金融效率_经济增长与收入不平等_一个内生增长模型的解释

:2009-12-10:(2009BJJ21)(801000036):(1980),,,,1,2(11,430073;21,518060):Garcia-PenalosaTurnovsky(2006),,,,,,:;;;:F830:A:100726875(2010)01200232082090,2090,,,M-S,McKinnon[1]Shaw[2]:,,:,;,Galbis,[3]2090,,GalorZeira,,,[4],,MaurerHaber,,,,,,,,,[5]UGreenwoodJovanovic,,U,;,,,,;U[6],GJTownsendUedaGJ,,[7],,,,,331Vol133No1120102JournalofShijiazhuangUniversityofEconomicsFeb.2010[8],,GreenwoodJovanovicGJ,,,,[6],,,[9]GalorZeira(1993),,,,,,,,[10][11],,,Garcia-Pe2nalosaTurnovsky(2006),,(),CS,KLjCobb-Douglas:Yj=A(LjK)K1-j01(1)Kj,Lj,K;LjK,Kj=KLj=Lj,L,L=1-l,l(),Romer(1986)Y=ALK=(L)K(2),(L)=AL9/9L0r,,:…=L-1K=A(1-l)-1K=w(l)K(3)r=(1-)=(1-)A(1-l)(4),,,,9r/9l09w/9l0,()(),,:I=ÛK=S(5)(),iKi0,iki,kiKi/KkiG(ki),iki=1,2k,liLi=1-li,:max01(Ci(t)li)re-tdt,-1,0,1(1+)(6)e1/(1-),e,1,0:ÛKi=[rKi+(1-li)wK-Ci](7),(7),,,42331()(7),(6):C-1ili=i(8)Cil-1i=wKi(9)r=-Ûii(10),ii,:limtiKie-t=0(11)(),,(8)(9):CiKi=w(l)liKKi(12)(7):iÛKiKi=r(l)+(1-li)w(l)KKi-CiKi=r(l)+w(l)KKi(1-li)-li(13)(8)t,(10)(5):(-1)ÛCiCi+Ûlili=Û+Ûii=-(l)(14)(9),,(12)t:ÛCiCi-Ûlili=w(l)lw(l)Ûll+ÛKK(15)ik(14)(15):(-1)ÛCiCi-ÛCkCk+Ûlili-Ûlklk=0(16)ÛCiCi-ÛCkCk-Ûlili-Ûlklk=0(17),:ÛCiCi=ÛCkCk=ÛCC;Ûlili=Ûlklk=Ûll(18),,Cl(12)iki=1ili=l,-:CK=w(l)l(19)(13):ÛKK=r(l)+(1-l)w(l)-CK=r(l)+w(l)(1-l)-l(20),l(t),li(t),ki(t)Ki(t)/K(t),[17],(20)(15)(18)(14),l:dl(t)dt=G(l)H(l)(21),H(l)[1-(1+)]1l+(1-)(1-)11-l0,G(l)(1-)-(1-)(1-)+1-1(1-l)YK-,Ûl=0,lG(€l)=0l€l:dG(t)dt=G(€l)H(€l)(l(t)-€l)(22)0,G(€l)0,,(22),l(t)(18),li(t)(13)(20)ki(t)Ki(t)/K(t):Ûki(t)ki(t)=ÛKi(t)Ki(t)-ÛK(t)K(t)=w(l)1ki(t)(1-li)-li-w(l)(1-l)-1(23):Ûki(t)=w(l)(1-li)-li-(1-l)-lki(t)(24)(24)k0,52:()lil,u,ki(t),ki(t)(11),:limtKe-t=0(25)l,(14)(20)K,,(25):r(26),(20),:CK(1-l)w(27)l+1(28),(24),(28),ki,,(24),Ûki=0ki,li:li-l=l-1+(ki-1)(29),(28),ki,,ikiki,0,(14)(15)(18):ÛCiCi=ÛCC=ÛKiKi=ÛKK=r(l)-1-(30)(29),(30)(29),,,,,(30),,,,,,,,,ikiki,0,,,,(),,:(1)=r(l)-1-(31)(2)-CK=wl(32)(3)=(1-l)-CK(33)r(l)w(l)(l),ki,-C/K,ll,(29)li,-(9)(8),:CiKi=wliki(34)(31)(32)(33),,l:RR=(1-)(1-l)-1-(35)PP=(1-l)1-l1-l(36)l,,,62331,(36)(28),l:+l1+(37)RRPP1,PPl,,-,,RRl,,,,,,Q:-+A0;1+1-l(1-l)1-1-(38)G(l)0,0,1()KiYi=rKi+wKi(1-l),Y=rK+wK(1-l)(29),iyiYi/Y,yi(l,ki)=ki+w(1+)(1-ki)=ki+(1+)(1-l)(1-ki)(39):yi(l,ki)-1=(l)(ki-1),(l)=1-(1+)(1-l)(40)(40),i(l),:0(l)1(41),ki,,,,yk,y,(29),L=l:l=l-1+k(42)(28),(42)01,,Garcia-PenalosaTurnovsky(2006),y,1DDykDDy=(l)k(43)k,,(),,,,1(),Q,(43)y,M,2,PPRR,PPT,QMQMRR72:,PP(0),l,Q(),,,,,,,,,,,2DD,Qy(2M),,:,:(35)(36),Q:(1-)A(1-l)-1-=(1-l)1-l1-l,=(1-)A(1-l)1--A(1-l)1-l1-l-11-ddl=-[(1-)A(1-