뗚39뻭뗚4웚뮪뚫쪦랶듳톧톧놨(헜톧짧믡뿆톧냦)2007쓪7퓂Vol139,No14JournalofEastChinaNormalUniversity(PhilosophyandSocialSciences)July,2007막욱쫐뎡폫뺭볃퓶뎤:튻룶믹폚탅쾢늻뛔돆뗄쫽샭럖컶랶톧뾡(뮪뚫쪦랶듳톧짌톧풺,짏몣ꆡ200062)ꆡꆡ햪ꆡ튪:믹폚놾쫐뎡퓚탅쾢뷡릹랽쏦뗄쓚짺뇤뮯쯹첽쳖뗄막욱쫐뎡폫뺭볃퓶뎤횮볤뗄맘쾵뇭쏷,평폚듻뿮헟뫍뷨뿮헟횮볤듦퓚ퟅ탅쾢늻뛔돆,듻뿮헟뇘탫춨맽짨볆뫏쫊뗄뷰죚뫏춬살뷢뻶횴탐컊쳢;뫏춬뗄욫뫃톡퓱좡뻶폚뺭볃쳥뗄랢햹ힴ뿶,햮컱죚랢짺퓚뺭볃랢햹뗄뷏뗍쮮욽뷗뛎,햮컱뫍막좨믬뫏죚퓲랢짺퓚뺭볃랢햹뗄뷏룟쮮욽뷗뛎;좻뛸,튻룶뺭볃쳥뛔ퟮ폅뫏춬뗄톡퓱튲뿉쓜뛔뺭볃랢햹슷뺶뗄탎돉랢믓튻룶뻶뚨탔뗄ퟷ폃ꆣ훐맺막욱쫐뎡뗄랢햹틑뺭틽쇬훐맺뺭볃뷸죫떽쇋탂뗄랢햹뷗뛎,헾뢮늿쏅죴쓜볌탸볓듳횧돖놾쫐뎡랢햹뗄헾닟솦뛈,붫뛔듙뷸훐맺뺭볃퓚룼룟퓶뎤슷뺶짏뗄뿉돖탸랢햹뻟폐훘듳뗄햽싔틢틥ꆣ맘볼듊:탅쾢늻뛔돆;뷰죚뫏춬;뺭볃퓶뎤;막욱쫐뎡훐춼럖샠뫅:F830ꆡ컄쿗뇪쪶싫:Aꆡ컄헂뇠뫅:1000-5579(2007)04-0119-06튻ꆢ떼ꆡ싛Capasso\[8\],웤훐KeithBlackburn뗈죋뗄퇐뺿쇮죋힢쒿ꆣ쯻쏇퓚탅쾢늻뛔돆ꆢ쓚짺뫏춬톡퓱뫍놾믽뻛맽좥벸쪮쓪살,듳솿뗄퇐뺿튻횱훂솦폚샭뷢늢뗄튻냣뚯첬뻹뫢뿲볜쿂,뷢쫍쇋막욱쫐뎡뗄쓚짺돶뷢쫍뷰죚랢햹폫쪵쳥뺭볃믮뚯횮볤뗄솪쾵ꆣ훚쯹훜쿖틔벰뛔뺭볃랢햹뗄랴삡ퟷ폃ꆣ횪,뷰죚랢햹탨튪뺭샺늻춬뗄랢햹뷗뛎,ퟮ퓧돶쿖놾컄믹폚KeithBlackburn뗈죋뗄쒣탍\[8\],첽쳖뗄쫇틸탐훐뷩뗄햮컱죚,쯦뫳막좨죚뾪쪼돶막욱쫐뎡폫뺭볃퓶뎤횮볤뗄맘쾵,쫔춼캪컒맺뷰죚쿖ꆣ평폚퓚랢햹훐맺볒틸탐퓚뷰죚쳥쾵훐햼훷떼뗘쳥쾵뗄캴살랢햹쳡릩샭싛뷨본ꆣ놾컄ퟅ훘믘듰틔쿂캻,틲듋듳뛠쫽퇐뺿튻횱붫훘뗣럅퓚뷰죚랢햹뗄뗚컊쳢:캪쪲쎴막욱쫐뎡돶쿖퓚뺭볃랢햹뗄뷏췭뷗튻뷗뛎짏,늢붫뷰죚랢햹뗄뚨틥쿞뚨폚평틸탐훐뷩뛎?캪쪲쎴퓚웤쯻듻뿮쫐뎡틑뺭붨솢횮뫳막욱쫐뎡쯹쳡릩뗄뷰죚럾컱뗄맦쒣뫍훊솿짏ꆣ횻쫇뷼킩쓪살뮹믡돶쿖쓘?캪쪲쎴막욱쫐뎡붨솢횮뫳웤쯻쫐뎡틀쯦ퟅ막욱쫐뎡놾뮯맦쒣뗄퓶볓,톧헟쏇닅뾪쪼붫뻉퓚퓋탐?캪쪲쎴막욱쫐뎡뗄붨솢뛔뺭볃퓶뎤폐믽힢틢솦쿲막욱쫐뎡벰웤랢햹폫쪵쳥뺭볃뇭쿖횮볤벫뗄펰쿬?쿂컄붫내틔쿂뿲볜햹뾪:뗚뛾늿럖,뷩뗄맘쾵짏ꆣ듳솿뗄쪵횤퇐뺿뇭쏷:퓚막욱쫐뎡랢햹짜쒣탍뗄뺭볃뮷뺳;뗚죽늿럖,닻쏷늻춬쟩뿶쿂뗄폫뎤웚뺭볃퓶뎤횮볤듦퓚ퟅ뫜잿뗄헽쿠맘탔ퟮ폅뷰죚뫏춬;뗚쯄늿럖,럖컶퓚튻냣뚯첬뻹뫢뿲(Levine뫍Zervo\[1\]\[2\]s,Antje뫍Jovanov\[3\]ic,Demir2볜쿂ퟮ폅뷰죚뫏춬뗄톡퓱벰웤뛔놾믽샛뫍퓶뎤뗄guc-Kunt뫍L\[4\]\evin[5\]e)ꆣ좻뛸,퓚샭싛짏뛔쿠맘틢틥;뗚컥늿럖,쳡돶뷡싛폫웴쪾ꆣ컊쳢뗄첽쳖좴쿠뛔놡죵ꆣ뷼쓪살탅쾢늻뛔돆쳵볾쿂뗄ퟮ폅뷰죚뫏춬샭싛뛾ꆢ쒣탍뗄뺭볃뮷뺳캪퇐뺿막욱쫐뎡뫍뺭볃퓶뎤횮볤뗄맘쾵힢죫쇋탂뗄믹폚KeithBlackbum뗈죋뗄쒣탍,컒쏇볙짨:뚯솦,평듋돶쿖쇋튻킩퓚튻냣뚯첬뻹뫢뿲볜쿂춨맽쪱볤쫇늻솬탸,늢틔t=0,1,2ꆭꇞ뇭쪾;듦퓚붨쒣뛔듋뷸탐퇐뺿뗄컄쿗,샽죧:Bose뫍튻룶벸듺붻뗾뗄뺭볃쳥,퓚룃뺭볃쳥훐,듦믮폚솽Cothren\[6\]\[7\],KeithBlackburn,NiloyBose뫍Salvatore룶쪱웚뗄죋뿚뫍ퟔ샻믺릹쫇튻룶뎣쫽;쎿튻듺퓚돶쫕룥죕웚:2006-12-27ퟷ헟볲뷩:랶톧뾡(1959ꆪꆡ),얮,짏몣쫐죋,뮪뚫쪦랶듳톧짌톧풺뢱뷌쫚ꆣ119
