Finance and the Preservation of Wealth*
将资产管理的“货币医生”模型引入索洛增长模型，研究储蓄者依赖可信中介管理财富时，金融收入与GDP之比如何随财富与GDP之比上升，并分析管理费、金融单位成本及信任冲击的影响。
Abstract We introduce the model of asset management developed in Gennaioli, Shleifer, and Vishny (“Money Doctors,” Journal of Finance , forthcoming 2015) into a Solow-style neoclassical growth model with diminishing returns to capital. Savers rely on trusted intermediaries to manage their wealth (claims on capital stock), who can charge fees above costs to trusting investors. In this model, the ratio of financial income to GDP increases with the ratio of aggregate wealth to GDP. Both rise along the convergence path to steady state growth. We examine several further implications of the model for management fees, unit costs of finance, and the consequences of shocks to trust and to the capital stock.