金融政策在雙元性經濟且利率自由化之效果：資金市場不完全區隔模型

黃啟倉

《經濟研究》 38卷1期 (2002/01) Pp. 97-119

https://doi.org/10.29765/TEI.200201.0003

摘要

在開發中國家，有組織的銀行體系與無組織的民間借貸並存的雙元性金融體系，是極為普遍之現象。政府為了進一步金融深化以因應經濟制度轉型之需要，乃積極進行一連串的金融改革，諸如利率自由化、解除銀行進入障礙及增加銀行競爭程度等。而在探討台灣的金融課題時，亦有必要考慮金融雙元性之特質，以瞭解企業的資金供給來源。本文的研究目的，即在考慮銀行存、放款利率皆由市場自由決定，透過建立一個資金市場不完全區隔之總體經濟模型，分別探討央行融資、調整法定準備率、鼓勵銀行增加對小企業的融資政策、減少銀行進入障礙、增加政府支出、減稅、台幣貶值與放寬國外借款等總體金融政策之效果。

關鍵字

金融雙元性 ； 非正式借貸市場 ； 解除銀行進入管制 ； 放鬆資本流入控制

並列摘要

In many developing countries the financial system is characterized by the financial dualism. This paper sets up a macroeconomic model of incomplete market segmentation. In the model, big firms have access to organized loan markets and foreign capital, while small firms are assumed to depend on organized loan and informal loan markets. Through comparative-statics analyses, this study investigates how changes in monetary policy instruments are transmitted to domestic aggregate demand, and the effects of liberalization policies, including bank-entry deregulation and capital inflow decontrol, in a dual-financial economy where interest rates are market-determined. Such analysis is necessary to understand how movement to a more market-oriented system would affect the economy in the short run.

並列關鍵字

financial dualism ； informal loan market ； bank-entry deregulation ； capital inflow decontrol

參考文獻

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