Modeling Financial Innovation and Economic Growth: Why the Financial Sector Matters to the Real Economy

Yuan K. Chou

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Modeling Financial Innovation and Economic Growth: Why the Financial Sector Matters to the Real Economy

机译：模拟金融创新和经济增长：为什么金融部门对实体经济至关重要

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The author devises a simple way of incorporating the financial sector into a growth model that is pedagogically useful. Financial innovation raises the efficiency of financial intermediation by increasing the variety of financial products and services, resulting in improved matching of the needs of individual savers with those of firms raising funds for expanding future production. The resulting capital accumulation leads to economic growth. He discusses the comparative statics and simple dynamics of this model and uses the model to study the effects of financial liberalization as well as changes in patent laws and accounting standards. The model may be extended to include real research and development as a symbiotic source of endogenous growth.

机译：作者设计了一种简单的方法，将金融部门纳入一种在教学上有用的增长模型。金融创新通过增加金融产品和服务的种类来提高金融中介的效率，从而使个人储蓄者的需求与为扩大未来生产而筹集资金的公司的需求得到更好的匹配。由此产生的资本积累导致经济增长。他讨论了该模型的比较静态和简单动态，并使用该模型研究了金融自由化的影响以及专利法和会计准则的变化。该模型可以扩展为包括真正的研究和开发，作为内源性增长的共生来源。

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来源
《The Journal of Economic Education》 |2007年第1期|p.78-91|共14页
作者
Yuan K. Chou;
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作者单位

Access Economics, Canberra, Australia;

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原文格式 PDF
正文语种 eng
中图分类 f;
关键词
economic growth; financial innovation;

机译：经济增长;金融创新;

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机译：金融发展和货币政策的分配效应货币政策的分配后果是否取决于金融发展的程度？各国的最优货币政策应该不同吗？为了回答这些问题，我们开发了一个具有异构代理的货币增长生产模型。在我们的经济中，最优政策需要权衡两个群体的政策效应 - 资本所有者和持有流动资产的个人。虽然银行帮助限制通胀风险，但存在限制，因为资金减轻了私人信息的摩擦和有限的沟通。在这种环境下，我们比较两个经济体在各个方面都是相同的，除了它们的金融发展水平。在金融发展有限的国家，缺乏股票市场。另一方面，股票市场活跃。在任一经济体中，通胀都会对资本形成和产出产生不利影响持有流动资产的个人总是受到通货膨胀的不利影响，但资本所有者的态度取决于金融发展的水平。特别是，在股票市场存在的情况下，通货膨胀对资本所有者福利的影响是非单调的。尽管如此，在较高的金融发展水平下，最优货币政策总是更加保守。

Modeling Financial Innovation and Economic Growth: Why the Financial Sector Matters to the Real Economy

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