| dc.contributor | 經濟系 | en_US |
| dc.creator (作者) | 洪福聲；張文雅 | zh_TW |
| dc.creator (作者) | Hung, Fu-Sheng;Chang, Wen-Ya | - |
| dc.date (日期) | 2013.09 | en_US |
| dc.date.accessioned | 11-Nov-2013 17:04:06 (UTC+8) | - |
| dc.date.available | 11-Nov-2013 17:04:06 (UTC+8) | - |
| dc.date.issued (上傳時間) | 11-Nov-2013 17:04:06 (UTC+8) | - |
| dc.identifier.uri (URI) | http://nccur.lib.nccu.edu.tw/handle/140.119/61588 | - |
| dc.description.abstract (摘要) | 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。 | en_US |
| dc.description.abstract (摘要) | 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. | en_US |
| dc.format.extent | 1837975 bytes | - |
| dc.format.mimetype | application/pdf | - |
| dc.language.iso | en_US | - |
| dc.relation (關聯) | Academia Economic Papers, 41(3) , 363-398 | en_US |
| dc.subject (關鍵詞) | 金融約束 ; 金融發展 ; 訊息不對稱 ; 信貸配給 ; 經濟成長 | en_US |
| dc.subject (關鍵詞) | Financial restraint ; Financial development ; Asymmetric information ; Credit rationing ; Economic growth | en_US |
| dc.title (題名) | Financial Restraint, Capital Investment, and Economic Growth | en_US |
| dc.title.alternative (其他題名) | 金融約束、資本投資與經濟成長 | - |
| dc.type (資料類型) | article | en |
