研究与开发、金融体制和经济增长

Research & Development, Financial Institutions and Economic Growth

不同金融体制通过影响研究与开发在经济增长中起不同作用。由单一银行提供研究与开发经费的经济 ,有软预算约束 ,由多元银行提供研究与开发经费的经济有硬预算约束。当研究与开发项目的不确定性很高时 ,具有硬预算约束的经济比具有软预算约束的经济更能促进研究与开发 ,能带来更高经济增长率。

This paper analyzes the effects of financial institutions on economic growth via their impact on research and development through establishing a model. An economy with a dominance of R & D financing by single banks has soft budget constraints (SBC'S) while an economy with a dominance of R & D financing by multibanks has hard budget constraints (HBC'S). An HBC economy will promot R & D better and will achieve a higher growth rate than an SBC economy when the uncertainty of R & D projects is high.