金融发展中区域经济增长差异的融资因素研究
|
摘要
资本、劳动、技术是经济增长的三要素,经济增长与金融发展关系研究的主要结论就是金融发展提高了资本的配置效率,促进了经济的长期增长,发展中国家金融抑制是经济发展的重要障碍,放松管制是提高经济长期增长率的重要措施。发展中国家的金融发展历程也正是一个金融管制放松的历程。在江苏区域经济范围内,选取宜兴、高淳、建湖作为案例,实证研究发现,区域金融深化与经济增长之间经济增长出现了不同相关关系。宜兴的金融深化率与经济增长率之间呈现正相关关系,而在高淳与建湖,两者呈负相关关系。
是什么原因造成了在江苏三个县域经济样本金融深化与区域经济增长率之间的不同相关关系?进一步的研究发现,区域储蓄向信贷的转化规模与效率,储蓄资金的流入和流出是产生两者不同相关关系的主要原因。宜兴本地的储蓄资金通过金融机构基本流向了本地金融市场,储蓄通过金融机构信贷有效的转换为了本地的资本投入。而高淳、建湖两个案例地区经济发展所产生的储蓄通过金融机构流入了经济较为发达的其它地区,本地的储蓄资金变成了外地的信贷资金,影响了本地的经济增长。
对于经济较为发达的区域而言,区域金融市场开放能够引入外部的金融资源,促进本地经济发展,但对于经济相对欠发达的区域而言,区域金融市场开放导致了本地储蓄资金外流,影响了区域经济增长。资金向经济发达地区的流动是市场经济发展、金融市场开放的伴生现象,资金作为一种可流动的生产要素,在金融市场开放条件下,必然会向风险较小,收益较高的地区流动,形成类似产业经济发展的聚集效应和区域金融发展的二元结构。资金的聚集对于经济相对不发达的区域而言,造成了信贷资金稀缺,民间借贷利率高企,企业的财务成本提高,在一定程度上影响了区域经济增长。
什么原因导致了金融资源的流动和区域金融发展的二元结构,通过三个案例地区农户、中小企业的调研发现,初始条件的差异是引起资金流动和造成区域二元金融结构的主要原因。宜兴经济发达,农户、中小企业的可抵押资产、可担保关系较多,容易从金融机构获得信贷,所受到的融资约束程度较低。而高淳、建湖经济相对欠发达,农户和中小企业可抵押资产、可担保关系欠缺,从金融机构获得信贷比较困难,受到的融资约束程度较高,影响了区域经济发展。
从资金供给主体-金融机构角度分析,风险和收益平衡是金融机构进行信贷必须考虑的。在风险和收益平衡的条件下,金融机构在更大的范围内配置金融资源,经济发达地区,企业存在规模优势、经营优势,金融机构信贷资金的投放能够在风险一定的情况下,获得较多的稳定收益。而经济相对欠发达地区由于,企业经济效益、资产规模不存在优势,金融机构的信贷投放,在收益一定的基础上,面临更多风险,因此金融机构将所吸收的储蓄更多的投向经济发达地区。
市场结构、政府金融政策也是影响区域金融发展的重要原因,通过实际的调研发现,经济发达的区域,由于经济总量规模优势,能够吸引外部金融机构的进入,由于金融机构之间的信贷竞争,产生了信贷资金的溢出效应,溢出效应不但使得规模以上企业的融资需求得到满足,中小企业的融资也获得了一定程度的满足。经济相对欠发达区域,经济规模总量不能吸引外部的信贷资金流入,但是,通过开放区域金融市场,政府鼓励民间资本进入,促进民营正规金融机构的发展也能增加区域储蓄向信贷的转化规模和效率,缓解区域金融需求主体的融资约束,促进区域经济增长。浙江台州政府鼓励发展民营正规金融,增加区域资金供给,促进区域经济增长就是一个很好的案例。
对民间资本开放金融市场能够提升本地金融深化的效率和增加区域经济发展中的信贷投放,但民营金融机构的发展需要一个漫长的时期。在这个时期内促进民间金融机构与正规金融机构的联结则能够在很大程度上缓解区域经济发展中的信贷投放约束。民间金融与正规金融机构的联结一方面可以利用正规金融机构的信贷规模、管理优势,又能够利用民间金融的信息优势,两方面的结合形成一种信贷业务中的批发-零售模式,能够在风险规避的条件下增加金融机构的利润,促进区域市场信贷资金投放。在实际的调研中发现,由于利率管制,官方管制利率与民间利率之间存在较大差距,两种利率较大差距的存在为民间金融机构与正规金融机构之间的联结提供了利润驱动的可能性。
市场经济发展和金融市场开放,导致了区域金融发展的二元结构,资金向经济发达地区聚集,影响了区域相对欠发达地区的经济发展。但是,因为资金的外流,对金融市场进行管制,显然是损害了区域经济增长的长期效率,因此,对经济相对欠发达地区而言,应该更多的增加政策性金融资源的供给,以缓解金融需求主体的融资约束,在科学监管的基础上,对民间资本开放金融市场,能够增长区域资金供给,形成区域经济发展所必须的资本支持,促进区域经济的长期发展。
Capital, labor, technology is the three elements of economic growth, economic growth and the relationship between financial development on the main conclusion is that financial development improves capital allocation efficiency, and promote the long-term economic growth, financial repression in developing countries is an important cause of economic development obstacles, in this based on the proposed deregulation, financial deepening is to improve the long-term economic growth an important measure. Course of financial development in developing countries is also a history of financial deregulation. Within the regional economy in Jiangsu Province, select Yixing, Gaochun, Jianhu as a case study finds that the regional financial deepening and economic growth, economic growth between the different relationship. Yixing financial deepening and economic growth rate showed a positive correlation between, and in Gaochun and Kin Lake, a negative correlation between the two.
