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    Title: Asymmetric Information, Loan Guarantee Program, and Economic Growth
    訊息不對稱、貸款保證政策與經濟成長
    Authors: 洪福聲
    Hung, Fu-Sheng
    Lee, Chien-Chiang
    Contributors: 經濟系
    Keywords: 訊息不對稱;貸款保證政策;內生成長;金融發展;Asymmetric information;Loan guarantee program;Endogenous growth;Financial development
    Date: 2002
    Issue Date: 2018-11-20 09:20:20 (UTC+8)
    Abstract: This paper evaluates the e ects of the government loan guarantee program which is nanced from income taxation In contrast to recent literature whereby this program is nanced using resources outside the economy this paper nds that the loan guarantee program creates two opposite e ects to the economy An increase in the ratio that the government promises to guarantee loans on the one hand will reduce the amount of credit rationing which is shown to facilitate capital accumulation and hence promote economic growth on the other hand such an increase induces the government to raise the income tax rate leading to a distortion of the economy s capital accumulation We nd the conditions for the existence of the optimal loan guarantee ratio In particular this optimal ratio is found to inversely correlate with the indicator of nancial development implying that the government should reduce any intervention when its nancial sectors are more developed This observation is consistent with recent literature
    Relation: Academia Economic Paper, 30(3), 311-340
    Data Type: article
    DOI: 經濟論文, 30(3), 311-340
    Appears in Collections:[經濟學系] 期刊論文

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