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Inflation","","讨论适度及更高通胀对经济活动的不利影响，尤其从银行业与信贷市场的摩擦、利率传导与信贷配给机制解释其作用路径。文章回顾1990年代以来的研究进展：通胀与经济增长呈负相关，以及金融中介在经济发展中的关键角色。进一步提出信用市场摩擦在发展中国家更为显著，通胀可能通过降低资产实际收益、抬升风险借款比例并触发信贷配给，从而压低投资、削弱当期与未来生产率，并导致实际经济活动下降。",{"@graph":69,"@context":122},[70,84,105],{"@type":71,"itemListElement":72},"BreadcrumbList",[73,77,79,82],{"item":74,"name":75,"@type":76,"position":8},"https://docshare.wps.com","Home","ListItem",{"item":78,"name":9,"@type":76,"position":14},"https://docshare.wps.com/document/",{"item":80,"name":40,"@type":76,"position":81},"https://docshare.wps.com/document/research-report/",3,{"item":83,"name":65,"@type":76,"position":19},"https://docshare.wps.com/document/inflationbankingand-economic-growth-theoretical-insights-into-inflation/325028/",{"url":83,"name":65,"@type":85,"image":86,"author":91,"headline":65,"publisher":94,"fileFormat":97,"inLanguage":63,"description":67,"dateModified":98,"datePublished":99,"encodingFormat":97,"isAccessibleForFree":100,"interactionStatistic":101},"DigitalDocument",{"url":87,"@type":88,"width":89,"height":90},"https://docshare.wps.com/thumbnails/inflationbankingand-economic-growth-theoretical-insights-into-inflation/325028.png","ImageObject",300,407,{"name":92,"@type":93},"Himbo","Person",{"url":74,"name":95,"@type":96},"DocShare","Organization","application/pdf","2026-11-14","2026-09-21",true,{"@type":102,"interactionType":103,"userInteractionCount":52},"InteractionCounter",{"@type":104},"ViewAction",{"@type":106,"mainEntity":107},"FAQPage",[108,114,118],{"name":109,"@type":110,"acceptedAnswer":111},"文章如何说明通胀对经济增长的危害机制？","Question",{"text":112,"@type":113},"通过影响银行信贷市场的摩擦与利率调整能力，通胀可能降低资产的实际回报、引致风险借款增加并触发信贷配给，进而压低投资并削弱生产率与实际经济活动。","Answer",{"name":115,"@type":110,"acceptedAnswer":116},"信用市场摩擦在什么情况下可能更严重？",{"text":117,"@type":113},"文中指出实证研究表明发展中国家的信用市场摩擦比发达国家更严重，因此通胀对经济增长的影响在这些国家可能更显著。",{"name":119,"@type":110,"acceptedAnswer":120},"通胀对金融部门的影响是否存在阈值？",{"text":121,"@type":113},"是的，文章强调通胀对金融部门的效应似乎具有重要阈值：只有当通胀超过某个临界水平时才会出现信贷配给；在很低通胀率下不一定造成配给。","https://schema.org",{"og:url":83,"og:type":124,"og:title":65,"og:site_name":95,"og:description":67},"article",{"robots":126,"canonical":83},"index,follow",{"doc_id":128,"site_id":62},325028,1790273368,{"code":4,"msg":5,"data":131},{"doc_id":128,"user_id":132,"nickname":92,"user_avatar":133,"doc_module":4,"category_id":39,"category_name":40,"doc_title":65,"doc_description":67,"doc_content":134,"file_id":135,"file_url":136,"file_type":137,"file_size":138,"view_count":52,"is_deleted":4,"is_public":8,"is_downloadable":8,"audit_status":8,"page_count":24,"language":139,"language_code":63,"site_id":62,"html_lang":63,"table_of_contents":140,"faqs":141,"seo_title":142,"seo_description":67,"update_tm":143,"read_time":144,"preview_page_count":4},687197100911,"https://ap-avatar.wpscdn.com/avatar/a000239b6f1da00475?x-image-process=image/resize,m_fixed,w_180,h_180&k=1785132997149421697","by John H.Boyd and Bruce Champ  \nBy now,everybody knows inflation isbad.Hyperinflations—when inflationrates are extremely high—are the horrorstories,but few doubt the harmfuleffects of inflation rates in the teenseither.Over the past several decades,central banks around the world havebeen pretty successful at dramaticallylowering inflation rates.Can we nowstop worrying about inflation?Probablynot.There is good reason to believe thatinflation is harmful even at what onemight consider relatively moderaterates—annual rates of perhaps 5 to10 percent.  \nThe evidence of this claim began toaccumulate in the mid-1990s.At thetime,most economists believed that,under certain conditions,inflation couldbe a good thing.Their theories sug-gested that inflation spurred increases inoutput.But in 1995,Robert J.Barro pub-lished findings that suggested otherwise.He studied many economies and foundthat,across countries,inflation and eco-nomic growth were negatively related—higher inflation was associated withlower economic growth.  \nRoughly around the same time,othereconomists were revealing the essentialrole that financia intermediaries playineconomic development.These two dis-coveries led others to suggest a connec-tion between inflation,financial inter-mediaries,and economic growth.In particular,they speculated that theway inflation hurt economic growth wasby interfering with the role financialintermediaries play in an economy.  \nSince then,theories have been advancedto explain the connection.These theoriessuggest that inflation may damage finan-cial markets or impede their smooth  \nInflation,Banking,and Economic Growth  \noperation.This Economic Commentarydiscusses these theories and presentssome new empirical findings that pro-vide further support for them.  \n# ■ Theoretical Insightsinto Inflation\n\nAkey insight of the recent theories isthat inflation exacerbates so-calledfrictions in credit markets.In smoothlyoperating credit markets,banks caneasily adjust nominal interest rates whenthey need to,but frictions create obsta-cles that make this adjustment difficult.Government ceilings on interest rates arean example of such an obstacle.Obsta-cles can also arise from the actions ofbanks themselves,when they respond inthe best possible way to the incentivesand risks that are created by existinglaws,regulations,policies,and economicconditions.Since empirical studies haveshown that credit market frictions aremore severe in developing countries thandeveloped countries,these frictions mayplay an important role in explaining theimpact inflation has on economic growthin these countries.  \nOne way inflation might affect economicgrowth through the banking sector is byreducing the overall amount of creditthat is available to businesses.The storygoes something like this.Higher infla-tion can decrease the real rate of returnon assets.Lower real rates ofreturn dis-courage saving but encourage borrow-ing.At this point,new borrowers enter-ing the market are likely to be of lesserquality and are more likely to default ontheir loans.Banks may react to the com-bined effects of lower real returns ontheir loans and the influx of riskierborrowers by rationingcredit.That is,if banks find it difficult to differentiate  \nMay 15,2006  \nThe world has seen a dramatic declinein inflation rates in recent decades,butconcerns about inflation may still bewarranted,especially in some coun-tries.Evidence is mounting that infla-tion is harmful to economic activityeven at fairly modest rates of inflationbecause of the way it adversely affectsthe banking sector and investment.  \nbetween good and bad borrowers,theymay refuse to make loans,or they mayat least restrict the quantity of loansmade.Simply charging a higher nominalinterest rate on loans merely makes theproblem worse because it causes low-risk borrowers to exit the market.And inthose countries with government-imposed usury laws or interest rateceilings,increasing the nominal interestrate may not be possible.Whatever thecause,","cbCaigRAKXWIXOFf","https://ap.wps.com/l/cbCaigRAKXWIXOFf","pdf",1195386,"English","# Theoretical Insightsinto Inflation\n## Inflation and Credit Market Frictions\n## Credit Rationing and Investment\n## Threshold Effects of Inflation","[{\"question\":\"文章如何说明通胀对经济增长的危害机制？\",\"answer\":\"通过影响银行信贷市场的摩擦与利率调整能力，通胀可能降低资产的实际回报、引致风险借款增加并触发信贷配给，进而压低投资并削弱生产率与实际经济活动。\"},{\"question\":\"信用市场摩擦在什么情况下可能更严重？\",\"answer\":\"文中指出实证研究表明发展中国家的信用市场摩擦比发达国家更严重，因此通胀对经济增长的影响在这些国家可能更显著。\"},{\"question\":\"通胀对金融部门的影响是否存在阈值？\",\"answer\":\"是的，文章强调通胀对金融部门的效应似乎具有重要阈值：只有当通胀超过某个临界水平时才会出现信贷配给；在很低通胀率下不一定造成配给。\"}]","Inflation,Banking,and Economic Growth - Theoretical Insights into Inflation | PDF",1789969498,13]