新古典增长和内生经济增长中的金融发展效应

本文分别建立了引入金融部门的新古典增长模型和内生经济增长模型,并对金融发展的增长效应和水平效应进行比较分析.文章首先,在新古典增长模型中分析了金融发展的水平效应和增长效应.其次,分别在资本外溢、技术创新和人力资本积累等代表性内生经济增长模型中,探讨了金融发展的增长效应和水平效应.最后,概括总结全文观点.本文认为,在新古典增长模型中,金融发展只有水平效应,而无增长效应,在内生经济增长模型中,金融发展既有水平效应又有增长效应.

Effects of Financial Development in Models of Neo-classical Growth and Endogenous Economic Growth

The paper compares and analyzes financial development effects with neo-classical and endogenous growth models. We firstly analyze the level effect and growth effect of financial development in the neo-classical growth model, then discuss growth effects of financial development in three representative endogenous growth models, and finally conclude the modeling. The paper argues that only level effect exists for financial development in the neo-classical growth model while both level and growth effects exist in endogenous growth models.