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引文資料
題名:
Asymmetric Information and Alternative Government Financing: A Comparison
書刊名:
經濟論文叢刊
作者:
洪富聲
作者(外文):
Hung, Fu-sheng
出版日期:
2015
卷期:
43:2
頁次:
頁183-218
主題關鍵詞:
訊息不對稱
;
信用限制
;
貨幣與所得稅融通
;
內生成長
;
Asymmetric information
;
Credit rationing
;
Money and income-tax financing
;
Endogenous growth
原始連結:
連回原系統網址
相關次數:
被引用次數:期刊(0) 博士論文(0) 專書(0) 專書論文(0)
排除自我引用:0
共同引用:
4
點閱:23
本文建立一個資本市場存在訊息不對稱的模型,比較政府課所得稅及課鑄幣稅融通其支出的優缺點。我們首先建立,在資本市場存在訊息不對稱之下,政府支出的比例決定了貸款人是否受到借貸限制(credit rationing),而借貸限制是否存在則進一步決定所得稅與鑄幣稅融通的相對優點。當借貸限制不存在時,鑄幣稅融通所得到的經濟成長率及通貨膨脹率皆高於所得稅融通。當借貸限制存在時,鑄幣稅融通有較高的通貨膨脹率及較低的經濟成長率。從社會福利的角度來看,當借貸限制不存在時,鑄幣稅融通優於所得稅融通;反之,則所得稅融通優於鑄幣稅融通。本文的結論調和了許多理論文獻,也與近期的一些實證文獻一致。
以文找文
This paper compares the relative merits of alternative government financing in the presence of asymmetric information. We first establish that the share of government expenditure determines whether or not credit is rationed, which in turn plays an important role in determining the relative merits of monetary and income-tax financing. It is found that monetary financing leads to both higher inflation and economic growth than income-tax financing if credit is not rationed. If credit is rationed, however, monetary financing leads to a higher inflation rate but a lower growth rate than tax financing. In comparing social welfare, we find that monetary (income-tax) financing is better than income-tax (monetary) if credit is not rationed (rationed). Our results reconcile the pre-existing literature and are consistent with some empirical evidence.
以文找文
Other
1.
Krugman, Paul(20081114)。Depression Economics Returns。
期刊論文
1.
Espinosa-Vega, Marco A.、Yip, Chong K.(2002)。Government Financing in an Endogenous Growth Model with Financial Market Restrictions。Economic Theory,20,237-257。
2.
Ho, Wai-Hong、Wang, Yong(2005)。Public Capital, Asymmetric Information, and Economic Growth。Canadian Journal of Economics,38,57-80。
3.
Hung, Fu-Sheng(2005)。Credit Rationing and Capital Accumulation with Investment and Consumption Loans Revisited。Journal of Development Economics,78,322-347。
4.
Bose, Niloy、Cothren, Richard(1996)。Equilibrium Loan Contracts and Endogenous Growth in the Presence of Asymmetric Information。Journal of Monetary Economics,38,363-376。
5.
Azariadis, Costas、Smith, Bruce D.(1998)。Financial Intermediation and Regime Switching in Business Cycles。American Economic Review,88,516-536。
6.
Bencivenga, Valerie R.、Smith, Bruce D.(1993)。Some Consequence of Credit Rationing in an Endogenous Growth Model。Journal of Economic Dynamics and Control,17,97-122。
7.
Bose, Niloy、Holman, Jill A.、Neanidis, Kyriakos C.(2007)。The Optimal Public Expenditure Financing Policy: Does the Level of Economic Development Matter?。Economic Inquiry,43,433-452。
8.
Burdekin, Richard C. K.、Denzau, Arthur T.、Keil, Manfred W.、Sitthiyot, Thitithep、Willett, Thomas D.(2004)。When Does Inflation Hurt Economic Growth? Different Nonlinearities for Different Economies。Journal of Macroeconomics,26,519-532。
9.
Espinosa-Vega, Marco A.、Yip, Chong K.(1999)。Fiscal and Monetary Interactions in an Endogenous Growth Model with Financial Intermediaries。International Economic Review,40,595-615。
10.
Hung, Fu-Sheng(2008)。Non-Productive Consumption Loans and Threshold Effects in the Inflation-Growth Relationship。Oxford Economic Papers,60,318-342。
11.
洪福聲、廖玩如(20070900)。Self-financing, Asymmetric Information, and Government Spending in a Simple Endogenous Growth Model。經濟論文叢刊,35(3),249-284。
12.
Azariadis, Costas、Smith, Bruce D.(1996)。Private Information, Money, and Growth: Indeterminacy, Fluctuations, and the Mundell-Tobin Effect。Journal of Economic Growth,1(3),309-332。
13.
Bose, Niloy(2002)。Inflation, the Credit Market, and Economic Growth。Oxford Economic Papers,54,412-434。
14.
Ghosh, Atish、Phillips, Steven(1998)。Warning: Inflation May Be Harmful to Your Growth。IMF Staff Papers,45(4),672-710。
15.
Gokan, Yoichi(2002)。Alternative Government Financing and Stochastic Endogenous Growth。Journal of Economic Dynamics and Control,26,681-706。
16.
洪福聲(20010300)。Inflation and Economic Growth in Financial Markets with Adverse Selection and Costly State Verification。經濟論文,29(1),67-89。
17.
Huybens, Elisabeth、Smith, Bruce D.(1999)。Inflation, Financial Markets and Long-Run Real Activity。Journal of Monetary Economics,43(2),283-315。
18.
Khan, Mohsin S.、Senhadji, Abdelhak S.(2001)。Threshold Effects in the Relationship between Inflation and Growth。IMF Staff Papers,48(1),1-21。
19.
Mundell, Robert A.(1965)。Growth, Stability and Inflationary Finance。Journal of Political Economy,73,97-109。
20.
Palivos, Theodore、Yip, Chong K.(1995)。Government Expenditure Financing in an Endogenous Growth Model: A Comparison。Journal of Money, Credit, and Banking,27,1159-1178。
21.
Bruno, Michael、Easterly, William(1998)。Inflation Crises and Long-Run Growth。Journal of Monetary Economics,41(1),3-26。
22.
Fischer, Stanley(1993)。The Role of Macroeconomic Factors in Growth。Journal of Monetary Economics,32(3),485-512。
23.
Tobin, James(1965)。Money and economic growth。Econometrica,33(4),671-684。
24.
van der Ploeg, Frederick、Alogoskoufis, George S.(1994)。Money and Endogenous Growth。Journal of Money, Credit and Banking,26(4),771-791。
25.
Mankiw, N. Gregory(1987)。The Optimal Collection of Seigniorage: Theory and Evidence。Journal of Monetary Economics,20(1),327-341。
圖書
1.
McKinnon, Ronald I.(1991)。The Order of Economic Liberalization: Financial Control in the Transition to a Market Economy。Johns Hopkins University Press。
2.
Mckinnon, Ronald Ian(1973)。Money and Capital in Economic Development。Brookings Institution Press。
3.
Shaw, Edward S.(1973)。Financial Deepening in Economic Development。Oxford University Press。
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