English  |  正體中文  |  简体中文  |  Post-Print筆數 : 27 |  Items with full text/Total items : 113656/144643 (79%)
Visitors : 51716430      Online Users : 627
RC Version 6.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.
Scope Tips:
  • please add "double quotation mark" for query phrases to get precise results
  • please goto advance search for comprehansive author search
    •  Adv. Search
    Home ‧ Login ‧ Upload ‧ Help ‧ About ‧ Administer Goto mobile version


    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/61588


    Title: Financial Restraint, Capital Investment, and Economic Growth
    Other Titles: 金融約束、資本投資與經濟成長
    Authors: 洪福聲；張文雅
    Hung, Fu-Sheng;Chang, Wen-Ya
    Contributors: 經濟系
    Keywords: 金融約束;金融發展;訊息不對稱;信貸配給;經濟成長
    Financial restraint;Financial development;Asymmetric information;Credit rationing;Economic growth
    Date: 2013.09
    Issue Date: 2013-11-11 17:04:06 (UTC+8)
    Abstract: 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。
    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.
    Relation: Academia Economic Papers, 41(3) , 363-398
    Data Type: article
    Appears in Collections:[經濟學系] 期刊論文

    Files in This Item:

    File Description SizeFormat
    363398.pdf1794KbAdobe PDF21023View/Open


    All items in 政大典藏 are protected by copyright, with all rights reserved.


    社群 sharing

    著作權政策宣告 Copyright Announcement
    1.本網站之數位內容為國立政治大學所收錄之機構典藏，無償提供學術研究與公眾教育等公益性使用，惟仍請適度，合理使用本網站之內容，以尊重著作權人之權益。商業上之利用，則請先取得著作權人之授權。
    The digital content of this website is part of National Chengchi University Institutional Repository. It provides free access to academic research and public education for non-commercial use. Please utilize it in a proper and reasonable manner and respect the rights of copyright owners. For commercial use, please obtain authorization from the copyright owner in advance.

    2.本網站之製作，已盡力防止侵害著作權人之權益，如仍發現本網站之數位內容有侵害著作權人權益情事者，請權利人通知本網站維護人員(nccur@nccu.edu.tw)，維護人員將立即採取移除該數位著作等補救措施。
    NCCU Institutional Repository is made to protect the interests of copyright owners. If you believe that any material on the website infringes copyright, please contact our staff(nccur@nccu.edu.tw). We will remove the work from the repository and investigate your claim.
    DSpace Software Copyright © 2002-2004  MIT &  Hewlett-Packard  /   Enhanced by   NTU Library IR team Copyright ©   - Feedback