Dabla-Norris Era, Ji Yan, Townsend Robert M, Unsal D Filiz
International Monetary Fund, USA.
Hong Kong University of Science and Technology, Hong Kong.
J Monet Econ. 2021 Jan;117:1-18. doi: 10.1016/j.jmoneco.2020.01.003. Epub 2020 Jan 17.
A general equilibrium model featuring multiple realistic sources of financial frictions is developed to study how different constraints interact in equilibrium. We highlight, distinguish, and evaluate their differential impacts and rich interactions. The economic impact of financial inclusion policies in an economy depends not only on which constraint is alleviated, but also on the tightness of other constraints. Policy instruments should target the most binding constraint, which likely varies across countries. Moreover, there are important tradeoffs between financial inclusion, GDP, and the distribution of income. The transitional dynamics also differ from those in steady states. Policy makers should consider both.
我们构建了一个具有多种现实金融摩擦来源的一般均衡模型，以研究不同约束在均衡状态下如何相互作用。我们突出、区分并评估了它们的不同影响和丰富的相互作用。金融包容性政策在一个经济体中的经济影响不仅取决于缓解了哪种约束，还取决于其他约束的严格程度。政策工具应针对最具约束力的约束，而这可能因国家而异。此外，在金融包容性、国内生产总值和收入分配之间存在重要的权衡。转型动态也与稳态不同。政策制定者应兼顾两者。
