ENDOGENOUS INFORMATION FRICTIONS, STOCK MARKET DEVELOPMENT AND ECONOMIC GROWTH

SALVATORE CAPASSO

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ENDOGENOUS INFORMATION FRICTIONS, STOCK MARKET DEVELOPMENT AND ECONOMIC GROWTH

机译：内生信息摩擦，股票市场发展和经济增长

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The aim of this paper is to provide further insights into the linkages between stock market development and economic growth. Under information asymmetries, higher return projects tend to be penalized since these projects are valued at the average, and lower than fair, price. This informational cost, or dilution cost, depends on the degree of informational asymmetry in the market, as well as on the type of financial contract issued by the firms-typically, equity or debt. Growth occurring, informational costs decrease and so does the cost of equity relative to debt financing which spurs the development of stock markets.

机译：本文的目的是为股票市场发展与经济增长之间的联系提供进一步的见解。在信息不对称的情况下，较高回报的项目往往会受到惩罚，因为这些项目的价值是平均价格，低于公平价格。这种信息成本或稀释成本取决于市场中信息不对称的程度，以及企业发行的金融合同的类型，通常是股权或债务。发生增长，信息成本降低，相对于债务融资的股权成本也降低，这刺激了股票市场的发展。

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《The Manchester school》 |2008年第2期|204-222|共19页
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SALVATORE CAPASSO;
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7. Financial Development and the Distributional Effects of Monetary Policy Do the distributional consequences of monetary policy depend on the extent of financial development? Should optimal monetary policy vary across countries? In order to answer these questions, we develop a monetary growth production model with heterogeneous agents. In our economy, optimal policy needs to weigh the effects of policy across two groups — capital owners and individuals who hold liquid assets. While banks help limit the exposure to inflation, there are limits because money alleviates the frictions of private information and limited communication. In this environment, we compare two economies that are identical in every aspect except for their level of financial development. In a country with limited financial development, a stock market is absent. In the other, an equity market is active. In either economy, inflation adversely affects capital formation and output. Individuals who hold liquid assets are always adversely affected by inflation, but the attitude of capital owners depends on the level of financial development. In particular, in the presence of a stock market, the impact of inflation on the welfare of capital owners is non-monotonic. Nevertheless, optimal monetary policy is always more conservative at higher levels of financial development. [O] . TINA M. Edgar A. Ghossoub, TINA M. Robert R. Reedy 100

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。

ENDOGENOUS INFORMATION FRICTIONS, STOCK MARKET DEVELOPMENT AND ECONOMIC GROWTH

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