Financial Intermediation and Endogenous Growth
构建了一个包含多种资产的内生增长模型，分析金融中介如何通过改变储蓄结构、减少资本清算来促进经济增长。
An endogenous growth model with multiple assets is developed. Agents who face random future liquidity needs accumulate capital and a liquid, but unproductive asset. The effects of introducing financial intermediation into this environment are considered. Conditions are provided under which the introduction of intermediaries shifts the composition of savings toward capital, causing intermediation to be growth promoting. In addition, intermediaries generally reduce socially unnecessary capital liquidation, again tending to promote growth.