짺쪱뻍놻럖캪솽룶쫐뎡닎폫ퟩ,웤튻쫇볒춥,웤뛾닺벼쫵폖뺭펪볒춥짺닺벼쫵,볒춥짺닺쓜솦쫇쯦믺쫇릫쮾;쎿룶볒춥퓚쓪쟡쪱쫇튻룶럧쿕놾쿮쒿뗄뗄,틔q(x)tꇊ(0,1)뇭쪾ꆣ죧맻늻뺭펪놾춶헟,튻룶만뚨쫽솿샍뚯솦뗄릩펦헟,뛸퓚쓪샏짺닺벼쫵,릫쮾뿉쓜붫웤좫늿샍뚯솦럖엤떽볒춥짺쪱퓲쫇튻룶ퟮ훕닺욷뗄쿻럑헟;쎿룶릫쮾퓚쓪쟡쪱닺늢믱뗃ª0떥캻뗄볒춥짺닺닺돶;죧맻춬쪱뺭펪쫇튻룶럧쿕쿮쒿뗄뺭펪헟,퓚쓪샏쪱퓲쫇튻룶샍뚯놾짺닺벼쫵뫍볒춥짺닺벼쫵,퓲뿉쓜믱뗃튻킩뛮솦뗄맍펶헟,튲쫇튻룶ퟮ훕닺욷뗄짺닺헟뫍쿻럑췢뗄샻틦ꆣ틲캪춬쪱뺭펪솽훖짺닺쪱,듦퓚ퟅ튻룶헟;쯹폐뗄믺릹뚼쫇럧쿕훐솢뗄,늢쟒쯹폐뗄쫐뎡듓놾짺닺떽볒춥짺닺뗄틧돶킧펦(쒳킩뿉틆뗄뚼쫇뺺헹탔뗄ꆣ벼쫵뫍뎤),헢붫퓶볓볒춥짺닺뗄믘놨싊ꆣ죧맻(튻)볒춥튻룶릫쮾뛔놾짺닺럖엤h떥캻뗄샍뚯솦,뛔볒쎿룶쓪쟡뗄볒춥놻뢳폨튻룶떥캻뗄샍뚯솦,볒춥짺닺럖엤(1-h)떥캻뗄샍뚯솦,퓲퓚t+1웚춥쿲튻룶돉쫬뗄닺욷짺닺헟컞떯탔뗘쳡릩룃샍뚯솦뻍쓜믱뗃살ퟔ볒춥짺닺뗄ª(1-h)떥캻뗄닺돶ꆣ늢믱뗃킽쮮캪wt뗄믘놨,좻뫳붫웤샍뚯쯹뗃뷨룸퓚헢샯,ª>ª0ꆣ튻룶쓪쟡뗄웳튵볒(짺닺놾)틔웚퓚쿂튻룶쪱웚(죽)ퟮ훕닺욷짺닺뗃떽믘놨ꆣ볙뚨듻뿮헟늻쓜릻맛달(틲듋튲뻍늻쓜쎿룶릫쮾퓚웤돉쫬뷗뛎(뗚뛾뷗뛎)쪹폃튻훖뿘훆)튻룶뷨뿮헟뛔쿮쒿xt뗄톡퓱틔벰뛔쿮쒿뗄웕춨뗄ꆢ럇쯦믺뗄벼쫵훆퓬ퟮ훕닺욷ꆣ뛔훆퓬맽돌쪱볤럖엤h뗄춶죫쫇샍뚯(듓쿂듺뗄쓪쟡볒춥훐맍펶)뫍놾tꆣ죧맻듻뿮헟ힼ놸춶죫튻뚨솿뗄쪱볤?뢳1-ꛇꇊ(0,1),좥믱뗃탅쾢늢쟒캪ퟔ벺톡퓱튻(살ퟔ폚떱듺릫쮾쿈잰돐떣뗄춶쿮쒿)ꆣ튻룶쪹폃룶쿮쒿,퓲듻뿮헟횻쓜폃ꛇ떥캻뗄샍뚯쪱볤살좡nt+1떥캻뗄샍뚯솦뫍kt+1떥캻놾뗄돉쫬릫쮾,쓜뗃쫕죫,틲듋듻뿮헟뗄뿉듻뷰캪lt=ꛇwtꆣ죧맻릻짺닺돶yt+1떥캻뗄닺돶,웤뇭듯쪽죧쿂:룃듻뿮헟쎻폐뷩죫쿮쒿뗄톡퓱,쓇쎴쯻뗄샍솦쪱볤1-ꛈꛈyt+1=ꚨKꛈt+1kt+1nt+1ꆡꆡ웤훐:0<ꛈ<1;ꚨ>0(3)캪1,쯻뗄뿉듻뷰캪lt=wtꆣ볌탸볙뚨,살ퟔ폚(3)쪽훐Kt+1듺뇭튻룶뺭볃쳥뗄샛믽놾듦솿ꆣ놾짺닺뗄쯦믺쫕틦쫇뿉맛달뗄,뛸튻룶뷨뿮헟뗄릫쮾내wt+1릤싊맍펶샍뚯솦,뛸내rt+1샻쾢싊볒춥짺닺뗄쯦믺닺돶쫇쮽죋탅쾢,틲뛸늻쓜틔듋ퟷ뷨죫놾ꆣ죧맻튻룶릫쮾퓚쓪쟡쪱짺닺쇋ꇄk캪뮹듻뗄쳵볾ꆣt+1떥캻뗄놾,떱ꇄkt+1-kt+1>0,쯼쫇튻룶뺻놾뷨(뛾)릫쮾쎿룶릫쮾퓚룕돉솢쪱돽쇋튻룶떥캻뗄쪱볤?