Financial distortions and economic growth: Empirical evidence

研究成果: Article同行評審

3 引文 斯高帕斯(Scopus)

摘要

Conventional wisdom suggests a negative relation between financial distortions and economic growth. This paper incorporates the financial premium, a good proxy for the degree of restrictions on financial transactions, into a standard AK-type endogenous growth model. The analytical results suggest that such a relationship does not exist. Economic growth is insulated by the financial premium, contrasting with previously held beliefs. Agents' patience and the attitude of relative risk aversion are noteworthy in explaining the effects of external distortions on economic growth. Our findings may apply to economies with parallel exchange markets.

原文English
頁(從 - 到)56-66
頁數11
期刊Emerging Markets Finance and Trade
45
發行號3
DOIs
出版狀態Published - 2009 5月 1

All Science Journal Classification (ASJC) codes

  • 金融
  • 經濟學、計量經濟學和金融學 (全部)

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