资金流量分析方法.pdf

FINANCE AND DEVELOPMENT
RESEARCH PROGRAMME
WORKING PAPER SERIES
Paper No 5
FLOW OF FUNDS:
IMPLICATIONS FOR RESEARCH ON
FINANCIAL SECTOR DEVELOPMENT
AND THE REAL ECONOMY
Christopher Green
Loughborough University
and
Victor Murinde
Birmingham University
April 1999
ISBN: 1 902518233
Series Editors: Colin Kirkpatrick
Further details: Maggie Curran, Marketing and Publicity Administrator
Published by: Institute for Development Policy and Management, University of Manchester,
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FLOW OF FUNDS:
IMPLICATIONS FOR RESEARCH ON
♣
FINANCIAL SECTOR DEVELOPMENT AND THE REAL ECONOMY ♣
By
Christopher J. Green, Department of Economics, Loughborough University
Victor Murinde, Birmingham Business School, The University of Birmingham
Correspondence to:
Victor Murinde, Birmingham Business School, The University of
Birmingham, Edgbaston, Birmingham B15 2TT, United Kingdom.
Tel: 0121-414-6704, Fax: 0121-414-6238,
E-mail:V.******@
April 1999

♣
ments were received from participants at the mittee meeting for the
DFID-funded Finance and Development Research Programme held on April 15, 1999 at The
University of Birmingham, where a preliminary version of this paper was presented. The
interpretations and conclusions expressed in this paper are entirely those of the authors and should
not be attributed in any manner to DFID.
1
Abstract
This paper provides a selective survey of the leading theoretical and empirical issues
surrounding the flow of funds: its meaning and origin, problems of construction, and
more particularly the key issues involved in financial modelling. It is argued that there is
an intimate connection between the flow of funds, interest rate and asset price
determination, and hence es and expenditures in an economy. The paper also
explores the rea