Financial Structure and Economic Growth

被引：0
|
作者：
Jiang, Zemin [1 ]
机构：
[1] Wuhan Univ, Econ & Management Sch, Dept Econ, Wuhan 430072, Hubei, Peoples R China
来源：
PROCEEDINGS OF 2009 CONFERENCE ON SYSTEMS SCIENCE, MANAGEMENT SCIENCE & SYSTEM DYNAMICS, VOL 3 | 2009年
关键词：
Bank monitoring; markets finance; financial structure; MARKETS; INTERMEDIARIES; SYSTEMS; BANKS;
D O I：
暂无
中图分类号：
C93 [管理学];
学科分类号：
12 ; 1201 ; 1202 ; 120202 ;
摘要：
This paper studies the relationship between financial structure and economic growth in an endogenous growth model. Lending to firms is fraught with moral hazard as owner-managers may reduce investment profitability to enjoy private benefits. Bank monitoring partially resolves the agency problem but costly, while market-finance is more hands-off with little supervision costs. Different financing choices will affect entrepreneurs' profits, so financial structure can affect economic growth. The results show that the relationship of financial structure and economic growth is not monotonic. Under certain conditions, market-finance turns out to be more favorable for long-run growth.
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页码：113 / 119
页数：7
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