Financial Development, Growth, and the Distribution of Income
构建了一个金融中介与经济增长相互决定的内生模型，指出金融中介通过提高资本回报率促进增长，而增长又为金融体系建设提供资源，并解释了发展过程中收入差距先扩大后缩小的库兹涅茨周期。
A paradigm is presented in which both the extent of financial intermediation and the rate of economic growth are endogenously determined. Financial intermediation promotes growth because it allows a higher rate of return to be earned on capital, and growth in turn provides the means to implement costly financial structures. This financial intermediation and economic growth are inextricably linked in accord with the Goldsmith-McKinnon-Shaw view on economic development. The model also generates a development cycle reminiscent of the Kuznets hypotheses. In particular, in the transition from a primitive slow-growing economy to a developed fast-growing one, a nation passes through a stage in which the distribution of wealth across the rich and poor widens. Copyright 1990 by University of Chicago Press.