l)1--A(1-l)1-l1-l]-21-A(1-l)-1-1-1-+1-l1-l+1(1-l)(38),-1-1-+1-l1-l+1(1-l)0,ddl0l,ddl0,l(35),dd=(1-)A(1-l)1--(1-)1-A(1-l)-1ddlddl0,dd0,,QGarcia-PenalosaTurnovsky(2006),,,,[14][15],,[10][11],:(FE)=I/S,(FE),,(e),,,(FE),(FE),(FE)82331,(FE),,,,,,,,,,,,,,[16],,,,,,,,,,,,,,,,,,,,,,,,,,,,:,Cobb-Douglas,Cobb-Douglas(1)Yj=F(LjK,Kj),FLjKKj,,,,,,(7),Û/,(13),C/K0Ûki=0(l)1(41),,(37)(l)0,(l),,DD(),,(),,,,,DDl,,liDD,,(),(),(),,,92::1MCKINNONR.MoneyandCapitalinEconomicDevelopment[M].Washington,DC:BrookingsInstitution,1973.2EDWARDSSHAW.FinancialDeepeninginEconomicsDevel2opment[M].NewYork:OxfordUniversityPress,1973.3GALBISV.FinancialIntermediationandEconomicGrowthinLess-DevelopedCountries:ATheoreticalApproach[J].JournalofDevelopmentStudies,1977,13:58-72.4GALORODEDandZEIRAJ.IncomeDistributionandMacroe2conomics[J].ReviewofEconomicStudies,1993,60:35-52.5MAURERNOELandHABERSTEPHEN.BankConcentration,RelatedLendingandEconomicPerformance:EvidencefromMexico[Z].StanfordUniversityMimeo,2003.6GREENOWOODJEREMYandBOYANJOVANOVIC.Finan2cialDevelopment,Growth,andtheDistributionofIncome[J].JournalofPoliticalEconomy,1990,98(5):1076-1107.7TOWNSENDROBERTM,UEDAKENICHI.FinancialDeep2ening,Inequality,andGrowth:AModel-BasedQuantitativeEvaluation[J].ReviewofEconomicStudies,2006,73(1):251-293.8.:[J],,2009(1):35-44.9.[J],,2006(7):24-31.10.Granger[J].,2005(2):2-8.11,.[J].(),2008(2):144-149.12CECILIAGARCIA2PENALOSA&STEPHENTURNOVSKY.GrowthandIncomeInequality:aCanonicalModel[J].Eco2nomicTheory,2006,28(1):25-49.13ROMERPM.IncreasingReturnsandLong-RunGrowth[J].JournalofPoliticalEconomy,1986,94:1002-37.14KINGROBERTGandROSSLEVINE.FinanceandGrowth:SchumpeterMightBeRight[J].QuarterlyJournalofEco2nomics,1993,108:717-737.15LEVINEROSSandSARAZERVOS.StockMarkets,Banks,andEconomicGrowth[J].TheAmericanEconomicReview,1998,88:537-558.16PARKALBERTandKAJASEHRT.TestsofFinancialInter2mediationandBankingReforminChina[J].JournalofCom2parativeEconomics,2001,29:608-644.17TURNOVSKYSJ.FiscalPolicy,ElasticLaborSupply,andEndogenousGrowth[J].JournalofMonetaryEconomics,2000,45:185-210.FinancialEfficiency,EconomicGrowthandIncomeInequality:AnExplanationfromanEndogenousGrowthModelSHIWen2ming1,YUXiao2hui2(1.ZhongnanUniversityofEconomics&Law,Wuhan,Hubei430074;2.ShenzhenUniversity,Shenzhen,Guangdong518060)Abstract:TheauthorsdevelopanendogenousgrowthmodeltoexaminetheimpactoffinancialefficiencyontheeconomicgrowthandincomeinequalitythroughintegratingthefinancialdepartmentintothemodelframeworkofGarcia2Penalosa&Turnovsky(2006).Theconclusionsshow