CAJ | 학술논문

本文通过在内生投资策略OLG模型中引入差异化个体和带有摩擦的投资机制，从供给角度建立金融结构的形成和变化模型，分析金融结构与经济增长的关系。研究发现：经济增长使更多的个体选择风险资产和年金的投资组合，导致风险资产市场和年金市场的规模和比重增大，而无风险资产市场的规模和比重下降；同时，风险资产市场和年金市场的发展能够促进经济稳态水平的提高，引起金融结构的变化。
본문통과재내생투자책략OLG모형중인입차이화개체화대유마찰적투자궤제，종공급각도건립금융결구적형성화변화모형，분석금융결구여경제증장적관계。연구발현：경제증장사경다적개체선택풍험자산화년금적투자조합，도치풍험자산시장화년금시장적규모화비중증대，이무풍험자산시장적규모화비중하강；동시，풍험자산시장화년금시장적발전능구촉진경제은태수평적제고，인기금융결구적변화。
Introducing heterogeneous individuals and frictional investment market into the OLG model, we study the rela- tionship between financial structure and economic growth from the perspective of the supply of funds. The results show that with economic growth more individuals will invest in risk assets and pension funds, which means the size and the proportion of risk asset market and pension market will increase while that of the risk-free asset market will decrease. Besides, the develop- ment of risk asset market and pension market will promote economic growth and generate changes in financial structure.