金融基础设施创新与经济发展

Innovation in Financial Infrastructure and the Economic Development

本文讨论金融基础设施在金融发展和经济发展过程中的作用,并通过一个动态均衡模型,证明了金融基础设施的创新对于促进资本积累、技术进步以及金融结构变迁所起的关键性作用。这一理论模型导出的结论对于中国的金融改革和金融发展有着重要的政策含义。

This paper discusses the function of financial infrastructure in the process of financial development and economic growth, argues that innovations in financial infrastructure play a crucial role in capital accumulation, technical advance, as well as evolution of financial structure by a dynamic equilibrium model. Such conclusion from the model has significant implications to the financial reform and financial development in China.