登入選單
返回Google圖書搜尋
Inflation, Financial Developments, and Wealth Distribution
Wai-Yip Alex HoChun-Yu Ho
出版International Monetary Fund, 2016-09-08
主題Business & Economics / Economics / MacroeconomicsBusiness & Economics / Inflation
ISBN14755352019781475535204
URLhttp://books.google.com.hk/books?id=op9GDQAAQBAJ&hl=&source=gbs_api
EBookSAMPLE
註釋We find that from 1995 to 2002 in China, the dispersion of wealth decreased, the moneywealth ratio increased for all wealth levels and the aggregate money-output ratio increased. We develop a two-asset dynamic general equilibrium model in which households face a portfolio adjustment cost and a borrowing constraint. We find that financial development lowers the dispersion of wealth by reducing the precautionary motive of households. In addition, tight monetary policies increase the value of money and thus increase the moneywealth ratio for all wealth levels and the aggregate money-output ratio.