金融发展对经济增长的传导机制:人力资本、技术进步效应的分解
发布时间：2018-12-16 18:36
【摘要】：本文考虑人力资本积累和技术进步间的关联性,并将这两种渠道同时纳入内生增长框架,扩充为包含物质资料生产部门、人力资本部门、研发部门和金融部门的四部门内生增长模型;同时,运用比较静态分析方法分析经济体系达到稳态时对金融外生冲击的敏感度,并将这两种渠道的传导效应进行分解与对比。结果发现,金融发展促进经济增长,且经济体系对金融发展的变化存在一定的时滞。面对金融外生冲击,物质、人力和研发资本及总产出的增长率均是一个渐变的过程。值得注意的是,金融发展通过人力资本积累和技术进步两大渠道促进经济增长,但两种渠道效应的差异性取决于人力资本部门和研发部门的生产效率及两种要素在最终产品部门中的产出弹性的大小。
[Abstract]:This paper considers the correlation between human capital accumulation and technological progress, and extends these two channels into the endogenous growth framework to include material production sector, human capital sector. The endogenous growth model of the four sectors of R & D and financial sector; At the same time, the comparative static analysis method is used to analyze the sensitivity of the economic system to the financial exogenous impact when the economic system reaches steady state, and the conduction effects of the two channels are decomposed and compared. The results show that financial development promotes economic growth, and the change of economic system to financial development has a certain time lag. In the face of financial exogenous shocks, the growth rate of material, human and R & D capital and total output is a gradual process. It is worth noting that financial development promotes economic growth through the accumulation of human capital and technological progress. But the difference of the two channel effects depends on the productivity of the human capital department and the R & D department and the output elasticity of the two factors in the final product sector.
【作者单位】： 对外经济贸易大学国际经济贸易学院;中南财经政法大学金融学院;中国银监会北京监管局;
【基金】：对外经济贸易大学校级科研课题的研究成果(批准号:12QD01)
【分类号】：F224;F832;F249.2;F124.3
[Abstract]:This paper considers the correlation between human capital accumulation and technological progress, and extends these two channels into the endogenous growth framework to include material production sector, human capital sector. The endogenous growth model of the four sectors of R & D and financial sector; At the same time, the comparative static analysis method is used to analyze the sensitivity of the economic system to the financial exogenous impact when the economic system reaches steady state, and the conduction effects of the two channels are decomposed and compared. The results show that financial development promotes economic growth, and the change of economic system to financial development has a certain time lag. In the face of financial exogenous shocks, the growth rate of material, human and R & D capital and total output is a gradual process. It is worth noting that financial development promotes economic growth through the accumulation of human capital and technological progress. But the difference of the two channel effects depends on the productivity of the human capital department and the R & D department and the output elasticity of the two factors in the final product sector.
【作者单位】： 对外经济贸易大学国际经济贸易学院;中南财经政法大学金融学院;中国银监会北京监管局;
【基金】：对外经济贸易大学校级科研课题的研究成果(批准号:12QD01)
【分类号】：F224;F832;F249.2;F124.3
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