The relationship between financial system, law framework or economic growth has attracted considerable
attention for years. However, there are some questions still remaining unanswered: between tangible assets
protection and intellectual property protection, which is more important? Between external financing and property
rights protection, which does play a greater role for the economic development? According to the dynamic
stochastic general equilibrium (DSGE) model with non-free market factors, we study the effectiveness of property
protection and external financing, and try to answer these questions. The model fits the data well, and we find:
protection of intellectual property plays a more important role than that of tangible asset, in the promotion of
economy; relaxation of financial constraints on corporate is more effective in the short run, while the protection
of intellectual property is more effectual in the long term.
YANG Yi1* (杨熠), LIN Renwen2 (林仁文)
. Property Protection, Financial Constraints and Economic Growth[J]. Journal of Shanghai Jiaotong University(Science), 2016
, 21(2)
: 192
-198
.
DOI: 10.1007/s12204-016-1711-6
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