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研究生:方翊文
研究生(外文):Fang, Yiwen
論文名稱:利率,信用錯配與中國經濟成長
論文名稱(外文):Interest Rate, Credit Misallocation and Economic Growth in China
指導教授:謝劍平謝劍平引用關係
指導教授(外文):Joseph C.P. Shieh
口試委員:謝劍平劉代洋陳俊男
口試委員(外文):Joseph C.P. ShiehLiu, Day-YangChen, Chun-Nan
口試日期:2021-01-08
學位類別:碩士
校院名稱:國立臺灣科技大學
系所名稱:財務金融研究所
學門:商業及管理學門
學類:財務金融學類
論文種類:學術論文
論文出版年:2021
畢業學年度:109
語文別:英文
論文頁數:68
中文關鍵詞:利率信用錯配經濟成長
外文關鍵詞:Interest RateCredit MisallocationEconomic Growth
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  • 點閱點閱:115
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Abstract II
Acknowledgments IV
Contents V
List of Figures VII
List of Tables VIII
Chapter 1 Introduction 1
Chapter 2 Literature Review 4
2.1 Financial Intermediation and Economic Growth 4
2.2 Heterogeneous Productivity 5
2.3 Heterogeneous Financing Cost 5
2.4 Sources of Credit Misallocation 6
Chapter 3 Institutional Background and Facts 8
3.1 China’s Interest Rates System 8
Dual-Track Interest Rates 8
Interest Rates Liberalization Path 9
3.2 Financial System and Banking Credit 12
Banking-Centric Financial System 12
Ratio and Cost of Bank Credit 14
Bank Credit Misallocation 17
3.3 Assessment of China’s Interest Rate Level 19
Global Long-Term Interest Rates Trend 19
Undervalued China’s Interest Rate 20
Chapter 4 Methodology 24
4.1 Research Issue 24
4.2 Dynamic Stochastic General Equilibrium Model 25
4.3 Dynamic Decision Problem 28
4.4 Bellman Equation 29
4.5 Banach-Caccioppoli Fixed-Point Theorem 30
4.6 Benveniste-Scheinkman Differentiable Condition 30
4.7 Model Settings 32
Assumptions 32
Household 33
Bank 33
Firms 35
Chapter 5 Equilibrium Conditions 38
5.1 Capital Accumulation Equilibrium Condition Equation 38
5.2 Benveniste-Scheinkman Condition Derived Equation 38
5.3 Labor Market Wage Rate Equation 39
5.4 Labor Market Loan Line 39
5.5 Labor Market Line (LL) 39
5.6 Capital Market Loan Line 40
5.7 Capital Market Line (KL) 40
Chapter 6 Comparative Statics 41
6.1 Economic Growth and Credit Allocation Preference 41
6.2 Economic Growth and Lending Rate 43
6.3 Effect of on Economic Growth 45
6.4 Equilibrium Deposit Rate and Optimum Consumption Utility 47
6.5 Effect of on Economic Growth 47
6.6 Effect of on Economic Growth 48
6.7 Effect of Repressed Interest Rate on Economic Growth 49
Chapter 7 Conclusion Remarks 51
Chapter 8 Bibliography 53
Appendix 56
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2.McKinnon, R. I. (1973). Money and capital in economic development, Washington, DC: Brookings Institution.
3.Shaw, E. S. (1973). Financial deepening in economic development.
4.Bencivenga, V. R., & Smith, B. D. (1991). Financial intermediation and endogenous growth. The Review of Economic Studies, 58(2), 195-209.
5.Chen, B. L., Chiang, Y. Y., & Wang, P. (2000). Credit market imperfections, financial activity and economic growth (No. 0020). Vanderbilt University Department of Economics.
6.Song, Z., Storesletten, K., & Zilibotti, F. (2011). Growing like china. American Economic Review, 101(1), 196-233.
7.Dong, F., & Xu, Z. (2020). Cycles of credit expansion and misallocation: The Good, the Bad and the Ugly. Journal of Economic Theory, 186, 104994.
8.Anzoategui, D., Chivakul, M., & Maliszewski, W. S. (2015). Financial Distortions in China: A General Equilibrium Approach.
