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金融压抑是政府获取财政收入的重要渠道,通常被认为是阻碍发展中国家经济发展的主要原因之一。在建立金融压抑的内生经济增长模型的基础上,考虑政府通过金融压抑所得的支出效应,研究货币政策对经济增长和通货膨胀的影响。研究发现,在政府支出存在正向外部效应的情况下,政府对金融的压抑在一定程度上是有助于经济成长的。而且,与传统的货币政策效应不同,货币供应量增长在一定范围内存在提高经济增长率、降低通胀的效果。
Financial repression is an important channel for government to obtain financial revenue and is generally considered as one of the main reasons that hinder the economic development of developing countries. On the basis of establishing a financially endogenous economic growth model, we consider the government’s expenditure effect through financial repression and study the impact of monetary policy on economic growth and inflation. The study finds that under the circumstance of positive externalities of government spending, government repression of finance to a certain extent is conducive to economic growth. Moreover, unlike the traditional effects of monetary policy, the money supply growth within a certain range exists to increase the economic growth rate and reduce the effect of inflation.