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題名 最適財政政策:銀行與股票金融體系之比較
Optimal fiscal policy: a comparison between bank- and market-based financial markets
作者 鐘玉琳
Chung, Yu Lin
貢獻者 洪福聲
Hung, Fu Sheng
鐘玉琳
Chung, Yu Lin
關鍵詞 銀行導向
市場導向
風險趨避
社會福利
日期 2012
上傳時間 1-Feb-2013 16:57:45 (UTC+8)
摘要 金融體系大致上以銀行導向(金融中介)與市場導向(金融市場)為主，民眾可利用不同的金融體系進行長期投資，進一步促使資本累積亦可促進經濟成長。本文首先建構一個無窮交替的兩期跨代模型，說明生產中間財貨的年輕人口，在政府向中間財課稅後，將實際獲得的稅後工資所得利用銀行或股票市場進行長期投資時，比較在不同的金融體制下，經濟成長率與社會福利的差異。目前文獻上指出銀行導向與市場導向對經濟成長的貢獻沒有一定的優劣，皆是在沒有考慮經濟個體的風險趨避程度下加以探討，而本文主要發現在加入政府角色並多考慮經濟個體的風險趨避程度後，在不同的政府支出下，利用銀行或股票市場進行長期投資所促進的經濟成長率將可辨別優劣。而社會福利分析部分主要發現不同導向的金融體制對於所促成的社會福利並無法區分大小。
參考文獻 中文部分:
1. 陳明郎(1999)，經濟成長，華泰書局。
2. 馬南媛(1998)，「亞太風險趨避係數的估計與比較」，元智大學管理研究所。
3. 莊希豐(1998)，「政府支出與內生化經濟成長-應用於臺灣經濟」，《淡江人文社會學刊》創刊號，241-267。
4. 黃仁德、羅時萬(2000)，現代經濟成長理論，華泰書局。
英文部分:
1. Allen,F.and D.Gale. (2000), “Comparing Financial Systems,” Cambridge,MA:The MIT Press.
2. Gaytan,A.and R.Ranciere. (2002),“Liquidity,Financial Intermediation and Growth,”New York University.
3. Atje,R.and B.Jovanovic. (1993),“Stock Markets and Development,”
European Review,37:3,632-640.
4. Barro,R.J. (1990),“Government spending in a simple modle of endogen ous growth,” Journal of Political Economy,98,103-125.
5. Barro,R.J. (1991),“Economic growth in a cross section of countries,” Quarterly Journal of Economics,106:2,407-443.
6. Barro,R.J.and Sala-i-Martin,X. (1992),“Public finance in models of economic growth,” Review of Economic Studies,9,645-661.
7. Bencivenga,V.R. and Smith,B.D. (1991),“Financial intermediation and endogenous growth,” Review of Economic Studies,58,195-209.
8. Bencivenga,V.R. and Smith,B.D. (1993),“Some consequences of credit rationing in an endogenous growth model,” Journal of Economic Dynamics and Control,17,97-122.
9. Bose,N.and Cothren,R. (1996),“Equilibrium loan contracts and endog- enous growth in the presence of asymmetric information,” Journal of Monetary Economics,38,363-376.
10. Cass,D. (1965),“Optimal growth in an aggregate model of capital accumulation,” Review of Economic Studies,32,233-240.
11. Chakraborty,S and R.Ray. (2006), “Bank-based versus market-based financial systems:A growth-theoretic analysis,” Journal of Monetary Economics,53,329-350.
12. Demirguc-kunt,A.and R.Levine. (1999),“Bank-based and Market-based Financial Systems:Cross-country Comparisons,” Washington D.C: Worid Bank.
13. Diamond,D.W.and Dybvig,P.H. (1983),“Bank Runs,Deposit Insurance,
and Liquidity,” Journal of Political Economy,913,401-419.
14. Glomm,G.and Ravikumar,B. (1994),“Public Investment in Infrastruct-
Ure in a Simple Growth Model,” Journal of Economic Dynamics,18,1173-1187.
15. Greenwood,J.and Jovanovic,B. (1990),“Financial development, growth,and the distribution of income,” Journal of Political Economy,98:5,1076-1088.
16. Greenwood,J.and Smith,B.D. (1997),“Financial Market in Developm-
ent and the Development of Financial Market,” Journal of Economic Dynamics and Control,21,145-181.
17. Gurley,J.and Shaw,E. (1960),“Money in a Theory of Finance,”
Washington,D.C:Brookings Institution.
18. Hung,F.S. (2005),“Optimal composition of government public capital financing,” Journal of Macroeconomics,27,704-723.
19. Hung,F.S.and Liao,W.R. (2007),“Self-financing,Asymmetric
Information,and Government Spending in a Simple Endogenous Growth Model,” Taiwan Economic Review,35:3,249-284.
20. Levine,R.and S.Zervos. (1996),“Stock Market development and long
Run growth,” The Worid Bank Economic Review,10:2,323-339
21. Levine,R.and S.Zervos. (1996),“Stock Markets,Banks,and Economic Growth,” American Economic Review,88:3,537-558.
22. Levine,R. (2002), “Bank-based and Market-based Financial Systems:which is Better?,” Journal of Financial Intermediation ,11,398-422.
