Credit market imperfection and goods market deregulation in OLG model
Credit market imperfection and goods market deregulation in OLG model
复制标题
OLG模型中的信贷市场不完善与商品市场放松管制
DOI：
10.1111/rode.12910
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发表时间：
2022
影响因子：
1.6
通讯作者：
Muro Kazunobu
中科院分区：
文献类型：
--
作者：
Miyake Atsushi;Muro Kazunobu
本文研究了金融发展和产品市场竞争对宏观经济动态的影响，并建立了信用市场不完善和垄断竞争的代际重叠模型。一般来说，金融发展被视为经济增长的关键引擎之一。金融市场放松管制有利于企业家融资，对企业增长有积极影响。事实上，金融自由化对发展中国家和发达国家的影响是不同的。我们建立了一个金融发展内生地带来制度转移的模型。我们表明，在经济发展的早期阶段，金融自由化对经济增长是有害的。相反，金融自由化应该在经济起飞后进行。几个市场放松管制政策的执行顺序很重要。我们坚持认为，在金融市场自由化之前，政府应该解除对商品市场的管制。
We study the effects of financial development and product market competition on the macroeconomic dynamics in an overlapping generations model with credit market imperfections and monopolistic competition. In general, financial development is regarded as one of the key engines for economic growth. Financial market deregulation facilitates financing for entrepreneurs and has a positive effect on business growth. In fact, the effects of financial liberalization are different between developing and developed countries. We develop a model in which financial development brings about the regime shift endogenously. We show that financial liberalization at an early stage of economic development is harmful for economic growth. Instead, financial liberalization should be conducted after the take‐off of the economy. The sequence of carrying out several market deregulation policies is important. We insist that the government should deregulate the goods market before financial market liberalization.