摘要
本文构建一个简单的内生经济增长模型来研究民间金融对经济增长影响和内生民间金融的问题。民间金融可以有效地把储蓄转化为投资,改善宏观经济效率,促进民营经济增长。也正是由于此,民营经济发展会内生出民间金融。模型结论表明,民间金融创新程度与民营经济发展水平成倒“U”型关系。也就是说,在民营经济发展的初级阶段,民间金融创新程度会随着民营经济的发展而不断上升；在民营经济比较发达之后,民间金融创新程度会随着民营经济的发展而不断下降。本文结论与一些典型事实相符合。
This paper discusses the impact of informal finance on economic development based on the endogenous growth theory. Informal finance improves the efficiency of capital allocation, hence, in creases the macroeconomic efficiency and the economic growth. There exist an inverted U relationship between the degree of informal financial innovation and the private economy development, namely, in the initial stage of private economy development, the innovations of informal finance increase with the development of private economy, after that, the innovations of informal finance decrease with the development of private economy. The conclusions of the paper are in line with some stylized facts.
出处
《金融研究》
CSSCI
北大核心
2006年第4期134-141,共8页
Journal of Financial Research
关键词
民间金融
民营经济
经济发展
informal finance, private economy, economic development