뢳죫헟ꇄ,뛸떱kt+1-kt+1<0,쯼퓲쫇튻룶뺻놾듻횮췢쎻폐웤쯻풴ꆣ떫쎿룶릫쮾뚼폐튻룶듓쫂럧쿕돶헟ꆣ웤살ퟔ폚ퟮ훕닺욷짺닺뗄샻죳뿉틔뇭듯캪:쿮쒿뗄믺믡,캪쇋샻폃헢룶믺믡,릫쮾뇘탫듓튻룶ꛐꇄt+1=ꚨKꛈꛈ1-ꛈt+1kt+1nt+1-wt+1nt+1-rt+1(kt+1-kt+1)(4)춬웚뗄볒춥훐뷨죫뷰ꆣ볙뚨퓚죎뫎쪱뗣짏쿮쒿쫇솬탸뗄,틔xtꇊRt뇭쪾ꆣ쎿룶쿮쒿뚼쓜샻폃튻쿮뛔폚룸뚨wt+1,rt+1,Kt+1벰ꇄkt+1,튻룶돉쫬쯦믺벼쫵,붫t웚뗄닺돶뫍쯹춶죫뗄얬솦뮯돉캪뗄릫쮾춨맽톡퓱nt+1틔벰kt+1,뿉틔쪹(4)쪽듯떽ퟮ듳뮯,늢쟒싺ퟣwt+1=ꛈꚨKꛈ1-ꛈꛈ-1t+1kt+1nt+1틔벰t+1웚뗄놾ꆣ룼ힼ좷뗘쮵,릫쮾퓚t웚샻폃lt룶떥캻뗄듻뿮틔벰rh(t+1=(1-ꛈ)ꚨKꛈ-ꛈꛈt+1kt+1nt+1ꆣ퓚쫐뎡뻹뫢쪱,t0,1)룶떥캻뗄쪱볤,뿉틔퓚t+1웚짺닺돶kt+1떥캻뗄놾,웤뇭듯쪽죧쿂n:t+1=n(샍뚯솦뗄만뚨쳡릩)틔벰Kt+1=kt+1,k헢퇹:t+1=Aꛁꛂ(x)tlthtꆡꆡ웤훐:ꛁ,ꛂꇊ[0,1\]ꛁ;+ꛂ<1xt,떱룅싊캪pw1(x)t=ꛈꚨꛈ-nk(t5)t쪱A(x)t=0rt=r=(1-ꛈ)ꚨꛈn(6),떱룅싊캪1-p(x)t쪱(1)(1)쪽훐x듺뇭벼쫵;p(x)tꇊ(0,1),듺뇭쿮쿠펦뗘,ꛐt+1=rKt+1,틲듋쪹놾짺닺ퟮ듳뮯쒿뗄룅싊ꆣ뻟폐뷏룟쫕틦뗄쿮쒿폐튻룶뷏킡돉릦뗄뗄쿮쒿톡퓱(튲뻍쫇xt=1/ꛑ)폫쪹풤웚샻죳ퟮ듳뿉쓜탔,튻룶뒴탂벼쫵뿉틔볲떥뇭듯캪p(x)=뮯E(ꛐpxꛁꛂt+1)=-retxtltht뗄쿮쒿톡퓱쿠춬ꆣ-ꛑxe(ꛑ>0),풤웚뗄쿮쒿쫕틦캪:(쯄)놾쫐뎡E-ꛑxꛁꛂ(kt+1)=exlth(t2)쒣탍훐뗄놾쫐뎡퓋ퟷ랽쪽죧쿂:퓚쪱웚t횮평듋,퓚룸뚨lt뫍ht뗄쟩뿶쿂,쿮쒿뻍폐캨돵,튻룶탂짺뗄뷨뿮헟튪쟳튻룶탂짺뗄듻뿮헟뛔웤튻뗄톡퓱,떱xt=1/ꛑ,놾짺닺붫ퟮ듳뮯ꆣ럧쿕쿮쒿뷸탐죚ꆣ튻떩솽헟잩뚩죚뫏춬,뻍틢쇭췢,튻룶쓪쟡뗄릫쮾뿉틔춬쪱볈뺭펪놾짺캶ퟅ듻뿮헟붫웤쿖폐뗄릤쯹뗃틆룸뷨뿮헟,뛸120
뷨뿮헟붫폃웤캴살뗄쫕틦살뎥뮹헢뇊뷰ꆣ죧짏쯹쫂쪵짏,평폚볒춥폫릫쮾횮볤듦퓚ퟅ탅쾢늻뛔쫶,돽쇋놾짺닺뗄쫕틦(쫇뿉맛달뗄늢쟒랴펳쇋돆,틲듋,튻룶볒춥쫇늻뿉쓜늻뮨돉놾뛔릫쮾뷸탐쿮쒿틑쪵쿖뗄쫕틦)뿉틔ퟷ캪뮹뿮뗄살풴횮췢,뷨톡퓱ꆣ컞싛쫇쿮쒿뗄샠탍뮹쫇릫쮾퓚헢룶쿮쒿짏쯹뿮헟쫇쎻폐웤쯻쫕죫뿉놻듻뿮헟쯷좡뗄ꆣ틲듋,튻뢶돶뗄얬솦돌뛈,볒춥뚼쫇컞램횱뷓맛달떽뗄ꆣ캪룶퓚짺닺놾랽쏦쪧냜뗄릫쮾쫇쎻폐뎥뮹쓜솦뗄ꆣ듋,튻룶볒춥놻뢳폨복짙늿럖늻좷뚨뗄톡퓱좨,벴춨뎣,릫쮾뫍볒춥횮볤뗄튻럝죚뫏춬뿉틔뾼붫ퟔ벺1-ꛇ떥캻뗄샍뚯쪱볤럅퓚믱뗃탅쾢틔좷놣싇햮컱뫍막좨쿠뷡뫏뗄탎쪽ꆣ헢훖뫏춬뇭쏷,볙죧쿮쒿뗄톡퓱짏ꆣ죧맻볒춥탐쪹헢룶좨샻,쓇쎴쯼쏦쿮쒿믱뗃돉릦,릫쮾뇘탫붫웤샻죳훐뗄dt+1늿럖뛔뗄횻쫇폫릫쮾쯹춶죫뗄얬솦폐맘뗄횴탐컊쳢;죧횧뢶룸듻뿮헟틔뎥뢶햮컱,쇭췢뮹튪볓짏쪣폠훐뗄맻늻탐쪹헢룶좨샻,쯼뻍믡쏦뛔폫릫쮾얬솦돌뛈뫍st+1ꇊ(0,1)늿럖틔뎥뢶막좨ꆣ뻝듋,뿉틔럖뇰쿮쒿톡퓱폐맘뗄쮫훘횴탐컊쳢ꆣ헢킩늻춬뗄쟩뿶늻룸돶튻룶릫쮾뫍튻룶볒춥풤웚뗄훕짺쿻럑쮮욽믲헟뷶뛔릫쮾뿉뗃뷰뗄쫽솿,뛸쟒뛔ퟮ폅죚낲업뗄킧폃쮮욽:뷡릹뚼뻟폐늻춬틢틥ꆣ쿖퓚럖뇰뾼싇쎿튻훖쟩뿶ꆣE-ꛑxꛁꛂ(u)t=(1-st(t+1)erxtltht-dt+1)+qª(1-h)(t7)뛔폚튻룶볒춥살쮵,뢺퓰쿮쒿톡퓱뗄뻶닟컊쳢E(v)t=-ꛑxꛁꛂet[st+1(rxtltht-dt+1)+dt+1](8)놻뚨틥캪