本文旨在探討所得不均度與金融發展程度間的關聯是否會因經濟發展程度或金融發展程度的不同而有所差異。利用61個國家自1960年至2005年的橫斷面資料,並且以門檻迴歸方法進行實證分析,本文的發現如下。由於資本市場不完美導致進入金融市場的機會為不平等的,以至於在低所得國家與金融體系發展程度較不成熟的國家,人們受限於許多借貸限制,即使提高金融發展程度,不僅無法立即降低貧富差距,反而使富有者獲利更多,造成所得更加地不平均。相對地,在高所得國家與金融體系發展程度較成熟的國家,大部分的人們皆能享用金融資源與服務,故金融發展程度的提高有利於增進多數人的福利,並且降低所得不均度。倘若政府想透過金融管道來縮減貧富之間的差距,則應針對國家的性質制定合適的金融政策,並且確實監督與執行,如此才能夠更有效率地達成目標。 This paper explores the connection between financial development and income inequality. Specifically, we examine whether the finance-inequality link varies with the degree of economic or financial development. By using a cross section of 61 countries during the period of 1960-2005, our threshold regressions results point out that the relationship between finance and inequality is regime specific, depending on real GDP per capita or financial development. In particular, countries with low income and less developed financial systems tend to experience higher income inequality and better financial development. By contrast, countries with high income and more developed financial systems tend to experience lower income inequality and better financial development. Our analysis thus implies that in addition to fiscal measures, the government may consider financial reforms as an alternative means to reduce income inequality.