| Macro leverage is an important factor affecting high-quality economic development.In 2008,to tackle the global financial crisis,the Chinese government adopted loose monetary and fiscal policies to stimulate financial and economic development,causing the scale of debt and the macro leverage ratio to rise.To prevent possible financial risks brought by high leverage,our government proposed an important task of "deleveraging" in 2015 and put forward the basic idea of "structural deleveraging" in 2018.In 2020,in the face of the sudden COVID-19,the Chinese government implemented a series of loose policies,stimulated economic growth momentum,and the macro leverage gradually increased.Recently,the macro leverage ratio has gradually fallen.Since the reform and opening up,China’s economic construction has made attention.China’s economy has entered a stage of high-quality development,but the dual structures of urban and rural development,especially the large urban-rural income gap,hinder the positive development of the economy and do not meet the requirements of high-quality economic development.Shrinking the urban-rural income gap is conducive to the early realization of common prosperity.At present,there are a lot of studies on the macro leverage ratio and the urban-rural income gap,but there are few pieces of literature on the relationship between the above two.The paper studies the effect of the macro leverage ratio on the income distribution of Chinese urban and rural residents and explores the mechanism of the macro leverage ratio on the income gap between urban and rural residents from the perspective of economic growth.After measuring the macro leverage ratio of each province in China in the past ten years,based on provincial panel data,the paper sets up a fixed-effect model to study the static influence of the macro leverage ratio on the urban-rural income gap and the moderating effect of economic growth and establishes a panel vector autoregressive model to study the dynamic influencing mechanism of the macro leverage ratio,economic growth,and urban-rural income gap,and explores whether the above influences have regional differences according to regional division.Based on the theoretical analysis and the empirical analysis,the main conclusions obtained in the paper are as follows:(1)The increase in macro leverage ratio plays a certain role in widening the urban-rural income gaps by reducing the share of labor compensation,increasing the demand for skilled labor,focusing on the allocation of credit resources in cities,increasing the property income of urban residents,and implementing policies of urban development.(2)With the rapid growth of the economy,the increase in macro leverage will widen the urban-rural income gap.The positive moderating effect is achieved by improving the efficiency in the use of funds,increasing the level of the price level and savings,and promoting technological progress.(3)Although there exists something in common in the static and dynamic impacts of the macro leverage ratio,the economic growth,and the urban-rural income gap between different regions,there exist some differences. |