:릫쮾뗄뻶닟컊쳢쫇:퓚볒춥쳡릩뗄뷰죚뫏춬룸ꇄꇄ컊쳢5ꛂ1:Max-ꛑxetslth뚨뗄쟩뿶쿂쪹(7)쪽ퟮ듳뮯;볒춥뗄뻶닟컊쳢쫇t+1rxtf,t-dt+1+dt+1xd:t+1t+s1t+1룹뻝릫쮾뗄탐캪쪹풼쫸쳵볾캪:(8)쪽ퟮ듳뮯ꆣ횵뗃힢틢뗄쫇,틲캪쿮쒿뗄닺돶쫇뿉맛달뗄,틲듋,듻뿮헟늻믡쏦ꇄꇄh5ꛂ(f,t=arghMa-ꛑxx(1-st+1)etrxtlthf,t-t쇙쯹캽뗄돉놾낺맳뗄ힴ첬좷죏컊쳢ꆣ쫂쪵짏,쿖폐dt+1)+qª(1-h)t뗄쒣탍낵쪾,춨맽붨솢튻룶믹폚뿉틔맛달쿮쒿쫕틦ꇄꇄ-ꛑx5ꛂ뗄쟳뎥뫏춬쳥쾵,듻뿮헟쫇뿉틔쫕믘듻뿮뗄ꆣ(1-st+1)et(rxtlthf,t-dt+1)+qª(1-h)f,tꇝqª0죽ꆢퟮ폅뷰죚뫏춬dt+1ꇝ0퓚뻹뫢ힴ첬쿂뗄듻뿮뫏춬쫇햮컱뫍막좨뗄ퟩ뫏0ꇜst+1ꇜ1(dt+1,st+1)ꆣ튻룶벫뛋쟩뿶쫇(dt+1,0):죧맻짏쫶풼쫸쳵볾훐ꇄꇄ,lt=ꛇꇄwt,wt=ꛈꚨꛇ1-ꛈkt,늢쟒ꇄr볒춥죏캪뛔릫쮾쳡릩햮컱쫇ퟮ폅뗄,뻍믡돶쿖튻럝=(1-ꛈ)ꚨꛇꛈ)ꆣ뗚튻룶풼쫸쳵볾쮵쏷쇋퓚룸뚨뒿듢뗄햮컱뫏춬ꆣ헢쪱듻뿮뗄뎥뮹폫릫쮾쯹믱샻죳볒춥탐캪쳵볾쿂뗄릫쮾ퟮ폅얬솦쮮욽,벴hf,t,뛸뗄듳킡컞맘ꆣ쇭튻룶벫뛋쟩뿶쫇(0,st+1):죧맻뗚뛾룶풼쫸쳵볾쫇릫쮾룶쳥뗄뫏샭탔ꆣ컊쳢1뗄볒춥룼욫뫃뛔릫쮾쳡릩막좨,뻍믡돶쿖튻럝뒿듢뗄ꇄꇄꇄꇄ막좨뫏춬,헢뻍틢캶ퟅ듻뿮뗄뎥뮹췪좫틀삵폚릫쮾뷢,평4룶뗈쪽xt,ht,dt+1,st+1룸돶:ꇄ뗄샻죳ꆣ뷩폚헢솽훖벫뛋쟩뿶횮볤뗄뻍쫇햮컱폫막1xt=ꛑ(9)좨쿠뷡뫏뗄죚뫏춬ꆣꇄꇄ1rꛂꇄ5l1-ꛂt퓚튻룶컞쒦닁뗄뮷뺳훐,쎿룶볒춥뚼뿉틔쇣돉ht=qªꛑ(10)e놾뗘맛달늢쟒뿘훆릫쮾쯹퓋ퟷ뗄쿮쒿샠탍틔벰릫쮾ꇄꇄrꛂꛂꇄ5ltdt+1=(1-ꛂ)11)(qªꛂ)ꛑꛂ+eqª(쯹춶죫뗄얬솦돌뛈ꆣ춨맽붫웤퓚(8)쪽훐뗄풤웚eꇄ쫕틦ퟮ듳뮯st+1=0(12),쎿룶볒춥좡뗃쇋웤ퟮ폅뷡맻,헢쪱횻폐튻룶풼쫸쳵볾,뻍쫇튪쟳릫쮾퓚좱랦쿮쒿춶뗄틲듋,퓚헢훖쟩뿶쿂,ퟮ폅듻뿮뫏춬쫇튻룶뒿쟩뿶쿂듢뗄햮컱뫏춬ꆣ샭평쫇쿔뛸틗볻뗄:릫쮾뛔폚볒춥,퓚(7)쪽훐뗄풤웚쫕틦늻짙폚살ퟔ볒춥짺닺뗄풤웚쫕틦,벴E(u)tꇝª0ꆣ랽돌뗄뷢평탐캪뗄ퟮ폅랴펦쫇룹뻝hf,t=ꇄꇄꛂ151rx1-ꛂ(15-stltꛂ5rlt+1)rꛂx1-ꛂtltx좥짨뚨쯼뗄얬솦돌뛈ꆣ틲t=1/ꛑ틔벰ht==tqªꛑxetqªꛑ룸돶,쪽훐eqªpxetlt=wt,wt=ꛈꚨkt,r=(1-ꛈ)ꚨꆣ틲듋,볒춥믡뛸볒춥뗄ퟮ폅닟싔쫇횱뷓쪵탐뛔쿮쒿뗄뗚튻ퟮ폅톡톡퓱헢퇹뗄쿮쒿:벴퓚죎뫎룸뚨뗄얬솦쮮욽짏,풤퓱,벴뛔룃쿮쒿폐췪좫뗄뿘훆,늢쟒춨맽붫st+1짨웚놾짺닺ퟮ듳뮯ꆣ뛸얬솦쮮욽뗄톡퓱좡뻶폚쿮쒿뚨캪ퟮ킡죝탭뗄볛횵(샽죧0),틽죫폫뗚튻ퟮ폅틔벰죚맦쒣,헢쪱죚랽쪽쫇컞맘뷴튪뗄ꆣ쮮욽뺡뿉쓜뷓뷼뗄얬솦쮮욽ꆣ릫쮾뗄닎폫풼쫸폫E121
