资产泡沫、技术创新与经济增长 阅读全文
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Title | Asset Bubbles, Technological Innovation and Economic Growth
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作者 | 陈浪南 王升泉 |
Author | Chen Langnan and Wang Shengquan |
作者单位 | 中山大学岭南(大学)学院 |
Organization | Lingnan(University) College, Sun Yat-sen University |
作者Email | lnscln@mail.sysu.edu.cn;wsq279@126.com |
中文关键词 | 资产泡沫 技术创新 经济增长 FF-TVP-SV-VAR TVAR |
Key Words | Asset Bubbles; Technological Innovation; Economic Growth; FF-TVP-SV-VAR; TVAR |
内容提要 | 本文从理论和实证两个角度研究了资产泡沫发生、技术创新与经济增长之间的相关性。理论方面,本文构建了符合我国经济典型事实的熊彼特经济增长模型。模型中,企业家在为研发筹集资金时面临融资约束。由于融资约束的存在导致资本市场的资金供过于求,发生资产泡沫可促进企业平均的研发投入增加,研发成功的概率相应上升。实证方面,本文采用 FF-TVP-SV-VAR和TVAR模型以及我国2000-2016年的月度数据分别对理论分析得出的结论进行检验。实证结果表明,资产泡沫发生可以促进技术创新,但该效应依赖于融资约束。此外,本文识别了融资约束的两个门限值。低于下限值时,资产泡沫可通过技术创新效应促进经济增长;高于上限值时,资产泡沫的技术创新效应较弱,因而对经济增长产生负向作用。 |
Abstract | This paper investigates the relation between asset bubbles, technological innovation and economic growth from the perspective of both theoretical modeling and empirical study. Theoretically, we build a Schumpeterian economic growth model, where entrepreneurs face the financial constraint when financing the R&D. As a consequence, the supply will be greater than demand for capital. In this case, the asset bubbles could boost the R&D expenditure and improve the probability of successful R&D. Empirically, we employ the monthly data covering a period from 2000 to 2016 and utilize the FF-TVP-SV-VAR and TVAR models to examine the relation between asset bubbles, technological innovation and economic growth respectively. We find that the asset bubbles can boost the technology innovation subject to the financial constraint. In addition, we identify the two threshold values of financial constraint. |
文章编号 | WP1432 |
登载时间 | 2019-11-07 |
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