Monetary and Financial Institutions and Economic Development

本研究课题与本人多年来从事的“不完全信息与金融市场”研究密切相关。在本课题中，我以不完全信息和交易成本为中心，考察了货币金融制度的经济作用及其发展，并对日美两国货币制度的早期建立进行了历史比较。在以完全信息和市场为前提的新古典经济学中，货币和制度都不起重要作用，但是，货币和金融机构等机构影响着真实的经济中的经济活动和发展，而这些经济活动和发展具有不完善的信息和交易成本。强调经济制度和政治制度之间关系的政治经济学方法对于分析这些问题非常有用。我在这个项目中考虑的主要课题如下。(1)回顾了新古典经济增长理论和货币内生经济增长理论，从理论上分析了金融制度发展对经济增长的影响。(2)明确了小企业在信息不完全的信贷市场中面临的一些问题以及它们在经济发展中的作用。(3)我讨论了经济制度的含义，并考虑了制度的建立和变化，使用博弈论和新制度的方法。(4)笔者以明治初期的日本和19世纪的美国为例，对货币制度的建立进行了历史性的分析<th>，并将这些研究成果收录在2002年9月由Yuhikaku出版社出版的《货币、制度与经济发展》一书中。2002年3月，我在南开大学做了“信息不对称条件下的金融体系与经济发展”的系列讲座，为以后的研究奠定了基础。

This research project is strongly related to the study of "Imperfect Information and Financial Market", which I have worked on over the put several years. In this project I considered the economic roles of monetary and financial institutions and their development, focusing on imperfect information and transaction costs and, moreover, I compared historically the early establishment of monetary systems in Japan and the United States.Neither money nor institutions play any important roles in neoclassical economics which assumes perfect information and markets, but institutions such as monetary and financial institutions affect economic activities and development in real economies with imperfect information and transaction costs. The political-economic approach, which emphasizes the relation between economic and political institutions, is very useful for the analysis of these problems.The main subjects I considered in this project are as follows.(1) I reviewed neoclassical and endogenous economic growth theories with money and analyzed theoretically economic growth with the development of financial institutions.(2) I made clear some problems small business face in loan markets with imperfect information and the roles they play in economic development.(3) I discussed the implications of economic institutions and considered the establishment and changes of institutions, using game-theoretic and new-institutional approaches.(4) I analyzed historically the establishment of monetary institutions, comparing Japan in the early Meiji Era and the United States in the 19^<th> century.These research results appear in my book, Money, Institutions and Economic Development which is published from Yuhikaku in September 2002. Moreover I gave a series of lectures about "Financial System under Asymmetric Information and Economic Development" at Nankai University in China in March 2002.This research has became the basis of my future research.