内含中介成本的银行生成模型——兼论对资本投资的意义

Bank-organizing Model Containing Intermediation Cost ——On Significance to Capital Investment

文章考察在考虑金融中介成本的情形下,人们在将来可能遭遇的流动性冲击下,能否诱致他们自愿联合组建银行,以助己对付这种冲击。我们的模型表明,尽管金融中介成本的存在会使人们组建银行的激励有所弱化,但在适当的条件下,他们仍具有此方面的激励。而且模型还进一步表明:(1)银行生成出来后可以带动资本投资的增长;(2)金融中介成本的下降既会增强人们自愿组建银行的动机,也会提高全社会的资本投资水平。

The paper, by taking financial intermediation costs into consideration, investigates whether liquidity shocks to be encountered by people in the future can induce them to combine voluntarily to organize a bank to deal with the shock. Our model shows that although the existence of financial intermediation costs may lessen the incentive for people to form a bank, people still have such incentives under certain appropriate conditions. The model also shows that the endogenous banks can bring forth the increase in capital investment; and that the decrease of financial intermediation costs will strengthen people's motivation to organize a bank voluntarily and promote the whole society's capital investment.