FINANCE, ENTREPRENEURSHIP, AND GROWTH - THEORY AND EVIDENCE

• 成果类型: Article
• 署名作者: KING, RG; LEVINE, R
• 署名单位: Federal Reserve System - USA; Federal Reserve Bank - Richmond; The World Bank
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/0304-3932(93)90028-E
• 发表日期: 1993
• 页码: 513-542
• 关键词: Financial Markets; Economic development

摘要

How do financial systems affect economic growth? We construct an endogenous growth model in which financial systems evaluate prospective entrepreneurs, mobilize savings to finance the most promising productivity-enhancing activities, diversify the risks associated with these innovative activities, and reveal the expected profits from engaging in innovation rather than the production of existing goods using existing methods. Better financial systems improve the probability of successful innovation and thereby accelerate economic growth. Similarly, financial sector distortions reduce the rate of economic growth by reducing the rate of innovation. A broad battery of evidence suggests that financial systems are important for productivity growth and economic development.