FINANCE, ENTREPRENEURSHIP, AND GROWTH - THEORY AND EVIDENCE
FINANCE, ENTREPRENEURSHIP, AND GROWTH - THEORY AND EVIDENCE
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DOI：
10.1016/0304-3932(93)90028-e
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发表时间：
1993-12-01
影响因子：
4.1
通讯作者：
LEVINE, R
中科院分区：
文献类型：
--
作者：
KING, RG;LEVINE, R
金融体系如何影响经济增长？我们构建了一个内生增长模型，在该模型中，金融系统评估潜在的企业家，动员储蓄为最有前途的提高生产力的活动提供资金，分散与这些创新活动相关的风险，并揭示参与创新而不是使用现有方法生产现有商品的预期利润。更好的金融体系可以提高创新成功的可能性，从而加速经济增长。同样，金融部门的扭曲通过降低创新率来降低经济增长率。大量证据表明，金融体系对于生产力增长和经济发展非常重要。
How do financial systems affect economic growth? We construct an endogenous growth model in which financial systems evaluate prospective entrepreneurs, mobilize savings to finance the most promising productivity-enhancing activities, diversify the risks associated with these innovative activities, and reveal the expected profits from engaging in innovation rather than the production of existing goods using existing methods. Better financial systems improve the probability of successful innovation and thereby accelerate economic growth. Similarly, financial sector distortions reduce the rate of economic growth by reducing the rate of innovation. A broad battery of evidence suggests that financial systems are important for productivity growth and economic development.