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   金融压制与经济增长:一个理论模型      ★★★ 【字体: 】  
金融压制与经济增长:一个理论模型
收集整理:佚名    来源:本站整理  时间:2009-02-06 22:03:36   点击数:[]    

一的情况下,金融机构仍能够吸收到利率为Rs'时的存款量(即OIg''),此时,Ig曲线右移至Ig',Ip曲线左移至Ip',储蓄者福利SS4为(RgeCsEg+M'Ep'A),公营部门福利SIg4为CiRgeEg',私营部门福利SIp4为Ci''M'Ep',社会总福利SW4为(CiCsEgEg'+Ci''Ep'A),净社会总福利SW4'为(CiReQ1+CsRgeEg+Ci''M'Ep'+AQ4E),储蓄者净福利损失SNL4为(ReEEgRge-Ci''M'Ep'),公营部门净福利损失IgNL4为(CiReQ1-CiRgeEg'),私营部门净福利损失IpNL4为(CiReQ5-Ci''M'Ep'),投资者净福利损失INL4为(CiReQ1-CiRgeEg'+CiReQ5-Ci''M'Ep'),总净福利损失TNL4为(CiBE-BEgEg'-Ci''Ep'A),社会扭曲成本SDC4为(ReQ3Eg'Rge+CiQ3Q1+M'Q4EEp')(其中ReQ3BEgRge为储蓄者向公营部门转移的福利,BEgEg'为金融部门向公营部门转移的福利,CiQ3Q1为私营部门向公营部门转移的福利,M'Q4EEp'为私营部门向储蓄者转移的福利),社会总成本TSC4为(CiBE+ReQ3BEgRge+CiQ3Q1+AQ4E+Ci''M'Ep')。

把金融压制的四个模型与完善竞争的金融模型进行比较,可以看出,在金融压制的情况下,储蓄者遭受着净福利的损失,在金融压制模型Ⅰ的第一种情况,投资者的净福利也减少,在金融压制模型Ⅰ的第二种情况和金融压制模型Ⅰ-Ⅱ、Ⅰ-Ⅲ、Ⅰ-Ⅱ-Ⅲ中,投资者的福利有可能增加或减少,在金融压制模型Ⅰ-Ⅲ和Ⅰ-Ⅱ-Ⅲ中,公营部门的净福利增加,在各个模型中,社会扭曲成本和总社会成本都上升。
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Cho Yoon Je, 1986: “Inefficiencies from Financial Liberalization in the Absence of Well-Functioning Equity Markets”, Journal of Money, Credit and Banking, Vol.18, No.2

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