CAJ | 학술논문

文章采用无限期界的动态最优控制方法，给出一个最优经济增长模型，讨论金融发展对消费福利的影响。结论显示，金融发展通过提升要素生产率和金融效率产生消费与财富上的“增长率收益”，但金融效率提升和金融发展成本也降低消费一财富比，引起短期消费的下跳。因此，金融发展促进福利收益，但存在“门槛效应”。门槛高度取决于现有技术水平（要素生产率）、居民消费的时间偏好、人口增长率等。这些方面的差异导致各国在通过金融发展促进福利增长上后果不一。这对一国选择金融发展政策具有指导作用。
문장채용무한기계적동태최우공제방법，급출일개최우경제증장모형，토론금융발전대소비복리적영향。결론현시，금융발전통과제승요소생산솔화금융효솔산생소비여재부상적“증장솔수익”，단금융효솔제승화금융발전성본야강저소비일재부비，인기단기소비적하도。인차，금융발전촉진복리수익，단존재“문함효응”。문함고도취결우현유기술수평（요소생산솔）、거민소비적시간편호、인구증장솔등。저사방면적차이도치각국재통과금융발전촉진복리증장상후과불일。저대일국선택금융발전정책구유지도작용。
This paper uses the iinite horizon optimal control techniques to investigate the welfare effects of financial development. By spurring the acceleration of the financial efficiency and total factor productivity, financial developments introduce the growth advantage, but also bring the drop in the consumption level by raising the costs and the shadow price of consumption goods with respect to the shadow price of capital goods. We have shown that there is a threshold effect for an economy to achieve welfare benefit from financial developments. This paper identifies threshold levels of the investment-to-saving ratio above which financial developments increase welfare. The thresholds are sensitive to such parameters as the impatience rate, total factor productivity and nature rate. The policy implication is that the model conclusion could offers insight on the behavior of authorities.