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題名 金融中介與經濟成長
作者 許僑芯
Hsu, Chiao-Hsin
貢獻者 高明瑞
Gao, Ming-Rui
許僑芯
Hsu, Chiao-Hsin
關鍵詞 金融中介
經濟成長
流動性模型
共整合檢定法
Financial Intermediation
Economic Growth
Liquidity model
Cointegration
日期 1998
上傳時間 27-四月-2016 11:12:40 (UTC+8)
摘要 本文以Levine（1991）設計流動性與經濟成長的理論模型，為主要架構來分析，針對金融中介幫助流動性風險改善做一探討。實證對象為亞洲地區之台灣、南韓與菲律賓三國，實證方法採用傳統最小平方法與近代發展的共整合檢定法，檢測成長指標與流動性指標的關係，實證結果發現台灣地區大部分的成長指標與流動性指標之間為顯著正向的關係，而南韓只有一小部份的指標之間為正向的關係但檢定結果可能不顯著，菲律賓的情形也是有一小部份的指標之間為顯著正向的關係。所以本文的實證結果如同大部分的實證文獻所提，金融中介的發展對實質經濟成長有正的影響，但有可能因為解釋變數的選取、實證國家選擇的差異、樣本時間的長短與模型設定的不同，而導致不同的結果。
參考文獻 1. Arestis, Philip and Demetriades, Panicos（1997）“Financial Development and Economic Growth：Assessing the Evidence,”The Economic Journal, May vol.107, No.442, pp.783-799
2. Bagehot, Walter（1873）Lombard street Homewood IL：Richard D Irwin1962 Edition
3. Barro, Robert J.（1991）“Economic Growth in a Cross-Section of Countries,”Quarterly Journal of Economics, May vol. 56, No.2, pp.407-443
4. Bencivenga, Valerie R. and Smith, Bruce D.（1991）“Financial Intermediation and Endogenous Growth,”Review of Economic Studies, April vol. 58, No.2, pp. 195-209
5. Bencivenga, Valerie R, Smith, Bruce D. and Starr, Ross M.（1995）“Transactions Costs, Technological Choice, and Endogenous Growth,”Journal of Economic Theory, October vol.67, No.1, pp.153-177
6. Bencivenga, Valerie R., Smith Bruce D. and Starr, Ross M.（1996）“Equity Markets, Transactions Costs, and Capital Accumulation：An Illustration,”The World Bank Economic Review, May vol. 10, No.2, pp. 241-265
7. Boyd, John H. and Prescott, Edward. C.（1986）“Financial Intermediary-Coalitions,”Journal of Economic Theory, April vol.38, No.2, pp.211-232
8. Boyd, John and Smith, Bruce D.（1996）“The Co-Evolution of the Real and Financial Sectors in the Growth Process,”The World Bank Economic Review, May vol. 10, No.2, pp. 371-396
9. Carosso, Vincent（1990）Investment Banking in America Cambridge MA：Harvard U.Press
10. Demetriades, Panicos O. and Hussein, Khaled A.（1996）“Does Financial Development Cause Economic Growth？ Time-Series Evidence from 16 Countries,”Journal of Development Economics, December vol. 51, No.2, pp.387-411
11. Demirguc-kunt, Asli and Levine, Ross（1996a）“Stock Market Development and Financial Intermediaries：Stylized Facts,”The World Bank Economic Review, May vol. 10, No.2, pp. 291-321
12. Demirguc-kunt, Asli and Levine, Ross（1996b）“Stock Market, Corporate Finance, and Economic Growth：A Overview,”The World Bank Economic Review, May vol. 10, No.2, pp. 229-239
13. Demirguc-kunt, Asli and Maksimovic, Vojislav（1996a）“Stock Market Development and Financing Choices of Firms,”The World Bank Economic Review, May vol. 10, No.2, pp. 341-370
14. De Long, J Braford Et Al.（1991）“Did J P Morgan’s Men Add Value？An Economist’s Perspective on Financial Capitalism,”in Inside the business enterprise：Historical perspective on the use of information Ed.Peter Temin Chicago：U of Chicago Press., pp.205-236
15. Devereux, Michael B and Smith, Gregor W.（1994）“International Risk Sharing and Economic Growth,”International Economic Review, August vol.35, No.4, pp.535-550
16. Diamond, Douglas W.（1984）“Financial Intermediation and Delegated Monitoring,”Review of Economic Studies, July vol.51, No.3, p393-414
17. Diamond, Douglas W. and Dybvig, Philip H.（1983）“Bank Runs, Deposit Insurance, and Liquidity,”Journal of Political Economy, June vol. 91, No.3, pp.401-419
18. Doldado, Juan, Tim Jenkinson and Simon Sosvilla-Rivero（1990）“Cointegration and Unit Roots,”Journal of Economic Survey, September vol. 4, pp.249-273
