Please use this identifier to cite or link to this item: https://ah.nccu.edu.tw/handle/140.119/119376


Title: Endogenous Debt-Equity Ratio and Balance-Sheet Channel: Implications for Growth and Welfare
Authors: 蕭明福
Shaw, Ming‐fu
Chang, Juin-jen
Fan, Chih-ping
Contributors: 經濟系
Date: 2018-03
Issue Date: 2018-08-15 17:11:30 (UTC+8)
Abstract: This paper endogenizes the debt‐equity ratio and embodies financial leverage in a cash‐in‐advance model of endogenous growth. Our analysis finds that the debt‐equity ratio is positively related to the balanced‐growth rate, since it serves as a ‘financial accelerator’ to stimulate investment projects. Compared to previous studies, this positive relationship gives rise to an additional balance‐sheet effect, which substantially affects the macroeconomic consequences of monetary and taxation policies. Due to the existence of the balance‐sheet effect, we also find that the Friedman rule is not necessarily optimal.
Relation: Bulletin of Economic Research, Vol.71, No.3, pp.219-239
Data Type: article
DOI 連結: https://doi.org/10.1111/boer.12152
Appears in Collections:[經濟學系] 期刊論文

Files in This Item:

File Description SizeFormat
12152.pdf244KbAdobe PDF245View/Open


All items in 學術集成 are protected by copyright, with all rights reserved.


社群 sharing