(u)t=qª0쿠맘,헢퇹볒춥듓헢룶뫏춬훐믱좡쇋쓜릻쇴듦튻늿럖뎬맽웤놣쇴쮮욽뗄샻죳ꆣ틲듋,퓚쯹폐뗄쪣폠ꆣ틲듋퓚듦퓚떥룶횴탐컊쳢뗄쟩뿶쿂,돶쿖솽훖횴탐컊쳢쪱,볒춥춬쪱쳡릩햮컱뫍막좨솽볒춥쳡릩햮컱ퟷ캪떥튻뗄죚랽쪽쫇튻룶ퟮ폅뗄뷢훖늻춬탎쪽뗄죚쫇튻룶ퟮ폅뷢뻶랽램ꆣ뻶랽램ꆣ쿠랴뗘,뛔폚튻룶볒춥살쮵,늻룉짦쿮쒿톡퓱쯄ꆢ뷰죚뫍놾믽샛뗄뻹뫢뗄뻶닟컊쳢놻뚨틥캪:짏컄뗄럖컶좷뚨쇋퓚룸뚨쳵볾쿂뗄ퟮ폅뷰죚뫏ꆫꆫ컊쳢2-ꛑx5ꛂ:M춬ꆣ죧맻듻뿮헟뻶뚨뛔쿮쒿뗄톡퓱뷸탐뿘훆,쓇쎴axef,tsxt+1rtlthf,t-dt+1+dt+1dt+s1t+1풼쫸쳵볾캪쯻붫믡쳡릩튻룶뒿듢뗄햮컱뫏춬;죧맻듻뿮헟뻶뚨:ꆫ늻뛔쿮쒿뗄톡퓱뷸탐뿘훆,쯻붫믡쳡릩튻룶햮컱뫍-ꛑꆫx5ꛂhf,t=arghmax(1-st(t+1)erxtlthf,t-dt+1)+qª(1막좨쿠뷡뫏뗄뫏춬ꆣ틔쿂럖컶듻뿮헟욫뫃쓄훖뫏춬t-h)t탎쪽,좻뫳뚨틥췪좫튻냣뚯첬뻹뫢뺭볃뗄쳘탔ꆣꆫꆫ-pxꛁꛂx튻룶듻뿮헟퓚룷훖뫏춬낲업쿂뗄풤웚킧폃뿉틔f,t=argxmax(1-st+1)et(rxtlthft-dt+1)+qª(1-th)춨맽쳦듺짏컄쯹뗃뗄쿠맘랽돌쪽횱뷓볆쯣돶살,벴tꆫꆫ붫(9)ꆪ(12)믲(13)ꆪ(16)뗄뷡맻듺죫-ꛑx5ꛂ(1-st+1)et(rxtlhf,t-dt+1)+qª(1-h)f,tꇝqª0dt+1ꇝ(8)쪽ꆣ틲듋,퓚횻폐햮컱뫏춬뗄쟩뿶쿂,풤웚킧0폃캪:0ꇜst+1ꇜ1ꇄ짏쫶풼쫸쳵볾훐ꆫꆫꆫ(1-ꛈ)ꚨ(ꛈꚨ5)ꛂꛂꛇꛈ1(ꛁ+1)1-ꛂE(v)t=(1-ꛂ5)k1-ꛂt+,lt=wt,wt=ꛈꚨkt,틔벰ꆫr=(1-(qªꛂ)ꛑeꛈ5)ꚨꆣ쿖퓚풼쫸쳵볾냼삨릫쮾뛔좷뚨쯹춶죫뗄얬솦qªꇔꇄVk1-ꛂt+qª(17)돌뛈hf,t틔벰뛔쿮쒿xf,t뗄톡퓱뗄랴펦몯쫽ꆣ컊쳢2퓚춬쪱냼삨햮컱뫍막좨뫏춬뗄쟩뿶쿂,풤웚킧폃캪:ꆫꆫꆫꆫ뗄뷢,평틔쿂4룶뗈쪽xt,ht,dt+1,St+1룸돶ꆫ15):(1-ꛈ)ꚨ(ꛈꚨ)ꛂ2ꛂ(1+ꛂ(ꛂ+1)1-ꛂE(v)t=ꆫ1+ꛂ(1-ꛂ)ꇁ(qªꛂ)ꛑe1+ꛂxt=ꛑ(13)5ꆫ5k1-ꛂtꇔVk1-ꛂ(t18)ꆫꆫꆫ15rꛂ2(1+ꛂ2)l1-ꛂtht=평듋뿉볻,퓚헢솽훖뫏춬뗄낲업쿂,튻룶듻뿮헟1+ꛂ(14)qªꛑeꆫ뗄풤웚킧폃좡뻶폚쎿룶릫쮾뗄놾믽샛쮮욽ktꆣꆫ+ꛂrꛂ11(1+ꛂ2ꛂꆫ5)l1-ꛂtdt+1=(qªꛂ)ꛑꛂ헽쫇쒣탍뗄헢룶쳘뗣,닅쮵쏷쇋뫏춬훆뛈쫇쯦ퟅ뺭(1+ꛂ()15)eꆫ볃랢햹뛸쓚짺뗄쳘탔ꆣ뇈뷏뗈쪽(17)뫍(18)랢쿖,st+1=1-ꛂ(1+ꛂ)(16)틲듋,퓚볙짨ꛂ(1+ꛂ)<1뗄쟩뿶쿂,ퟮ폅듻뿮튻룶듻뿮헟뛔뫏춬톡퓱뗄욫뫃좡뻶폚쫇럱ꆫꛁVk1-ꛂt>뫏춬쫇튻룶햮컱폫막좨쿠뷡뫏뗄뫏춬킭틩ꆣ릫쮾뗄ꇄꛁꛁꇄꛁVk1-ꛂt+qª믲ꆫVk1-ꛂt<Vk1-ꛂt+qªꆣ듓헢룶쪽ퟓꆫꆫ15솽룶랴펦몯쫽쫇(1-s훐뿉틔좷뚨놾듦솿뗄튻룶맘볼쮮욽c,k=t+1)rꛂx1-ꛂtlthf,t=x틔벰1-ꛂqªꛑetqª51dꆫꇄꆣ퓚헢룶쮮욽횮쿂,듻뿮헟욫뫃톡퓱튻t+1xf,t=ꛑ+ꆫꆫ,볙짨볒춥ힼ놸쳡릩튻룶뒿듢뗄햮V-V5ꛂrltht컱뫏춬,헢퇹럝뒿듢뗄햮컱뫏춬,뛸퓚헢룶쮮욽횮짏,듻뿮헟욫뫃dt+1>0,춬쪱st+1=0ꆣ릫쮾뗄ퟮ폅랴펦붫쫇좥톡퓱폫볒춥뗄뗚튻ퟮ폅톡퓱늻춬뗄튻샠쿮톡퓱튻럝햮컱뫍막좨쿠뷡뫏뗄뫏춬ꆣ캪쇋쪹럖컶늻훁폚럇뎣쯶쯩,튪쟳ck>0,헢퇹뻍뢳폨쇋닎쫽튻킩쒿틔벰얬솦돌뛈ꆣ쿠랴뗘,볙짨볒춥ힼ놸쳡릩튻룶+ꛂ뒿듢뗄막좨뫏춬,헢퇹dt+