Abstract This paper studies the effects of financial deepening and fiscal policy on human capital formation, working hours and growth in a model with financial frictions and productivity heterogeneity. The paper first shows that in the range of capital tax rates that attains a balanced growth path, taxation exerts inverted U-shaped effects on growth. The paper then analytically derives and shows that the growth maximizing tax rate and the corresponding growth are increasing concave functions of the financial deepening level. Finally, it is shown that theoretical predictions of the model are in line with data from OECD countries.

中文翻译：

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具有生产率异质性的两部门内生增长模型中的金融深化

摘要本文在具有财务摩擦和生产率异质性的模型中研究了金融深化和财政政策对人力资本形成，工作时间和增长的影响。本文首先表明，在达到均衡增长路径的资本税率范围内，税收对增长产生了倒U型效应。然后，论文分析得出并表明，最大化税率的增长和相应的增长是金融深化水平的凹进函数。最后，表明该模型的理论预测与经合组织国家的数据一致。