【货币,金融和经济增长】课程学习要点money finance and growth.docVIP

人物 主要论述 Schumpeter (1911) Emphasizes the positive influence of the development of a country’s financial sector on the level and the rate of growth of its per capita income. The argument essentially is that the services the financial sector provides are an essential catalyst of economic growth. King and Levine (1993) Higher levels of financial development are significantly and robustly correlated with the faster current and future rates of economic growth, physical capital accumulation and economic efficiency improvements Two sets of findings: 1. the first set involves the strength of the contemporaneous relationship between FD and the growth indicators, they find that higher levels of FD are positively associated with faster rates of EG, physical capital accumulation, and economic efficiency improvements both before and after controlling for numerous country and policy characteristics. 2.the second set of findings focuses on the relationship between the level of FD and future rates of long-run growth, physical accumulation, and economic efficiency improvements. They find that the predetermined component of FD is a good predictor of long-run growth over the next 10 to 30 years. Furthermore, higher levels of financial development are strongly associated with future rates of capital accumulation and future improvements in the efficiency with which economies employ capital. ∴finance does not only follow economic activity, and the strong relationship between the level of FD and the rate of economic growth does not simply reflect a positive association between contemporaneous shocks to both financial and economic growth. These results suggest an important link between FD and long-run growth as suggested by Schumpeter 80 years ago. Furthermore, the significant, robust relationship between the level of FD and both the current and future rate of EG contrasts sharply with the weak, fragile partial correlations between growth and a large variety of other economic indicators.