1=0,뛸st+1>0ꆣ헢쪱쿞훆ꆫꇄ(V-V),믲헟ꛂꛂ(1+ꛂ1)ꛂ>ꛇꛈ(5+1)ꆣ헢쮵쏷,e릫쮾붫믡룸볒춥웤뗚튻ퟮ폅톡퓱뗄쿮쒿떫늻쫇뗚튻쇋듻뿮헟횴탐튻룶뒿듢뗄햮컱뫏춬뗄돉놾(튲뻍쫇ퟮ폅톡퓱뗄얬솦돌뛈ꆣ뛔폚볒춥뛸퇔,헢솽룶뫏춬쮵,웈쪹쯻ퟔ벺톡퓱쿮쒿뗄돉놾)늻믡뫜킡ꆣ죧맻헢쎻폐튻룶쓜닺짺췪좫뗚튻ퟮ폅뗄ퟩ뫏뷡맻,헢솽훖룶돉놾쫇뿉틔뫶싔뗄,듻뿮헟퓚뒿듢뗄햮컱뫏춬쿂쟩뿶뚼뇭쏷닉폃솽훖죚랽쪽쿠뷡뫏뗄뫏춬캪폅ꆣힴ뿶ퟜ쫇뇈뷏뫃뗄,틲캪쯻ퟜ쫇룼뷓뷼뗚튻ퟮ폅뗄쿠뛔폚뗚튻ퟮ폅뗄뷡맻,헢훖믬뫏뫏춬떼훂쇋튻룶뷢뻶랽램,늢쟒ퟜ쫇쓜쳡좡쯹폐뗄쪣폠ꆣ뷡맻,막럧쿕룼듳뗄쿮쒿톡퓱틔벰룼뗍돌뛈뗄얬솦춶죫ꆣ릫욱쫐뎡뻍늻믡돶쿖ꆣ틲듋,뇘탫싺ퟣ틔짏뗄풼쫸쳵쮾뗄닎폫풼쫸폫E(u)t>qª0늻쿠맘,틲뛸릫쮾볾ꆣ뻝듋,뿉틔뗃돶뻹뫢뗄뷰죚뫏춬쫇:죧맻kt122
ꇄꇄ<c돵쪼놾듦솿k0횮볤뗄맘쾵ꆣk,쿠펦뗄뫏춬탎쪽쫇(dt+1,st+1);뛸죧맻ktꇝck,쿠펦뗄뫏춬탎쪽쫇ꆫꆫ떱ꆫꇄck>k>k>k0쪱,뺭볃붫뾪쪼퇘ퟅ뗍퓶뎤(dt+1,st+1)ꆣ튲뻍쫇쮵,퓚쿠뛔뷏뗍뗄랢햹뷗뛎횻뿉쓜듦퓚튻룶햮컱슷뺶D살랢햹ꇄ5,Fk1-ꛂt,햮컱돉캪캨튻뗄죚쒣쫐뎡,뛸퓚쿠뛔뷏룟뗄랢햹뷗뛎닅믡춬쪱돶쿖햮컱쪽;튻떩떽듯ck뫳,뺭볃붫쳸풾훁룟퓶뎤슷뺶E,뫍막좨쫐뎡ꆣ뫳튻훖쟩뿶쫇럱쪵쿖좡뻶폚뺭볃쫇럱ꆫ5Fk1-ꛂtꆣ헢쪱막욱쫐뎡펦퓋뛸짺ꆣ듋뫳,뺭볃볌탸듯떽튻룶맘볼뗄랢햹뷗뛎ckꆣ짏쫶쒣탍뇭쏷,놾믽샛뗄맽돌늻뷶뻶뚨쇋퇘ퟅ헢튻맬뗀랢햹늢쫕솲폚룟쮮욽컈뚨ힴ첬뻹뫢,ꆫ뛸쟒튲좡뻶폚뻹뫢뫏춬뗄뷡맻ꆣ헢쫇틲캪퓚솽훖늻kꆣ헢튻쾵쇐뗄쫂볾쏨쫶쇋쯦ퟅ막욱쫐뎡뗄쓚짺돶춬뗄뫏춬훆뛈쿂,뛔놾짺닺뗄춶죫톡퓱ꆪꆪꆪ쿮쒿쿖,뺭볃쳥듓뗍랢햹랶쪽쿲룟랢햹랶쪽뇤뗄맽뗄샠탍ꆢ얬솦뗄돌뛈틔벰뿉뷨놾뗄맦쒣ꆪꆪꆪ쫇늻돌ꆣ좻뛸,헢퇹튻룶뷡맻늻쫇뇘좻뗄ꆣ퓚ꆫk>ck>춬뗄ꆣ떱뒿듢뗄햮컱뫏춬돶쿖쪱,풤웚뗄쎿룶릫쮾ꇄꇄk>k0쪱,뺭볃힢뚨믡뻹뫢폚뗍쮮욽컈뚨ힴ첬ꇄkꆣ짺닺뗄놾솿캪ꇄꇄEꛁꇄꛂ(kt+1)=-ꛑxexltht;쿠랴,헢퇹뻍폀풶쯸뚨퓚뗍퓶뎤슷뺶짏,늢쟒횻폐튻룶햮떱믬뫏뗄햮컱/막좨뫏춬쫊떱쪱,풤웚뗄쎿룶릫쮾컱쫐뎡퓚믮뚯ꆣ횻폐퓚k0>ck뗄쳵볾쿂,막욱쫐ꆫ뗄놾짺닺솿캪ꆫꆫEꛁꆫꛂ뎡닅믡돶쿖,룟컈뚨ힴ첬뻹뫢닅믡듯떽ꆣ(kt+1)=-ꛑxexlthtꆣ뛔쎿훖뫏춬훆뛈,춨맽쪹폃x,l뫍h뗄뇭듯쪽,늢쟒볙컥ꆢퟜ뷡폫웴쪾뚨쿮쒿뗄쫽솿뫜듳,뷨훺듳쫽뚨싉쓜릻뗃떽튻룶뺭볃쳥뇤놾믽샛뗄슷뺶캪뗚튻,짏쫶쒣탍뗄뫋탄퓚폚듻뿮헟뫍뷨뿮헟횮:1볤듦퓚ퟅ탅쾢늻뛔돆,틲듋,듻뿮헟뇘탫춨맽짨볆[(1-ꛈ)ꚨꛂ](ꛈꚨꛁ)ꛂꛂꛇꛈ(ꛂ+ꛁ)1-ꛂꛁkt+1=ꛂk1-qªꛂꛂtꇔꇄꛁFk1-ꛂt,뫏쫊뗄뷰죚뫏춬살뷢뻶횴탐컊쳢ꆣ훘튪뗄쫇,뫏춬pe죧맻k뗄욫뫃톡퓱좡뻶폚뺭볃쳥뗄랢햹ힴ뿶,쯹틔햮컱죚t<ck;틔벰:랢짺퓚랢햹뗄뷏뗍쮮욽뷗뛎,뛸햮컱뫍막좨믬뫏ꛂ12ꛂ1+ꛂ[(1-ꛈ)ꚨ](ꛈꚨꛁ)ꛂ(1+ꛂ)1-ꛂꛁ죚랢짺퓚랢햹뗄뷏룟쮮욽뷗뛎ꆣ떱듻뿮헟퓚뷸탐kt+1=ꛂtꇔqªꛂꛑ1+ꛂk1-ꛂe쫇럱튪뮨럑풴살잿뮯뛔뷨뿮헟뿘훆뗄뻶닟쪱,탅ꆫꛁFk1-ꛂt,죧맻ꆡkt>ckꆡ(19)쾢뷡릹틔벰뺭볃믮뚯쮮욽뚼퓚랢짺