| 言語種別 | 英語 |
|---|---|
| 発行・発表の年月 | 2011/08 |
| 形態種別 | 【論文】研究論文（学術雑誌）＜査読あり＞ |
| 査読 | 査読あり |
| 標題 | Limited Market Participation, Financial Intermediaries, and Endogenous Growth |
| 執筆形態 | 単著 |
| 掲載誌名 | Review of Economics & Finance |
| 巻・号・頁 | 1(4),3--15 |
| 概要 | This paper analyzes the role of imperfect asset markets and financial intermediaries in determining the equilibrium growth rate of the capital stock by incorporating exogenous market participation constraints into an overlapping generation's economy. Economic growth and social welfare monotonically increase with the degree of market participation. Hence, economies with financial intermediaries have a stronger potential for a higher growth rate than economies with imperfect markets lacking such institutions. |