Stock Markets, Growth, and Tax Policy
构建了一个内生增长模型，说明股票市场通过促进企业所有权交易和投资组合多样化来加速经济增长，并分析税收政策如何通过改变投资和金融合同激励间接影响增长。
ABSTRACT An extensive literature documents the role of financial markets in economic development. To help explain this relationship, this paper constructs an endogenous growth model in which a stock market emerges to allocate risk and explores how the stock market alters investment incentives in ways that change steady state growth rates. The paper demonstrates that stock markets accelerate growth by (1) facilitating the ability to trade ownership of firms without disrupting the productive processes occurring within firms and (2) allowing agents to diversify portfolios. Tax policy affects growth directly by altering investment incentives and indirectly by changing the incentives underlying financial contracts.