쓚짺뗄뇤뮯,뗀캪쇋쟸뇰헢솽훖늻춬뗄뇤슷뺶,헢샯맦뚨폫뗂럧쿕컊쳢틔벰뛔뗀뗂럧쿕컊쳢뗄뷢뻶랽램튲퓚랢뒿듢햮컱죚쿠맘뗄슷뺶캪슷뺶D,폫믬뫏햮컱뫍짺쓚짺뗄뇤뮯ꆣ막좨죚쿠맘뗄슷뺶캪슷뺶Eꆣ떱볙뚨:뗚뛾,퓚뗍랢햹쮮욽뷗뛎,뷢뻶떥튻뗀뗂럧쿕ꛂꛂ+ꛂ(1+ꛂ1)ꛂ>ꛇꛈ(ꛂ+ꛁ)컊쳢뗄ퟮ폅뷰죚뫏춬쫇튻럝뒿듢뗄햮컱뫏춬ꆣ퓚룟e랢햹쮮욽뷗뛎,뷢뻶쮫훘뗀뗂럧쿕컊쳢뗄ퟮ폅뫏춬횱뷓뇈뷏솽쳵뇤슷뺶뿉횪ꆫꇄF>F,헢틢캶ퟅ슷뺶쫇튻럝햮컱뫍막좨믬뫏뫏춬ꆣ틲듋,듓뗍랢햹랶쪽Eퟜ쫇퓚슷뺶D횮짏ꆣ헢퇹죋쏇뿉틔좷뚨,막욱쫐떽룟랢햹랶쪽뗄뇤쫇틔막욱쫐뎡뗄쓚짺돶쿖캪쳘뎡뗄듦퓚폐틦폚쪵쳥뺭볃뗄랢햹ꆣ돽듋횮췢,뗈쪽헷ꆣ웤헾닟틢틥쫇,떱틔떥튻뗄햮컱쫐뎡캪쳘헷뗄(19)뇭쏷,틲캪ꛁ+ꛂ<1,틲듋,ퟜ쫇듦퓚ퟅ폫뷰죚쳥쾵쿲틔햮컱쫐뎡뫍막욱쫐뎡쿠뷡뫏캪쳘헷뗄룷쳵뇤슷뺶쿠펦뗄놾듦솿뗄컈뚨ힴ첬쮮욽ꆣ뛔뷰죚쳥쾵뇤쪱,붫췆뷸뺭볃쳥뷸죫튻룶룼룟뗄퓶슷뺶D뫍슷뺶E살쮵,쎿룶릫쮾놾듦솿뗄컈뚨뎤슷뺶ꆣힴ첬쮮욽럖뇰평ꇄ1-ꛂF1-ꛂ-ꛁꇔꇄk틔벰ꆫ1-ꛂF1-ꛂ-ꛁꇔꆫk룸뚨ꆣ뗚죽,쒣탍뗄뷡싛뇭쏷,듓뗍랢햹랶쪽떽룟랢떱ꆫꇄꇄ햹랶쪽뗄뇤늻쫇뇘좻뗄,평폚뺭볃쳥뗄ퟮ돵ힴ뿶F>F,컒쏇뗃떽ꆫk>kꆣ뻝듋,죋쏇뿉틔쟸뇰솽훖늻춬뗄뺭볃랢햹랶쪽뗄늻춬,뿉쓜믡닺짺뛠훖컈뚨뻹뫢ힴ첬ꆣ헢틢캶ퟅ:뗚튻훖쫇뗍쮮욽뗄랢햹랶쪽,틔쿠뛔뗍뗄뺭볃믮뚯틔벰퓚뷰죚쳥쾵훐횻듦퓚튻룶뺭볃쳥훐뿉쓜듦퓚늻랢듯뗄쿝?,쪵쳥늿쏅퓚햮컱쫐뎡캪쳘헷;뗚뛾훖쫇룟쮮욽뗄랢햹랶쪽뫍뷰죚늿쏅쿔쪾돶뫜짙뗄릲춬랢햹벣쿳ꆣ웤헾닟몬,틔쿠뛔룟뗄뺭볃믮뚯틔벰퓚뷰죚쳥쾵훐춬쪱듦퓚햮틢쫇:튻룶붫놾듦솿쮮욽쳡룟떽맘볼쮮욽횮짏뗄컱뫍막좨쫐뎡캪쳘헷ꆣ쿔좻,튻룶뺭볃쳥뗄놾믽췢짺돥믷뛔튻룶뺭볃쳥뗄캴살랢햹붫닺짺짮풶뗄펰쿬,헽죧튻맺뗄뷰죚쳥쾵틲캪막욱쫐뎡뗄톸쯙붨솢샛뫍뎤웚닺돶뗄뻹뫢슷뺶붫좡뻶폚ꆫꇄck,k,k틔벰뫍랢햹뛸랢짺탍ꆣ123
뗚쯄,ퟔ듓1991쓪솽룶막욱쫐뎡붨솢틔살,쇬훐맺뺭볃뷸죫떽쇋튻룶탂뗄랢햹뷗뛎ꆣ훐맺뗄뷰죚쳥쾵뾪쪼돶쿖듓틸탐훷떼뗄뷰죚쳥쾵쿲룼캪훘튪뗄쫇,짏컄뗄쫽샭럖컶뇭쏷,늻뷶튻쫐뎡떼쿲뗄뷰죚쳥쾵랽쿲랢햹뗄쟷쫆ꆣ쯤좻헾뢮붨룶뺭볃쳥훐뗄놾믽샛쮮욽뿉쓜뻶뚨쇋ퟮ폅뫏춬뗄솢뫍랢햹막욱쫐뎡뗄돵훔쫇캪쇋럖떣맺폐틸탐돐떣탎쪽,뛸쟒튻룶뺭볃쳥뛔ퟮ폅뫏춬뗄톡퓱튲뿉쓜뛔뗄횧돖뺭볃맬뗄훘떣,쏖늹탅듻뷰뗄늻ퟣ,늢뺭볃랢햹뗄슷뺶탎돉랢믓튻룶뻶뚨탔뗄ퟷ폃ꆣ평듋쟒퓚맺볒뗄탐헾룉풤쿂,막욱쫐뎡뗄맦쒣뫍쫐뎡릦뿉틔췆뛏,쯦ퟅ틔막좨럖훃룄룯캪뫋탄뗄튻쾵쇐쓜뗄랢믓뚼쫜떽쇋튻뚨돌뛈뗄훆풼,떫퓚맽좥쪮벸놾쫐뎡뗄쫐뎡뮯룄룯뫍훆뛈탔붨짨듫쪩뗄쪵쪩,훐쓪훐,훐맺막욱쫐뎡뗄랢햹듙뷸쇋짧믡뺭볃훐뗄탭맺놾쫐뎡붫뷸죫떽튻룶햸탂뗄랢햹뷗뛎,쏦쇙ퟅ뛠뇤룯,췆뚯쇋쿖듺웳튵맜샭훆뛈,냼삨뛀솢뚭쫂맣삫뗄랢햹잰뺰,훐맺놾쫐뎡퓚훐맺뺭볃훐뗄훘훆뛈ꆢ램죋훎샭뷡릹ꆢ믡볆ힼ퓲뇪ힼ뮯뗈뗈뗄좷튪뗘캻붫룼볓춹쿔ꆣ틲듋,헾뢮늿쏅죴쓜볌탸볓듳솢ꆣ뺡맜맺쓚늿럖톧헟,샽죧첸죥폂[9]ꆢ쪯붨횧돖놾쫐뎡랢햹뗄헾닟솦뛈,췆돶룷쿮폐샻폚막쏱[10]ꆢ좽쎯쪢뫍헅컀맺[11],죏캪훐맺막욱쫐뎡뛔욱쫐뎡뫍햮좯쫐뎡컈뚨랢햹뗄헾닟듫쪩,붫뛔듙뷸뺭볃퓶뎤뗄ퟷ폃뮹뫜캢죵,떫막욱쫐뎡뗄랢햹뛔훐훐맺뺭볃퓚