23. Lucas,R. (1988),“On the Mechanics of Economic Development,” Journal
Monetary Economics,22:1,3-42.
24. Mckinnon,R. (1973),“Money and Capital in Economic Development,”
Washington,DC: Brookings Institution.
25. Miwa,Yoshiro and J.Mark Ramseyer. (2003), “Does Relationship Banking Matter? Japanese Bank-Borrower Ties in Good Times and Bad,”Disscussion Paper 433.Cambridge,Massachusetts:Harvard Law School John M.Olin Center for Law, Economic and Business.
26. Romer,P.M.(1986),“Increasing Returns and Long-Run Growth,” Journal of Political Economy,94:5,1002-1037.
27. Rebelo,S. (1991),“long Run Policy Analysis and Long Growth,” Journal of Political Economy,99,500-521.
28. Solow,R. (1956),“A contribution to the theory of economic growth,”
Quarterly Journal of Economics,70,65-94.
29. Turnovsky,S.J.and W.H.Fisher. (1995),“The Composition Expenditure and Its Consequences for Macroeconomic Performance,” Journal of Economic Dynamics and Control,19,747-786.
30. Zysman,J. (1983),“Governments,Markets and Growth:Financial Systems and the Politics of Industrial Change,” Ithaca,NY:Cornell University Press.
描述 碩士
國立政治大學
經濟學系
99258025
101
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0099258025
資料類型 thesis
dc.contributor.advisor 洪福聲zh_TW
dc.contributor.advisor Hung, Fu Shengen_US
dc.contributor.author (Authors) 鐘玉琳zh_TW
dc.contributor.author (Authors) Chung, Yu Linen_US
dc.creator (作者) 鐘玉琳zh_TW
dc.creator (作者) Chung, Yu Linen_US
dc.date (日期) 2012en_US
dc.date.accessioned 1-Feb-2013 16:57:45 (UTC+8)-
dc.date.available 1-Feb-2013 16:57:45 (UTC+8)-
dc.date.issued (上傳時間) 1-Feb-2013 16:57:45 (UTC+8)-
dc.identifier (Other Identifiers) G0099258025en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/56912-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 經濟學系zh_TW
dc.description (描述) 99258025zh_TW
dc.description (描述) 101zh_TW
dc.description.abstract (摘要) 金融體系大致上以銀行導向(金融中介)與市場導向(金融市場)為主，民眾可利用不同的金融體系進行長期投資，進一步促使資本累積亦可促進經濟成長。本文首先建構一個無窮交替的兩期跨代模型，說明生產中間財貨的年輕人口，在政府向中間財課稅後，將實際獲得的稅後工資所得利用銀行或股票市場進行長期投資時，比較在不同的金融體制下，經濟成長率與社會福利的差異。目前文獻上指出銀行導向與市場導向對經濟成長的貢獻沒有一定的優劣，皆是在沒有考慮經濟個體的風險趨避程度下加以探討，而本文主要發現在加入政府角色並多考慮經濟個體的風險趨避程度後，在不同的政府支出下，利用銀行或股票市場進行長期投資所促進的經濟成長率將可辨別優劣。而社會福利分析部分主要發現不同導向的金融體制對於所促成的社會福利並無法區分大小。zh_TW
dc.description.tableofcontents 目錄
誌謝 i
中文摘要 ii
目錄 iii
圖目錄 v
緒論 1
第一節 研究動機與目的 1
第二節 研究方法與架構 2
第二章 文獻回顧 4
第一節 經濟成長理論的演進 4
第二節 金融體系與經濟成長 5
第三節 政府支出與經濟成長 9
第三章 模型設定 11
第一節 總體經濟敘述 11
壹 基本模型環境 11
貳 中間財的生產過程 13
参 資產配置過程 15
肆 一般均衡討論 21
第二節 社會福利討論 22
第四章 數值模擬 25
第一節 投資比例與經濟成長率數值模擬 25
第二節 社會福利數值模擬 31
第五章 結論 34
參考文獻 36
附錄一 39
附錄二 41
附錄三 43
附錄四 44











圖目錄
圖一、年輕經濟個體資產配置時間圖 16
圖二、銀行投資比例:經濟個體風險趨避程度-1<γ<0 26
圖三、銀行(γ＝0)與股票市場投資比例 27
圖四、銀行投資比例:經濟個體風險趨避程度0<γ<1 27
圖五、銀行與股票市場的經濟成長率 28
圖六、銀行與股票市場的社會福利 32		zh_TW
dc.language.iso en_US-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0099258025en_US
dc.subject (關鍵詞) 銀行導向zh_TW
dc.subject (關鍵詞) 市場導向zh_TW
dc.subject (關鍵詞) 風險趨避zh_TW
dc.subject (關鍵詞) 社會福利zh_TW
dc.title (題名) 最適財政政策:銀行與股票金融體系之比較zh_TW
dc.title (題名) Optimal fiscal policy: a comparison between bank- and market-based financial marketsen_US
dc.type (資料類型) thesisen
dc.relation.reference (參考文獻) 中文部分:
1. 陳明郎(1999)，經濟成長，華泰書局。
2. 馬南媛(1998)，「亞太風險趨避係數的估計與比較」，元智大學管理研究所。
3. 莊希豐(1998)，「政府支出與內生化經濟成長-應用於臺灣經濟」，《淡江人文社會學刊》創刊號，241-267。
4. 黃仁德、羅時萬(2000)，現代經濟成長理論，華泰書局。
英文部分:
