金融发展的福利收益和"门槛效应"--一个动态最优增长分析

文章采用无限期界的动态最优控制方法,给出一个最优经济增长模型,讨论金融发展对消费福利的影响。结论显示,金融发展通过提升要素生产率和金融效率产生消费与财富上的“增长率收益”,但金融效率提升和金融发展成本也降低消费-财富比,引起短期消费的下跳。因此,金融发展促进福利收益,但存在“门槛效应”。门槛高度取决于现有技术水平(要素生产率)、居民消费的时间偏好、人口增长率等。这些方面的差异导致各国在通过金融发展促进福利增长上后果不一。这对一国选择金融发展政策具有指导作用。

The Threshold Effect and Welfare Benefit of Financial Development--A Dynamic Optimal Analysis

This paper uses the finite horizon optimal control techniques to investigate the welfare effects of financial development.By spurring the acceleration of the financial efficiency and total factor productivity,financial developments introduce the growth advantage,but also bring the drop in the consumption level by raising the costs and the shadow price of consumption goods with respect to the shadow price of capital goods.We have shown that there is a threshold effect for an economy to achieve welfare benefit from financial developments.This paper identifies threshold levels of the investment-to-saving ratio above which financial developments increase welfare.The thresholds are sensitive to such parameters as the impatience rate,total factor productivity and nature rate.The policy implication is that the model conclusion could offers insight on the behavior of authorities.