金融发展的福利收益和“门槛效应”——一个动态最优增长分析
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财经研究 2006 年 第 32 卷第 02 期, 页码：120 - 128
摘要
参考文献
摘要
文章采用无限期界的动态最优控制方法,给出一个最优经济增长模型,讨论金融发展对消费福利的影响。结论显示,金融发展通过提升要素生产率和金融效率产生消费与财富上的“增长率收益”,但金融效率提升和金融发展成本也降低消费-财富比,引起短期消费的下跳。因此,金融发展促进福利收益,但存在“门槛效应”。门槛高度取决于现有技术水平(要素生产率)、居民消费的时间偏好、人口增长率等。这些方面的差异导致各国在通过金融发展促进福利增长上后果不一。这对一国选择金融发展政策具有指导作用。
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[6]Goldsmith R W.Financial structure and development[M].New Haven,CT:Yale Uni-versity Press,1969.
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[10]Levine R,S Zervos.Stock markets,banks and economic growth[J].American Eco-nomic Review,1998,(88):537~558.
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[15]Wurgler J.Financial Markets and the Allocation of Capital[J].Journal of FinancialEconomics,2000,(58):187~214.
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吴信如. 金融发展的福利收益和“门槛效应”——一个动态最优增长分析[J]. 财经研究, 2006, 32(2): 120–128.
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