19. Evans, P.（1995）“How to Estimate Growth Equations Consistently,”Mimeo, Ohio State University; presented at the 7th World Congress of the Econometric Society（Tokyo）
20. Goldsmith, Raymond W.（1969）“Financial Structure and Development,”NewHaven, CT：Yale University Press
21. Gorton, Gary and Pennacchi, George（1990）“Financial Intermediaries and Liquidity Creation,”The Journal of Finance, March vol.45, No.1, pp.49-71
22. Greenwald, Bruce, Stiglitz, Joseph E. and Weiss, Andrew（1984）“Information Imperfections in the Capital Market and Macroeconomic Fluctuations,”The American Economic Review, May vol. 74, No.2, pp. 194-199
23. Greenwood, Jeremy and Jovanovic, Boyan（1990）“Financial Development, Growth and Distribution of Income,”Journal of Political Economy, October vol. 98, No.5（Pt.1）, pp.1076-1107
24. Greenwood, Jeremy and Smith, Bruce D.（1997）“Financial Markets in Development, and the Development of Financial Markets,”Journal of Economic Dynamics and Control, January vol. 21, No.1, pp.145-181
25. Grossman, Gene M. and Helpman, Elhanan（1991）“Quality Ladders in the Theory of Growth,”，Review Economic Studies, January vol. 58, No.1, pp.43-61
26. Gurley, John G. and Shaw, Edward. S.（1955）“Financial Aspects of Economic Development,”The American Economic Review, September vol. 45, No.4, pp.515-538
27. Hansson, Pontus and Jonung, Lars（1997）“Finance and Economic Growth：the Case of Sweden 1834-1991,”Research in Economics, May vol. 107, No.51, pp.275-30
28. Hicks, John（1969）A Theory of Economic History Oxford：Clarendon Press
29. Holmstrom, Bengt and Tirole, Jean（1993）“Market Liquidity and Performance Monitoring,”Journal of Political Economy, August vol. 101, No.4, pp.678-709
30. Jao, Y.C.（1976）“Financial Deepening and Economic Growth：A Gross-Section Analyisis,”Malaysian Economic Review, vol.12, pp.231-254
31. Johansen, Soren.（1988）“Statistical Analysis of Cointegration Vectors,”Journal of Economic Dynamics and Control, vol.12, pp.231-254, North-Holland
32. Johansen, Soren.（1992）“Determination of the Cointegration Rank in the Presence of a Linear Trend,”Oxford Bulletin of Economics and Statistics, vol.54, pp.383-397
33. Johansen，Soren. and Juslius Katetina.（1992）“Testing Structural Hypotheses in a Multivariate Cointegration Analysis of the PPP and the UIP for UK,”Journal of Econometrics, vol.53, pp.211-244
34. Jung, Woo S.（1986）“Financial Development and Economic Growth：International Evidence,”Economic Development and Culture Change, January vol.34, No.2, pp.333-346
35. King, R G. and Levine, Ross（1993a）“Financial Intermediation and Economic Development,”in Financial intermediation in the construction of Europe, Eds：Colin Mayer And Xavter Vives, Loden：Centre for Economic Policy Research, pp.156-189
36. King, Robert G. and Levine, Ross（1993b）“Finance and Growth：Schumpeter Might Be Right,”Quarterly Journal of Economics, August vol. 108, No. 3, pp.717-738
37. King, Robert G. and Levine, Ross（1993c）“Finance，Entrepreneurship, and Growth：Theory and Evidence,”Journal of Monetary Economics, December vol. 32, No.3, pp.513-542
38. Korajczyk, Robert A.（1996）“A Measure of Stock Market Integration for Developed and Emerging markets,”The World Bank Economic Review, May vol. 10, No.2, pp. 267-289
39. Kyle, Albert S.（1984）“Market Structure，Information, Futures Markets, and Price Formation,”in International agricultural trade：Advanced readings in price formation, market structure, and price instability. Eds：Gary G. Storey, Andrew Schmitz and Alexander H. Sarris Boulder CO：Westview, pp.45-64
