金融體系大致上以銀行導向(金融中介)與市場導向(金融市場)為主，民眾可利用不同的金融體系進行長期投資，進一步促使資本累積亦可促進經濟成長。本文首先建構一個無窮交替的兩期跨代模型，說明生產中間財貨的年輕人口，在政府向中間財課稅後，將實際獲得的稅後工資所得利用銀行或股票市場進行長期投資時，比較在不同的金融體制下，經濟成長率與社會福利的差異。目前文獻上指出銀行導向與市場導向對經濟成長的貢獻沒有一定的優劣，皆是在沒有考慮經濟個體的風險趨避程度下加以探討，而本文主要發現在加入政府角色並多考慮經濟個體的風險趨避程度後，在不同的政府支出下，利用銀行或股票市場進行長期投資所促進的經濟成長率將可辨別優劣。而社會福利分析部分主要發現不同導向的金融體制對於所促成的社會福利並無法區分大小。

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