Financial Distortions and Economic Growth: Empirical Evidence

被引：2
|
作者：
Wang, Fuhmei [1 ]
机构：
[1] Natl Cheng Kung Univ, Dept Econ, Tainan 70101, Taiwan
来源：
EMERGING MARKETS FINANCE AND TRADE | 2009年 / 45卷 / 03期
关键词：
economic growth; financial distortions; financial premium; EQUILIBRIUM ASSET PRICES; ENDOGENOUS GROWTH; EXCHANGE-RATES; DETERMINANTS; MODEL;
D O I：
10.2753/REE1540-496X450304
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
Conventional wisdom suggests a negative relation between financial distortions and economic growth. This paper incorporates the financial premium, a good proxy for the degree of restrictions on financial transactions, into a standard AK-type endogenous growth model. The analytical results suggest that such a relationship does not exist. Economic growth is insulated by the financial premium, contrasting with previously held beliefs. Agents' patience and the attitude of relative risk aversion are noteworthy in explaining the effects of external distortions on economic growth. Our findings may apply to economies with parallel exchange markets.
引用
收藏
页码：56 / 66
页数：11
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