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研究生: 方翊文
Fang, Yiwen
論文名稱: 利率,信用錯配與中國經濟成長
Interest Rate, Credit Misallocation and Economic Growth in China
指導教授: 謝劍平
Joseph C.P. Shieh
口試委員: 謝劍平
Joseph C.P. Shieh
劉代洋
Liu, Day-Yang
陳俊男
Chen, Chun-Nan
學位類別: 碩士
Master
系所名稱: 管理學院 - 財務金融研究所
Graduate Institute of Finance
論文出版年: 2021
畢業學年度: 109
語文別: 英文
論文頁數: 68
中文關鍵詞: 利率信用錯配經濟成長
外文關鍵詞: Interest Rate, Credit Misallocation, Economic Growth
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  • Abstract II Acknowledgments IV Contents V List of Figures VII List of Tables VIII Chapter 1 Introduction 1 Chapter 2 Literature Review 4 2.1 Financial Intermediation and Economic Growth 4 2.2 Heterogeneous Productivity 5 2.3 Heterogeneous Financing Cost 5 2.4 Sources of Credit Misallocation 6 Chapter 3 Institutional Background and Facts 8 3.1 China’s Interest Rates System 8 Dual-Track Interest Rates 8 Interest Rates Liberalization Path 9 3.2 Financial System and Banking Credit 12 Banking-Centric Financial System 12 Ratio and Cost of Bank Credit 14 Bank Credit Misallocation 17 3.3 Assessment of China’s Interest Rate Level 19 Global Long-Term Interest Rates Trend 19 Undervalued China’s Interest Rate 20 Chapter 4 Methodology 24 4.1 Research Issue 24 4.2 Dynamic Stochastic General Equilibrium Model 25 4.3 Dynamic Decision Problem 28 4.4 Bellman Equation 29 4.5 Banach-Caccioppoli Fixed-Point Theorem 30 4.6 Benveniste-Scheinkman Differentiable Condition 30 4.7 Model Settings 32 Assumptions 32 Household 33 Bank 33 Firms 35 Chapter 5 Equilibrium Conditions 38 5.1 Capital Accumulation Equilibrium Condition Equation 38 5.2 Benveniste-Scheinkman Condition Derived Equation 38 5.3 Labor Market Wage Rate Equation 39 5.4 Labor Market Loan Line 39 5.5 Labor Market Line (LL) 39 5.6 Capital Market Loan Line 40 5.7 Capital Market Line (KL) 40 Chapter 6 Comparative Statics 41 6.1 Economic Growth and Credit Allocation Preference 41 6.2 Economic Growth and Lending Rate 43 6.3 Effect of on Economic Growth 45 6.4 Equilibrium Deposit Rate and Optimum Consumption Utility 47 6.5 Effect of on Economic Growth 47 6.6 Effect of on Economic Growth 48 6.7 Effect of Repressed Interest Rate on Economic Growth 49 Chapter 7 Conclusion Remarks 51 Chapter 8 Bibliography 53 Appendix 56

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