金融发展的福利收益和“门槛效应”——一个动态最优增长分析
5818 
2989
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。
[1]Bailliu J.Private capital flows,financial development,and economic growth in develo-ping countries[R].Bank of Canada Working Paper No.2000-15.
[2]Barro R N,G Mankiw,X Sala-I-Matin.Capital mobility in neoclassical models ofgrowth[J].The American Economic Review,1995,(85)3:103~115.
[3]Beck T,R Levine,N Loayza.Finance and the sources of growth[J].Journal of Finan-cial Economics,2000,(58):261~310.
[4]Demirg-Kunt A,V Maksimovic.Funding growth in bank-based and market-based fi-nancial systems:Evidence from firm level data[J].Journal of Financial Economic,2002,(65):337~363.
[5]Nourzad F.Financial development and productive efficiency:A panel study of devel-oped and developing countries[J].Journal of Economics And Finance,2002,(26):138~149.
[6]Goldsmith R W.Financial structure and development[M].New Haven,CT:Yale Uni-versity Press,1969.
[7]Greenwood J,B Jovannovic.Financial development,growth and the distribution of in-come[J].Journal of Political Economy,1990,(98):1076~1107.
[8]King R G,R Levine.Finance and growth:Schumpeter might be right[J].QuarterlyJournal of Econmics,1993,(108):717~737.
[9]Levine R.Financial development and economic growth:View and asgenda[J].Journalof Economic Literature,1997,(35):688~726.
[10]Levine R,S Zervos.Stock markets,banks and economic growth[J].American Eco-nomic Review,1998,(88):537~558.
[11]Levine R,N Loayza,T Beck.Financial international and growth:Causality and cause[J].Journal of Monetary Economics,2000,(46):31~77.
[12]Pagano M.Financial Markets and Growth:An Overview[J].European Economic Re-view,1993,(37):613~622.
[13]Rajan R,L Zingales.Financial Dependence and Growth[J].American Economic Re-view,1998,(88):559~586.
[14]Rousseau P,P Wachtel.Financial Intermediation and Economic Performance:Histori-cal Evidence from Five Industrial Countries[J].Journal of Money,Credit and Banking,1998,(30):657~678.
[15]Wurgler J.Financial Markets and the Allocation of Capital[J].Journal of FinancialEconomics,2000,(58):187~214.
[2]Barro R N,G Mankiw,X Sala-I-Matin.Capital mobility in neoclassical models ofgrowth[J].The American Economic Review,1995,(85)3:103~115.
[3]Beck T,R Levine,N Loayza.Finance and the sources of growth[J].Journal of Finan-cial Economics,2000,(58):261~310.
[4]Demirg-Kunt A,V Maksimovic.Funding growth in bank-based and market-based fi-nancial systems:Evidence from firm level data[J].Journal of Financial Economic,2002,(65):337~363.
[5]Nourzad F.Financial development and productive efficiency:A panel study of devel-oped and developing countries[J].Journal of Economics And Finance,2002,(26):138~149.
[6]Goldsmith R W.Financial structure and development[M].New Haven,CT:Yale Uni-versity Press,1969.
[7]Greenwood J,B Jovannovic.Financial development,growth and the distribution of in-come[J].Journal of Political Economy,1990,(98):1076~1107.
[8]King R G,R Levine.Finance and growth:Schumpeter might be right[J].QuarterlyJournal of Econmics,1993,(108):717~737.
[9]Levine R.Financial development and economic growth:View and asgenda[J].Journalof Economic Literature,1997,(35):688~726.
[10]Levine R,S Zervos.Stock markets,banks and economic growth[J].American Eco-nomic Review,1998,(88):537~558.
[11]Levine R,N Loayza,T Beck.Financial international and growth:Causality and cause[J].Journal of Monetary Economics,2000,(46):31~77.
[12]Pagano M.Financial Markets and Growth:An Overview[J].European Economic Re-view,1993,(37):613~622.
[13]Rajan R,L Zingales.Financial Dependence and Growth[J].American Economic Re-view,1998,(88):559~586.
[14]Rousseau P,P Wachtel.Financial Intermediation and Economic Performance:Histori-cal Evidence from Five Industrial Countries[J].Journal of Money,Credit and Banking,1998,(30):657~678.
[15]Wurgler J.Financial Markets and the Allocation of Capital[J].Journal of FinancialEconomics,2000,(58):187~214.
引用本文
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.
导出参考文献，格式为：
