Transactions Costs, Technological Choice, and Endogenous Growth
基于Hicks的观点，分析金融交易成本如何影响技术选择和均衡增长率，发现交易成本降低可能促进或抑制增长，取决于资本结构。
Hicks ("A Theory of Economic History," Clarendon Press Oxford, 1969) argues that an important aspect of industrial development is the adoption of technologies requiring highly illiquid capital investments. The adoption of such technologies becomes economically viable in the presence of low-cost financial markets that provide liquidity to investors. This observation provides a mechanism by which the costs of transacting in financial markets affect the equilibrium choice of technology, productive efficiency, and, by implication, growth. We analyze how the costs of financial market transactions affect the set of technologies in use and the equilibrium growth rate. Transactions cost reductions may, depending on the capital structure, enhance or reduce growth. Journal of Economic Literature Classification Numbers: D90, E13, G14.