What has caused the county economy in the three samples of Jiangsu and regional economic growth rate of financial deepening of the differences between the relationship? Further research found that the conversion of regional savings to the scale and efficiency of credit, savings inflows and outflows of funds is to generate the different relationship between the two main reasons. Yixing local savings through financial institutions, the basic flow of the local financial market, savings through financial institutions, credit effective conversion of capital for local investment. The Gaochun, Jianhu two cases arising from economic development savings into the economy through financial institutions in other more developed regions, local savings into the field of credit funds, affecting the local economic growth.
For the more developed regions, the regional financial market opening to the introduction of external financial resources to promote local economic development, but for the economy is relatively less developed regions, the regional financial market liberalization led to the outflow of local savings and affect the region economic growth. Funds flow to the economically developed areas is the development of market economy, associated with the phenomenon of financial market opening, capital can flow as a factor of production, under open conditions in the financial markets is bound to less risk, higher yielding areas of flow the formation of similar industries together for economic development and regional effects of the dual structure of financial development. Accumulation of funds for the economy is relatively developed regions, the resulting scarcity of credit funds, private loans high interest rates, the financial costs, to a certain extent, affected the regional economic growth.
What causes the flow of financial resources and the dual structure of the regional financial development, through three case area farmers, SMEs, research found that differences in initial conditions is caused by capital flows and the resulting financial structure of the main reasons for the regional binary. Yixing economic development, farmers, small and medium enterprises can be secured assets, relationships can be secured more easily obtain credit from financial institutions, are less subject to financing constraints. The Gaochun, Jianhu relatively less developed economy, farmers and SMEs to mortgage assets, could be the lack of security relations, access to credit from financial institutions more difficult by the high degree of financing constraints, affecting regional economic development.
Capital supply from the perspective of the main financial institutions, risk and return balance to the credit of financial institutions must be considered. Balance risk and return in condition, financial institutions in the context of a larger allocation of financial resources, economic developed areas, enterprises have advantages of scale, operational advantages, financial institutions can invest the funds of credit risk in certain circumstances, receive more the stability of the income. The economy is relatively less developed areas due to economic efficiency of enterprises, there is no advantage of asset size, financial institutions and credit in the income on the basis of some facing more risks, so absorbed by financial institutions will invest the savings of more economically developed area.
Market structure, impact of government financial policy is also an important cause of regional financial development, through practical research found that the economically developed regions, due to the total economy of scale advantages, to attract external financial institutions to enter, due to the credit of financial institutions to compete credit funds generated spillover effects, spillover effects not only makes the financing needs of large enterprises are met, the financing of SMEs have access to a certain degree of satisfaction. Economy is relatively less developed regions, the total economic scale can not attract external credit inflows, however, by opening up regional financial markets, the Government encourages private capital to enter, and promote private development of formal financial institutions can increase the conversion of regional savings to the size and credit efficiency, ease the financial needs of the main regional financing constraints, and promote regional economic growth. Zhejiang Taizhou Government to encourage the development of private formal finance, increase regional capital supply, and promote regional economic growth is a good case.
Opening of financial markets, private capital can improve the efficiency of domestic financial deepening and increasing regional economic development in the credit, but the development of private financial institutions need a long period of time. During this period to promote private sector financial institutions linked with the formal financial institutions are able to ease the regional economic development is largely in the credit constraint. Private Finance and join the one hand, formal financial institutions can make use of formal financial institutions, credit scale, management strengths, but also to take advantage of private financial information superiority, the two aspects combine to form a credit business in the wholesale-retail model, the risk can conditions to avoid increasing the profits of financial institutions, and promote regional market credit funds. In the actual study found that the interest rate control, the official control of interest rates and a wide gap between the private interest, the existence of a wide gap between the two interest rates for private financial institutions and the formal link among financial institutions may provide a profit-driven
Market economy and the financial market opening, leading to the dual structure of the regional financial development and capital accumulation to the economically developed regions, the relative impact of regional economic development in underdeveloped areas. However, because the outflow of funds, regulation of financial markets is clearly undermined the long-term efficiency of regional economic growth, therefore, relatively less developed areas of the economy, the policy should be more financial resources to increase supply to alleviate the financial the financing needs of the main constraints on the basis of the scientific supervision of private capital to open financial markets, to increase the regional capital supply, the formation of regional economic development, capital support necessary to promote the long-term regional economic development.
