CAJ | 학술논문

本文基于居民资产与消费结构差异等特征，通过构建一个两部门两产品的Bewley模型来研究中国通货膨胀对财产不平等的影响，而已有文献基本上只从居民资产结构差异的角度进行分析。研究结果表明：如果通货膨胀率从0上升到5％，那么总体财产不平等程度将会被加剧，城镇穷人家庭的净财产减持比例将达到富人家庭的30倍以上，农村家庭将遭受到较城镇家庭更高的福利损失。究其原因，除了穷人家庭因为在资产结构中持有更高比例的货币资产，所以在通胀过程中遭受到财产减持与福利损失之外；更重要的是，带有结构性特征的中国通货膨胀会进一步恶化以穷人（尤其是农村的穷人）为代表的高恩格尔系数居民的消费结构，从而导致财产减持与更高的福利损失。
본문기우거민자산여소비결구차이등특정，통과구건일개량부문량산품적Bewley모형래연구중국통화팽창대재산불평등적영향，이이유문헌기본상지종거민자산결구차이적각도진행분석。연구결과표명：여과통화팽창솔종0상승도5％，나요총체재산불평등정도장회피가극，성진궁인가정적정재산감지비례장체도부인가정적30배이상，농촌가정장조수도교성진가정경고적복리손실。구기원인，제료궁인가정인위재자산결구중지유경고비례적화폐자산，소이재통창과정중조수도재산감지여복리손실지외；경중요적시，대유결구성특정적중국통화팽창회진일보악화이궁인（우기시농촌적궁인）위대표적고은격이계수거민적소비결구，종이도치재산감지여경고적복리손실。
Based on the analysis of asset portfolio and consumption structure while previous literatures merely focus on households＇ portfolio strueture, this paper builds up a Bewley model with two sectors and two products to study the effects of China＇ s inflation on wealth inequality. The results show us that as inflation rate rises from 0 to 5% , wealth inequality will be intensified, and the percentage of net wealth loss of poor households could be over 30 times as many as that of rich households, and rural households suffer higher welfare loss than the urban do. The poor due to holding higher proportion of money generally suffer more wealth reduction and welfare loss; more importantly, China＇ s inflation with structural characteristic would further deteriorate consumption structure of high-Engel-Index households, especially the rural and the poor, causing wealth reduction and higher welfare loss.