40. Lamoreaux, Naomi R.（1994）Insider Lending：Banks, personal connections, and economic development in industrial, New England, New York：Cambridge U. Press
41. Lamoreaux, Naomi R.and Sokoloff, Kennethl（1996）“Long-Term Change in the Organization of Inventive Activity,”，Proceedings of the National Academy of Science, November vol. 93, pp.12686-12692
42. Lee, K, Pesaran, M.H. and Smith, R.P.（1996）“Growth and Convergence：A Multi-Country Empirical Analysis of the Solow Growth Model,”Department of Applied Economics Working Papers, Amalgamated Series No. 953I, University of Cambridge
43. Levhari, David and Srinivasan, T. N.（1969）“Optimal Savings Under Uncertainty,”Review Economic Studies, April vol. 36, No.1, pp.153-163
44. Levine, Ross（1991）“Stock Market, Growth, and Tax Policy,”The Journal of Finance, September vol.46, No.4, pp.1445-1465
45. Levine, Ross（1997）“Financial Development and Economic Growth：Views and Agenda,”Journal of Economic Literature, June vol. 35, pp.688-726
46. Levine, Ross and Renelt, David（1992）“A Sensitivity Analysis of Cross-Country Growth Regressions,”The American Economic Review, September vol.82, No.4, pp.942-963
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描述 碩士
國立政治大學
經濟學系
86258011
資料來源 http://thesis.lib.nccu.edu.tw/record/#B2002001634
資料類型 thesis
dc.contributor.advisor 高明瑞zh_TW
dc.contributor.advisor Gao, Ming-Ruien_US
dc.contributor.author (作者) 許僑芯zh_TW
dc.contributor.author (作者) Hsu, Chiao-Hsinen_US
dc.creator (作者) 許僑芯zh_TW
dc.creator (作者) Hsu, Chiao-Hsinen_US
dc.date (日期) 1998en_US
dc.date.accessioned 27-四月-2016 11:12:40 (UTC+8)-
dc.date.available 27-四月-2016 11:12:40 (UTC+8)-
dc.date.issued (上傳時間) 27-四月-2016 11:12:40 (UTC+8)-
dc.identifier (其他 識別碼) B2002001634en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/86209-
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) 86258011zh_TW
dc.description.abstract (摘要) 本文以Levine（1991）設計流動性與經濟成長的理論模型，為主要架構來分析，針對金融中介幫助流動性風險改善做一探討。實證對象為亞洲地區之台灣、南韓與菲律賓三國，實證方法採用傳統最小平方法與近代發展的共整合檢定法，檢測成長指標與流動性指標的關係，實證結果發現台灣地區大部分的成長指標與流動性指標之間為顯著正向的關係，而南韓只有一小部份的指標之間為正向的關係但檢定結果可能不顯著，菲律賓的情形也是有一小部份的指標之間為顯著正向的關係。所以本文的實證結果如同大部分的實證文獻所提，金融中介的發展對實質經濟成長有正的影響，但有可能因為解釋變數的選取、實證國家選擇的差異、樣本時間的長短與模型設定的不同，而導致不同的結果。zh_TW
dc.description.tableofcontents 第一章 緒論 1
第二章 文獻回顧 3
第一節、介紹 3
第二節、影響經濟成長管道與金融體系的功能 4
一、影響經濟成長的管道 4
二、金融體系基本的功能 5
第三章 理論模型 12
第一節、基本的內生成長模型 13
第二節、缺乏股市的經濟成長率 16
第三節、加入股市的經濟 21
第四章 實證分析 26
第一節、實證回顧 26
第二節、資料說明與實證過程 30
一、傳統最小平方法 32
二、共整合分析法 32
第三節、單根檢定 34
第四節、傳統最小平方法 36
第五節、共整合分析與檢定 38
一、選取最適落後期數 38
二、選取適當共整合模型及向量個數 38
三、共整合向量估計結果 41
第六節、實證結果 42
第五章 結論 43
附錄一 45
附錄二 63
數學附錄 A 63
數學附錄 B 67
參考文獻 70		zh_TW
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#B2002001634en_US
dc.subject (關鍵詞) 金融中介zh_TW
dc.subject (關鍵詞) 經濟成長zh_TW
dc.subject (關鍵詞) 流動性模型zh_TW
dc.subject (關鍵詞) 共整合檢定法zh_TW
dc.subject (關鍵詞) Financial Intermediationen_US
dc.subject (關鍵詞) Economic Growthen_US
dc.subject (關鍵詞) Liquidity modelen_US
dc.subject (關鍵詞) Cointegrationen_US
dc.title (題名) 金融中介與經濟成長zh_TW
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) 1. Arestis, Philip and Demetriades, Panicos（1997）“Financial Development and Economic Growth：Assessing the Evidence,”The Economic Journal, May vol.107, No.442, pp.783-799
2. Bagehot, Walter（1873）Lombard street Homewood IL：Richard D Irwin1962 Edition
3. Barro, Robert J.（1991）“Economic Growth in a Cross-Section of Countries,”Quarterly Journal of Economics, May vol. 56, No.2, pp.407-443
