Monetary Expansion and Economic Growth in Transition Economy
研究了转型经济中政府作为制度变迁融资者和货币当局的双重角色，发现发行法币优于税收和债券，但转型结束后若路径依赖持续，经济难以实现稳定。
In an underdeveloped transition economy,government occupies two roles,the one is the operator responsible to finance for the institutional change,and the other is monetary authority controlling the whole money and financial system.For the role of government it appears a special monetary expansion different neoclassical monetary growth models even the M-S model.Considering the role of government in M-S economy,this paper investigates the monetary behavior of government,results and existence and stability of long-term equilibrium. The model finds the optimal financial method is issuing fiat money comparing with tax and debt bond.For the money not only finances the institutional change but also meet the endogenous asset demand.However,once the transition ends,if path dependence exists and economic growth always depend on institutions-driven,economy is not able to achieve stability.Besides,the paper finds the stability is determined by the ability of government control,but which pulls financial reform in a dilemma.