룼룟퓶뎤슷뺶짏뗄뿉돖탸랢햹뻟폐훘듳맺뺭볃퓶뎤뗄쿠뛔릱쿗쏷쿔듳폚틸탐늿쏅랢햹뛔뺭뗄햽싔틢틥ꆣ볃퓶뎤뗄쿠뛔릱쿗,웤펰쿬솦벸뫵쫇틸탐늿쏅뗄(퓰죎뇠벭ꆡ쪩폐컄)715놶ꆣ[12]쿔좻,훐맺막욱쫐뎡뗄돵늽랢햹틑뺭틽닎뾼컄쿗:[1]Levine,,CapitalControlLiberalizationandStock\[7\]Bose,,AsymmetricInformationandLoanCo2nMarketDevelopment,Mimeo,WorldBankPolicyResearchDepartment,tractsinaNeo-classicalGrowthModel,JournalofMoney,,1997,(29):423-439.\[2\]Levine,,StockMarketDevelopmentandLong-\[8\]KeithBlackburn,NiloyBoseandSalvatoreCapasso,FinancialD2erunGrowth,WorldBankEconomicReview,1996,(10):,FinancingChoiceandEconomicGrowth,CSEFWorkingpapers\[3\]Atje,,StockMarketsandDevelopment,96,,1993,(37):632-640.\[9\]첸죥폂.훐맺뷰죚랢햹폫뺭볃퓶뎤맘쾵뗄쪵횤퇐뺿\[J\].\[4\]Demirꢹgc-Kunt,,StockMarketDevelopment뺭볃퇐뺿,1999,(10)::StylisedFacts,WorldBankEconomicReview,\[10\]쪯붨쏱.막욱쫐뎡ꆢ믵뇒탨쟳폫ퟜ솿뺭볃:튻냣뻹뫢럖컶1996,(10):291-321.\[J\].뺭볃퇐뺿,2001,(5):45-51.\[5\]Demirꢹgc-Kunt,,StockMarkets,Corporate\[11\]좽쎯쪢ꆢ헅컀맺.훐맺막욱쫐뎡폫뺭볃퓶뎤맘쾵뗄쪵횤FinanceandEconomicGrowth:,럖컶\[J\].훘쟬듳톧톧놨(ퟔ좻뿆톧냦),2002,(11):,(10):223-239.\[12\]랶톧뾡ꆢ싞늮쳘ꆤ싗탁뿋ꆢ뷜ꆤ퇅뿋늮.벦뮹쫇떰:훐맺뷰\[6\]Bose,,EquilibriumLoanContractsandE2n죚랢햹폫뺭볃퓶뎤횮맘쾵(1992-2004)\[J\].뮪뚫쪦랶듳톧톧놨dogenousGrowthinthePresenceofAsymmetricInformation,JournalofMone2(헜톧짧믡뿆톧냦),2006,(2):,1996,(38)::AnAnalysisBasedonAsymmetricInformationFANXue-jun(SchoolofBusiness,EastChinaNormalUniversity,Shanghai200062,China)Abstract:,,inturn,:asymmetricinformation,financialcontract,economicgrowth,stockmarketdevelopment124
