Financial development, growth and the distribution of income
2020-06-20
来源：小奈知识网
NBERWorkingPaper#3189December1989FINANCIALDEVELOPMENT,GROWTH,ANDTHEDISTRIBUTIONOFINCOMEABSTRACTAparadigmispresentedwhereboththeextentoffinancialintermediationandtherateofeconomicgrowthareendogenouslydetermined.Financialintermediationpromotesgrowthbecauseitallowsahigherrateofreturntobeearnedoncapital,andgrowthinturnprovidesthemeanstoimplementcostlyfinancialstructures.Thus,financialintermediationandeconomicgrowthareinextricablylinkedinaccordwiththeGoldsmith-McKinnon-Shawviewoneconomicdevelopment.ThemodelalsogeneratesadevelopmentcyclereminiscentoftheKuznetshypothesis.Inparticular,inthetransitionfromaprimitiveslow-growingeconomytoadevelopedfast-growingone,anationpassesthroughastagewherethedistributionofwealthacrosstherichandpoorwidens.JeremyGreenwoodBoyanJovanovicFederalReserveBankofMinneapolisNewYorkUniversityandUniversityofWesternOntarioDepartmentofEconomicsDepartmentofEconomics269MercerSt,7thFloorLondon,OntarioN6ASC2NewYork,NewYork10003CANADA