4. Bencivenga, Valerie R. and Smith, Bruce D.（1991）“Financial Intermediation and Endogenous Growth,”Review of Economic Studies, April vol. 58, No.2, pp. 195-209
5. Bencivenga, Valerie R, Smith, Bruce D. and Starr, Ross M.（1995）“Transactions Costs, Technological Choice, and Endogenous Growth,”Journal of Economic Theory, October vol.67, No.1, pp.153-177
6. Bencivenga, Valerie R., Smith Bruce D. and Starr, Ross M.（1996）“Equity Markets, Transactions Costs, and Capital Accumulation：An Illustration,”The World Bank Economic Review, May vol. 10, No.2, pp. 241-265
7. Boyd, John H. and Prescott, Edward. C.（1986）“Financial Intermediary-Coalitions,”Journal of Economic Theory, April vol.38, No.2, pp.211-232
8. Boyd, John and Smith, Bruce D.（1996）“The Co-Evolution of the Real and Financial Sectors in the Growth Process,”The World Bank Economic Review, May vol. 10, No.2, pp. 371-396
9. Carosso, Vincent（1990）Investment Banking in America Cambridge MA：Harvard U.Press
10. Demetriades, Panicos O. and Hussein, Khaled A.（1996）“Does Financial Development Cause Economic Growth？ Time-Series Evidence from 16 Countries,”Journal of Development Economics, December vol. 51, No.2, pp.387-411
11. Demirguc-kunt, Asli and Levine, Ross（1996a）“Stock Market Development and Financial Intermediaries：Stylized Facts,”The World Bank Economic Review, May vol. 10, No.2, pp. 291-321
12. Demirguc-kunt, Asli and Levine, Ross（1996b）“Stock Market, Corporate Finance, and Economic Growth：A Overview,”The World Bank Economic Review, May vol. 10, No.2, pp. 229-239
13. Demirguc-kunt, Asli and Maksimovic, Vojislav（1996a）“Stock Market Development and Financing Choices of Firms,”The World Bank Economic Review, May vol. 10, No.2, pp. 341-370
14. De Long, J Braford Et Al.（1991）“Did J P Morgan’s Men Add Value？An Economist’s Perspective on Financial Capitalism,”in Inside the business enterprise：Historical perspective on the use of information Ed.Peter Temin Chicago：U of Chicago Press., pp.205-236
15. Devereux, Michael B and Smith, Gregor W.（1994）“International Risk Sharing and Economic Growth,”International Economic Review, August vol.35, No.4, pp.535-550
16. Diamond, Douglas W.（1984）“Financial Intermediation and Delegated Monitoring,”Review of Economic Studies, July vol.51, No.3, p393-414
17. Diamond, Douglas W. and Dybvig, Philip H.（1983）“Bank Runs, Deposit Insurance, and Liquidity,”Journal of Political Economy, June vol. 91, No.3, pp.401-419
18. Doldado, Juan, Tim Jenkinson and Simon Sosvilla-Rivero（1990）“Cointegration and Unit Roots,”Journal of Economic Survey, September vol. 4, pp.249-273
19. Evans, P.（1995）“How to Estimate Growth Equations Consistently,”Mimeo, Ohio State University; presented at the 7th World Congress of the Econometric Society（Tokyo）
20. Goldsmith, Raymond W.（1969）“Financial Structure and Development,”NewHaven, CT：Yale University Press
21. Gorton, Gary and Pennacchi, George（1990）“Financial Intermediaries and Liquidity Creation,”The Journal of Finance, March vol.45, No.1, pp.49-71
22. Greenwald, Bruce, Stiglitz, Joseph E. and Weiss, Andrew（1984）“Information Imperfections in the Capital Market and Macroeconomic Fluctuations,”The American Economic Review, May vol. 74, No.2, pp. 194-199
23. Greenwood, Jeremy and Jovanovic, Boyan（1990）“Financial Development, Growth and Distribution of Income,”Journal of Political Economy, October vol. 98, No.5（Pt.1）, pp.1076-1107
24. Greenwood, Jeremy and Smith, Bruce D.（1997）“Financial Markets in Development, and the Development of Financial Markets,”Journal of Economic Dynamics and Control, January vol. 21, No.1, pp.145-181
