Monetary and Financial Institutions and Economic Development

这个研究项目与我过去几年一直从事的“不完全信息与金融市场”的研究密切相关。在这个项目中，我考虑了货币和金融机构的经济作用及其发展，重点关注不完全信息和交易成本，此外，我比较了日本和美国早期建立货币体系的历史。在假设信息和市场是完全的新古典经济学中，货币和制度都没有发挥任何重要作用，但在信息和交易成本不完全的实体经济中，货币和金融机构等制度影响着经济活动和发展。强调经济制度和政治制度之间关系的政治-经济方法对分析这些问题非常有用。我在这个项目中主要考虑的主题如下。(1)用货币回顾了新古典和内生经济增长理论，从理论上分析了金融机构的发展对经济增长的影响。(2)明确了小企业在信息不完全的贷款市场中面临的一些问题及其在经济发展中的作用。(3)运用博弈论和新制度的方法，讨论了经济制度的含义，并考虑了制度的建立和变迁。(4)从历史上分析了货币制度的建立，比较了明治初期的日本和20世纪初的美国。这些研究结果发表在我2002年9月在Yuhikaku出版的《货币、制度和经济发展》一书中。2002年3月在中国南开大学做了“信息不对称下的金融制度与经济发展”系列讲座。这个研究成为了我未来研究的基础。

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.