9.Ding, X. (2015). Monetary Policy and Lending Distortion in China (Doctoral dissertation, Tufts University).
10.Chen, S., & Lin, B. (2019). Dual-track interest rates and capital misallocation. China Economic Review, 57, 101338.
11.David, J. M., & Venkateswaran, V. (2019). The sources of capital misallocation. American Economic Review, 109(7), 2531-67.
12.Gilchrist, S., Sim, J. W., & Zakrajšek, E. (2013). Misallocation and financial market frictions: Some direct evidence from the dispersion in borrowing costs. Review of Economic Dynamics, 16(1), 159-176.
13.Zou, L., & Sun, L. (1996). Interest rate policy and incentives of state-owned enterprises in the transitional China. Journal of Comparative Economics, 23(3), 292-318.
14.Deng, Y., Morck, R., Wu, J., & Yeung, B. (2015). China’s pseudo-monetary policy. Review of Finance, 19(1), 55-93.
15.Wei, X., Chen, Y., Zhou, M., & Zhou, Y. (2016). SOE preference and credit misallocation: A model and some evidence from China. Economics Letters, 138, 38-41.
16.Cass, D., & Citanna, A. (1998). Pareto improving financial innovation in incomplete markets. Economic Theory, 11(3), 467-494.
17.Hsieh, C. T., & Klenow, P. J. (2009). Misallocation and manufacturing TFP in China and India. The Quarterly Journal of Economics, 124(4), 1403-1448.
18.Dollar, D., & Wei, S. J. (2007). Das (wasted) kapital: firm ownership and investment efficiency in China (No. w13103). National Bureau of Economic Research.
19.Schmelzing, P. (2019). Eight Centuries of Global Real Rates, RG, and the ‘Suprasecular’Decline, 1311-2018. RG, and the ‘Suprasecular’Decline, 1311-2018.
20.Mankiw, N. G. (2010). Macroeconomics, wyd. 7.
21.Yi, K. M., & Zhang, J. (2017). Understanding global trends in long-run real interest rates. Economic Perspectives, 41(2), 1-22.
22.Barro, R. J., Chu, A. C., & Cozzi, G. (2017). Intermediate Macroeconomics. Cengage Learning EMEA.
23.Jefferson, G. H., & Rawski, T. G. (1994). Enterprise reform in Chinese industry. Journal of Economic Perspectives, 8(2), 47-70.
24.Kydland, F. E., & Prescott, E. C. (1982). Web interface for" Time to Build and Aggregate Fluctuations". QM&RBC Codes.
25.Cantore, C., León-Ledesma, M., McAdam, P., & Willman, A. (2014). Shocking stuff: technology, hours, and factor substitution. Journal of the European Economic Association, 12(1), 108-128.
26.Sbordone, A. M., Tambalotti, A., Rao, K., & Walsh, K. J. (2010). Policy analysis using DSGE models: an introduction. Economic Policy Review, 16(2).
27.Benchimol, J. (2015). Money in the production function: A new K eynesian DSGE perspective. Southern Economic Journal, 82(1), 152-184.
28.Miao, Jianjun (2014). Economic Dynamics in Discrete Time. MIT Press. p. 134. ISBN 978-0-262-32560-8.
29.Jones, C. I. (2016). The facts of economic growth. Handbook of Macroeconomics (Vol. 2, pp. 3-69). Elsevier.
30.Banach, S. (1922). Sur les opérations dans les ensembles abstraits et leur application aux équations intégrales. Fund. math, 3(1), 133-181.
31.Benveniste, L. M., & Scheinkman, J. A. (1979). On the differentiability of the value function in dynamic models of economics. Econometrica: Journal of the Econometric Society, 727-732.
32.Wright, T. P. (1936). Factors affecting the cost of airplanes. Journal of the Aeronautical Sciences, 3(4), 122-128.
33.Han, J., & Moraga, C. (1995, June). The influence of the sigmoid function parameters on the speed of backpropagation learning. In International Workshop on Artificial Neural Networks (pp. 195-201). Springer, Berlin, Heidelberg.
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