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Title: Financial Restraint, Capital Investment, and Economic Growth
Other Titles: 金融約束、資本投資與經濟成長
Authors: 洪福聲;張文雅
Hung, Fu-Sheng;Chang, Wen-Ya
Contributors: 經濟系
Keywords: 金融約束;金融發展;訊息不對稱;信貸配給;經濟成長
Financial restraint;Financial development;Asymmetric information;Credit rationing;Economic growth
Date: 2013.09
Issue Date: 2013-11-11 17:04:06 (UTC+8)
Abstract: 本文探討政府金融約束(financial restraint)對資本投資及經濟成長的影響。為了刺激投資,傳統的凱因斯理論建議政府應採取金融約束政策,限制利率低於均衡水準。然而,近期許多國家都根據McKinnon and Shaw的學說,採取金融自由化政策。本文設計一個理論模型,納入了傳統凱因斯理論的看法及McKinnon and Shaw的學說,重新探討政府金融約束政策對資本投資、經濟成長與社會福利的影響。模型的結果發現了政府金融約束政策(管制讓利率低於均衡水準)對於資本投資有正、反兩股力量,隱含存在了一個最適的利率水準,可以極大化經濟成長。我們也發現了極大化社會福利的一個利率水準(也是低於均衡利率水準)。這些結論與最近一些實證文獻所發現的結論-溫和的政府金融約束政策有利於金融發展與經濟成長-一致。
We examine the effects of a government policy of financial restraint on capital investment and economic growth. To promote capital investment, conventional wisdom has long suggested that the government adopts a policy of financial restraint that keeps the interest rate below the equilibrium level. In contrast, many countries have recently adopted the policy of financial liberalization according to the McKinnon-Shaw thesis. This paper re-examines the effects of financial restraint by developing a model that incorporates both the conventional wisdom and the McKinnon-Shaw thesis. We find that there are optimal levels of financial restraints measured by a lending rate ceiling below the equilibrium level which maximizes economic growth and social welfare, respectively. Our results are consistent with recent empirical evidence showing that a mild financial restraint is beneficial to capital investment and economic growth.
Relation: Academia Economic Papers, 41(3) , 363-398
Data Type: article
Appears in Collections:[經濟學系] 期刊論文

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