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Credit rationing, money creation and...

Ma, Chien-Hui.

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Credit rationing, money creation and economic development: Taiwan case.

Record Type:	Electronic resources : Monograph/item
Title/Author:	Credit rationing, money creation and economic development: Taiwan case./
Author:	Ma, Chien-Hui.
Published:	Ann Arbor : ProQuest Dissertations & Theses, : 1994,
Description:	187 p.
Notes:	Source: Dissertations Abstracts International, Volume: 55-11, Section: A.
Contained By:	Dissertations Abstracts International55-11A.
Subject:	Economics. -
Online resource:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=9417412

Credit rationing, money creation and economic development: Taiwan case.
Ma, Chien-Hui.

Credit rationing, money creation and economic development: Taiwan case. - Ann Arbor : ProQuest Dissertations & Theses, 1994 - 187 p.

Source: Dissertations Abstracts International, Volume: 55-11, Section: A.

Thesis (Ph.D.)--Cornell University, 1994.

This item must not be added to any third party search indexes.

This dissertation constructs and utilizes a modified model of a credit market with a costly-state-verification problem which causes credit rationing. The model is incorporated into a neoclassical growth model, and used to analyze credit rationing and the growth path of an economy. Empirical implications of the model are analyzed. I begin with a brief description of the characteristics of the Taiwanese financial system over the period 1951-1990. Some of the features are incorporated into the model, especially the interest rate ceilings charged on loans, which were abolished in 1989, and the coexistence of the formal and informal credit markets. Second, a benchmark general equilibrium model of factor and credit markets is presented to analyze credit rationing and growth. As an economy grows, credit rationing becomes less severe. However, if the government regulates the financial system, this gives rise to financial dualism. The model yields predictions about the growth consequences of financial liberalizations. The model also generates predictions about the relationship between the sure rates of return on savings and factor prices. Then, the implications from the model are examined using annual data from the U.S. and Taiwan over the period 1951-1990. The data generally support the empirical predictions of the model. Finally, money is added into the basic model. The government uses the revenue from money creation to finance an investment subsidy. An increase in the money growth rate has a positive effect on capital accumulation, which helps economic growth. While this transfer policy benefits all borrowers, it may hurt the lenders.Subjects--Topical Terms:

517137
Economics.
Subjects--Index Terms:

China

Credit rationing, money creation and economic development: Taiwan case.
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100 1 $a Ma, Chien-Hui. $3 3548149
245 1 0 $a Credit rationing, money creation and economic development: Taiwan case.
260 1 $a Ann Arbor : $b ProQuest Dissertations & Theses, $c 1994
300 $a 187 p.
500 $a Source: Dissertations Abstracts International, Volume: 55-11, Section: A.
500 $a Publisher info.: Dissertation/Thesis.
500 $a Advisor: Smith, Bruce.
502 $a Thesis (Ph.D.)--Cornell University, 1994.
506 $a This item must not be added to any third party search indexes.
506 $a This item must not be sold to any third party vendors.
520 $a This dissertation constructs and utilizes a modified model of a credit market with a costly-state-verification problem which causes credit rationing. The model is incorporated into a neoclassical growth model, and used to analyze credit rationing and the growth path of an economy. Empirical implications of the model are analyzed. I begin with a brief description of the characteristics of the Taiwanese financial system over the period 1951-1990. Some of the features are incorporated into the model, especially the interest rate ceilings charged on loans, which were abolished in 1989, and the coexistence of the formal and informal credit markets. Second, a benchmark general equilibrium model of factor and credit markets is presented to analyze credit rationing and growth. As an economy grows, credit rationing becomes less severe. However, if the government regulates the financial system, this gives rise to financial dualism. The model yields predictions about the growth consequences of financial liberalizations. The model also generates predictions about the relationship between the sure rates of return on savings and factor prices. Then, the implications from the model are examined using annual data from the U.S. and Taiwan over the period 1951-1990. The data generally support the empirical predictions of the model. Finally, money is added into the basic model. The government uses the revenue from money creation to finance an investment subsidy. An increase in the money growth rate has a positive effect on capital accumulation, which helps economic growth. While this transfer policy benefits all borrowers, it may hurt the lenders.
590 $a School code: 0058.
650 4 $a Economics. $3 517137
650 4 $a Economic theory. $3 1556984
653 $a China
690 $a 0501
690 $a 0511
710 2 $a Cornell University. $3 530586
773 0 $t Dissertations Abstracts International $g 55-11A.
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791 $a Ph.D.
792 $a 1994
793 $a English
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=9417412