25. Grossman, Gene M. and Helpman, Elhanan（1991）“Quality Ladders in the Theory of Growth,”，Review Economic Studies, January vol. 58, No.1, pp.43-61
26. Gurley, John G. and Shaw, Edward. S.（1955）“Financial Aspects of Economic Development,”The American Economic Review, September vol. 45, No.4, pp.515-538
27. Hansson, Pontus and Jonung, Lars（1997）“Finance and Economic Growth：the Case of Sweden 1834-1991,”Research in Economics, May vol. 107, No.51, pp.275-30
28. Hicks, John（1969）A Theory of Economic History Oxford：Clarendon Press
29. Holmstrom, Bengt and Tirole, Jean（1993）“Market Liquidity and Performance Monitoring,”Journal of Political Economy, August vol. 101, No.4, pp.678-709
30. Jao, Y.C.（1976）“Financial Deepening and Economic Growth：A Gross-Section Analyisis,”Malaysian Economic Review, vol.12, pp.231-254
31. Johansen, Soren.（1988）“Statistical Analysis of Cointegration Vectors,”Journal of Economic Dynamics and Control, vol.12, pp.231-254, North-Holland
32. Johansen, Soren.（1992）“Determination of the Cointegration Rank in the Presence of a Linear Trend,”Oxford Bulletin of Economics and Statistics, vol.54, pp.383-397
33. Johansen，Soren. and Juslius Katetina.（1992）“Testing Structural Hypotheses in a Multivariate Cointegration Analysis of the PPP and the UIP for UK,”Journal of Econometrics, vol.53, pp.211-244
34. Jung, Woo S.（1986）“Financial Development and Economic Growth：International Evidence,”Economic Development and Culture Change, January vol.34, No.2, pp.333-346
35. King, R G. and Levine, Ross（1993a）“Financial Intermediation and Economic Development,”in Financial intermediation in the construction of Europe, Eds：Colin Mayer And Xavter Vives, Loden：Centre for Economic Policy Research, pp.156-189
36. King, Robert G. and Levine, Ross（1993b）“Finance and Growth：Schumpeter Might Be Right,”Quarterly Journal of Economics, August vol. 108, No. 3, pp.717-738
37. King, Robert G. and Levine, Ross（1993c）“Finance，Entrepreneurship, and Growth：Theory and Evidence,”Journal of Monetary Economics, December vol. 32, No.3, pp.513-542
38. Korajczyk, Robert A.（1996）“A Measure of Stock Market Integration for Developed and Emerging markets,”The World Bank Economic Review, May vol. 10, No.2, pp. 267-289
39. Kyle, Albert S.（1984）“Market Structure，Information, Futures Markets, and Price Formation,”in International agricultural trade：Advanced readings in price formation, market structure, and price instability. Eds：Gary G. Storey, Andrew Schmitz and Alexander H. Sarris Boulder CO：Westview, pp.45-64
40. Lamoreaux, Naomi R.（1994）Insider Lending：Banks, personal connections, and economic development in industrial, New England, New York：Cambridge U. Press
41. Lamoreaux, Naomi R.and Sokoloff, Kennethl（1996）“Long-Term Change in the Organization of Inventive Activity,”，Proceedings of the National Academy of Science, November vol. 93, pp.12686-12692
42. Lee, K, Pesaran, M.H. and Smith, R.P.（1996）“Growth and Convergence：A Multi-Country Empirical Analysis of the Solow Growth Model,”Department of Applied Economics Working Papers, Amalgamated Series No. 953I, University of Cambridge
43. Levhari, David and Srinivasan, T. N.（1969）“Optimal Savings Under Uncertainty,”Review Economic Studies, April vol. 36, No.1, pp.153-163
44. Levine, Ross（1991）“Stock Market, Growth, and Tax Policy,”The Journal of Finance, September vol.46, No.4, pp.1445-1465
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