ ] r = Aα 1 - τ y θ A 1 - α 1 - τ w 1 - τ y θ 1 + τ c 1 - α α k / l 19

5 S L S K S L = 1 - τ w wl / f k l = 1 - α 1 - τ w 1 - τ y θ S K = 1 - τ r rk / f k l = α 1 - τ r 1 - τ y θ τ w S L τ r S K τ y τ c /3 3 / τ y θ θ 1 τ c 9 1 τ y 1 τ c % % % % % 15. 2% % %

6 τ r 11 1 τ r τ l Hall and Jorgenson 1967 Engel et al % 24. 9% 12. 6% 2. 3% 2. 0%

7 1. = - / = / GDP c = / 2004 = + / = + / c GDP 2004

8 = = - + = / = / / 4. 8% 7. 2% 2. GDP = + / = = = - + / GDP = + - / GDP

9 U U a 2009c 2 1 GDP rgdp 2 rky 3 rstr GDP 4 rg GDP 5 GDP a 2009b

10 rfdi GDP ropen rk ropen GDP rl rfi GDP rky rg GDP rgdp rstr rsoe rfdi GDP te GDP tl tv ts r it = X it + βt it + α t + μ i + ξ it i t α t μ i ξ it r it X it T it GDP 2009a a GMM GMM GMM GMM Arellano-Bond AB Hansen 3 3 AB Hansen Hansen GMM AB 25

11 1 1 3 rgdp rky rgdp ** ** ** ** ** rky ** ** ** rstr ** ** ropen rfdi rsoe rfi rg ** * ** * ropen ** * rsoe ** ** rfdi rfi 5 2 ** ropen rsoe rfdi ** ** rfi AR te ** ** ** ** ** ts ** * ** ** ** tv ** * rgdp yr ** rky yr ** * ** * ** yr3 rstr ** ** ** ** ** yr ** ** ** ** ** yr ** ** ** ** ** rg yr ** ** ** ** yr ** ** ** ** ** ropen yr ** ** ** ** ** rfdi yr * yr east ** west ** ** ** ** ** _cons ** ** ** ** ** rsoe AR1-p AR2-p Hansen-p * 90% 95% rfi yr * east west 4 1 GMM Hansen - - Roodman 2009 Hansen Hansen 26

12 rgdp rky 2009a a 2009b te tv ts tv ts rgdp 2 rky 1 3 rstr 4 rg 5 rsoe 6 GDP ropen 7 rfdi 8 rfi

13 rgdp ** ** ** ** ** rky ** ** ** ** ** rstr ** rg ** * ropen rsoe ** ** ** rfdi ** ** rfi * ** * tl ** ** ** ** ** tv ** ** ** ** ** ts yr ** ** ** ** ** yr ** ** ** ** ** yr ** ** ** ** ** yr ** ** ** ** ** yr ** ** ** ** ** yr ** ** ** ** ** yr ** ** ** ** ** yr ** ** ** ** ** yr yr east ** west ** ** ** ** ** _cons ** ** ** ** ** AR1-p AR2-p Hansen-p

14 a b c GDP U Bertola G Factor Shares in OLG Models of Growth European Economic Review Vol. 40 No. 8. Bertoli S. and F. Farina 2007 Functional Distribution of Income Theory and Evidence CRISS Working Paper No. 21. Daudey E. and C. Garcia-Penalosa 2007 The Personal and the Factor Distributions of Income in a Cross - Section of Countries Journal of Development Studies Vol. 43 No. 5. De Mooij R. A. and G. Nicodème 2007 Corporate Tax Policy Entrepreneurship and Incorporation in the EU European Economy-Economic Papers No Deran E Changes in Factor Income Shares under the Social Security Tax Review of Economics and Statistics Vol. 49 No. 4. Engel E. M. R. A. A. Galetovic and C. E. Raddatz 1999 Taxes and Income Distribution in Chile Some Unpleasant Redistributive Arithmetic Journal of Development Economics Vol. 59 No % 3% 6% 21. 4% 2 29

15 European Commission 2007 The Labour Income Share in the European Union Employment in Europe 2007 European Commission. Hall R. E. and D. W. Jorgenson 1967 Tax Policy and Investment Behavior American Economic Review Vol. 57. Haufler A. A. Klemm and G. Schjelderup 2009 Economic Integration and the Relationship between Profit and Wage Taxes Public Choice Vol. 138 No Hoffman R. F Factor Shares and the Payroll Tax A Comment Review of Economics and Statistics Vol. 50 No. 4. IMF 2007 The Globalisation of Labor World Economic Outlook Spillovers and Cycles in the Global Economy International Monetary Fund. Kaldor N Towards a Dynamic Economics London Macmillan. Kuznets S Economic Growth of Nations Cambridge MA Harvard University Press. Lane P. R Profits and Wages in Ireland Journal of the Statistical and Social Inquiry Society of Ireland Vol. XXVII Part V. O Toole F Tax and PRSI Reform from a Low Income Perspective Poverty & Policy Discussion Paper No. 3. Roodman D. M How to Do Xtabond2 An Introduction to Difference and System GMM in Stata Stata Journal vol. 9 No. 1. Solow R. M A Contribution to the Theory of Economic Growth Quarterly Journal of Economics Vol. 70 No. 1. Xie D On Time Inconsistency A Technical Issue in Stackelberg Differential Games Jounal of Economic Theory Vol. 76 No. 2. The Influence of Tax on Factor Income Distribution Guo Qingwang and Lü Bingyang China Financial Policy Research Center Renmin University of China Abstract Since China s tax sharing reform in 1994 the trend of after-tax factor income distribution shows that the labor factor share is rapidly declining and the capital factor share is gradually increasing. Under the background of rapid growth of China s tax revenue the tax system has deeply influenced the factors income distribution. The influence mechanism of tax on factor income distribution is factor substitute effect and factor income effect the former changes the relative rate of factors on the production process so it changes the factor return level the latter is that direct tax changes the after-tax factor return level. This article finds that China s tax has great influence on factor income distribution by system GMM estimate In terms of direct taxes corporate income tax reduces the share of capital allocation personal income tax in the right part of the labor tax reduces the share of labor allocation In terms of indirect taxes the value-added tax significantly reduces the share of labor allocation but has no obvious influence on capital The business tax significantly reduces the share of capital allocation while reducing the allocation of share of labor is not obvious. Key Words Tax System Factor Income Distribution Average Tax Rate JEL Classification E25 H23 檵檵檵檵檵檵檵檵檵檵檵檵檵檵檵檵檵檵檵檵檵檵檵檵檵檵檵檵檵檵檵檵檵檵檵檵檵檵檵檵檵檵檵檵檵 ε 1 μ 1 ε 1 μ 1 σ 21 σ 2 1 logy 1 z 1 logy 1 z

( ) : 20 2 Lerman Yitzhaki 3 Davies Shorrocks Atkinson : ; : : 98 : RobertI.LermanandShlomoYitzhaki IncomeInequalit

郭庆旺吕冰洋 : : ( 00872); ( 00872) : ( ) ; 20 80 46 (08JZD002) (70736) (NCET--050) ( ) ( ) : 20 2 Lerman Yitzhaki 3 Davies Shorrocks 0.3 0.4 0.5 0.9 4 Atkinson : ; 5 2 3 4 5 : : 98 : 2007 3 RobertI.LermanandShlomoYitzhaki