1. Allen,F.and D.Gale. (2000), “Comparing Financial Systems,” Cambridge,MA:The MIT Press.
2. Gaytan,A.and R.Ranciere. (2002),“Liquidity,Financial Intermediation and Growth,”New York University.
3. Atje,R.and B.Jovanovic. (1993),“Stock Markets and Development,”
European Review,37:3,632-640.
4. Barro,R.J. (1990),“Government spending in a simple modle of endogen ous growth,” Journal of Political Economy,98,103-125.
5. Barro,R.J. (1991),“Economic growth in a cross section of countries,” Quarterly Journal of Economics,106:2,407-443.
6. Barro,R.J.and Sala-i-Martin,X. (1992),“Public finance in models of economic growth,” Review of Economic Studies,9,645-661.
7. Bencivenga,V.R. and Smith,B.D. (1991),“Financial intermediation and endogenous growth,” Review of Economic Studies,58,195-209.
8. Bencivenga,V.R. and Smith,B.D. (1993),“Some consequences of credit rationing in an endogenous growth model,” Journal of Economic Dynamics and Control,17,97-122.
9. Bose,N.and Cothren,R. (1996),“Equilibrium loan contracts and endog- enous growth in the presence of asymmetric information,” Journal of Monetary Economics,38,363-376.
10. Cass,D. (1965),“Optimal growth in an aggregate model of capital accumulation,” Review of Economic Studies,32,233-240.
11. Chakraborty,S and R.Ray. (2006), “Bank-based versus market-based financial systems:A growth-theoretic analysis,” Journal of Monetary Economics,53,329-350.
12. Demirguc-kunt,A.and R.Levine. (1999),“Bank-based and Market-based Financial Systems:Cross-country Comparisons,” Washington D.C: Worid Bank.
13. Diamond,D.W.and Dybvig,P.H. (1983),“Bank Runs,Deposit Insurance,
and Liquidity,” Journal of Political Economy,913,401-419.
14. Glomm,G.and Ravikumar,B. (1994),“Public Investment in Infrastruct-
Ure in a Simple Growth Model,” Journal of Economic Dynamics,18,1173-1187.
15. Greenwood,J.and Jovanovic,B. (1990),“Financial development, growth,and the distribution of income,” Journal of Political Economy,98:5,1076-1088.
16. Greenwood,J.and Smith,B.D. (1997),“Financial Market in Developm-
ent and the Development of Financial Market,” Journal of Economic Dynamics and Control,21,145-181.
17. Gurley,J.and Shaw,E. (1960),“Money in a Theory of Finance,”
Washington,D.C:Brookings Institution.
18. Hung,F.S. (2005),“Optimal composition of government public capital financing,” Journal of Macroeconomics,27,704-723.
19. Hung,F.S.and Liao,W.R. (2007),“Self-financing,Asymmetric
Information,and Government Spending in a Simple Endogenous Growth Model,” Taiwan Economic Review,35:3,249-284.
20. Levine,R.and S.Zervos. (1996),“Stock Market development and long
Run growth,” The Worid Bank Economic Review,10:2,323-339
21. Levine,R.and S.Zervos. (1996),“Stock Markets,Banks,and Economic Growth,” American Economic Review,88:3,537-558.
22. Levine,R. (2002), “Bank-based and Market-based Financial Systems:which is Better?,” Journal of Financial Intermediation ,11,398-422.
23. Lucas,R. (1988),“On the Mechanics of Economic Development,” Journal
Monetary Economics,22:1,3-42.
24. Mckinnon,R. (1973),“Money and Capital in Economic Development,”
Washington,DC: Brookings Institution.
25. Miwa,Yoshiro and J.Mark Ramseyer. (2003), “Does Relationship Banking Matter? Japanese Bank-Borrower Ties in Good Times and Bad,”Disscussion Paper 433.Cambridge,Massachusetts:Harvard Law School John M.Olin Center for Law, Economic and Business.
26. Romer,P.M.(1986),“Increasing Returns and Long-Run Growth,” Journal of Political Economy,94:5,1002-1037.
27. Rebelo,S. (1991),“long Run Policy Analysis and Long Growth,” Journal of Political Economy,99,500-521.
28. Solow,R. (1956),“A contribution to the theory of economic growth,”
Quarterly Journal of Economics,70,65-94.
29. Turnovsky,S.J.and W.H.Fisher. (1995),“The Composition Expenditure and Its Consequences for Macroeconomic Performance,” Journal of Economic Dynamics and Control,19,747-786.
30. Zysman,J. (1983),“Governments,Markets and Growth:Financial Systems and the Politics of Industrial Change,” Ithaca,NY:Cornell University Press.		zh_TW