反哺与分配:金融中介对经济增长的影响

企业家能力与物质资本的结合可以促进经济增长,而这两种要素禀赋可能由不同的个体持有,因此,只有在个体间合理分配这两个要素的报酬,经济才能增长。本文给出微观机制来表明企业家能力异质的一群个体如何形成金融中介联盟,并在个体层面引进无穷期动态拉姆齐模型,个体通过优化自身的选择而促进整个社会的经济增长。我们还给出了富人扶持穷人的价格涓流效应和反哺涓流效应,来描述金融中介对经济增长以及收入分配影响的途径。

Trickle-down and Distribution: The Effects of Financial Intermediation on Economic Growth

The combination of entrepreneurial ability and capital promotes economic growth.This paper provides a model in which financial intermediation is modeled as an endogenous coalition of agents with heterogeneous entrepreneurial abilities.The model is an infinite dynamic Ramsey model in which agents choose to be a producer,a depositor or both.We find two effects by which growth is trickled down from the rich to the poor through financial intermediation.One is the price trickle-down effect,and the other is the r...