是什么原因造成了在江苏三个县域经济样本金融深化与区域经济增长率之间的不同相关关系?进一步的研究发现,区域储蓄向信贷的转化规模与效率,储蓄资金的流入和流出是产生两者不同相关关系的主要原因。宜兴本地的储蓄资金通过金融机构基本流向了本地金融市场,储蓄通过金融机构信贷有效的转换为了本地的资本投入。而高淳、建湖两个案例地区经济发展所产生的储蓄通过金融机构流入了经济较为发达的其它地区,本地的储蓄资金变成了外地的信贷资金,影响了本地的经济增长。
对于经济较为发达的区域而言,区域金融市场开放能够引入外部的金融资源,促进本地经济发展,但对于经济相对欠发达的区域而言,区域金融市场开放导致了本地储蓄资金外流,影响了区域经济增长。资金向经济发达地区的流动是市场经济发展、金融市场开放的伴生现象,资金作为一种可流动的生产要素,在金融市场开放条件下,必然会向风险较小,收益较高的地区流动,形成类似产业经济发展的聚集效应和区域金融发展的二元结构。资金的聚集对于经济相对不发达的区域而言,造成了信贷资金稀缺,民间借贷利率高企,企业的财务成本提高,在一定程度上影响了区域经济增长。
什么原因导致了金融资源的流动和区域金融发展的二元结构,通过三个案例地区农户、中小企业的调研发现,初始条件的差异是引起资金流动和造成区域二元金融结构的主要原因。宜兴经济发达,农户、中小企业的可抵押资产、可担保关系较多,容易从金融机构获得信贷,所受到的融资约束程度较低。而高淳、建湖经济相对欠发达,农户和中小企业可抵押资产、可担保关系欠缺,从金融机构获得信贷比较困难,受到的融资约束程度较高,影响了区域经济发展。
从资金供给主体-金融机构角度分析,风险和收益平衡是金融机构进行信贷必须考虑的。在风险和收益平衡的条件下,金融机构在更大的范围内配置金融资源,经济发达地区,企业存在规模优势、经营优势,金融机构信贷资金的投放能够在风险一定的情况下,获得较多的稳定收益。而经济相对欠发达地区由于,企业经济效益、资产规模不存在优势,金融机构的信贷投放,在收益一定的基础上,面临更多风险,因此金融机构将所吸收的储蓄更多的投向经济发达地区。
市场结构、政府金融政策也是影响区域金融发展的重要原因,通过实际的调研发现,经济发达的区域,由于经济总量规模优势,能够吸引外部金融机构的进入,由于金融机构之间的信贷竞争,产生了信贷资金的溢出效应,溢出效应不但使得规模以上企业的融资需求得到满足,中小企业的融资也获得了一定程度的满足。经济相对欠发达区域,经济规模总量不能吸引外部的信贷资金流入,但是,通过开放区域金融市场,政府鼓励民间资本进入,促进民营正规金融机构的发展也能增加区域储蓄向信贷的转化规模和效率,缓解区域金融需求主体的融资约束,促进区域经济增长。浙江台州政府鼓励发展民营正规金融,增加区域资金供给,促进区域经济增长就是一个很好的案例。
对民间资本开放金融市场能够提升本地金融深化的效率和增加区域经济发展中的信贷投放,但民营金融机构的发展需要一个漫长的时期。在这个时期内促进民间金融机构与正规金融机构的联结则能够在很大程度上缓解区域经济发展中的信贷投放约束。民间金融与正规金融机构的联结一方面可以利用正规金融机构的信贷规模、管理优势,又能够利用民间金融的信息优势,两方面的结合形成一种信贷业务中的批发-零售模式,能够在风险规避的条件下增加金融机构的利润,促进区域市场信贷资金投放。在实际的调研中发现,由于利率管制,官方管制利率与民间利率之间存在较大差距,两种利率较大差距的存在为民间金融机构与正规金融机构之间的联结提供了利润驱动的可能性。
市场经济发展和金融市场开放,导致了区域金融发展的二元结构,资金向经济发达地区聚集,影响了区域相对欠发达地区的经济发展。但是,因为资金的外流,对金融市场进行管制,显然是损害了区域经济增长的长期效率,因此,对经济相对欠发达地区而言,应该更多的增加政策性金融资源的供给,以缓解金融需求主体的融资约束,在科学监管的基础上,对民间资本开放金融市场,能够增长区域资金供给,形成区域经济发展所必须的资本支持,促进区域经济的长期发展。
Capital, labor, technology is the three elements of economic growth, economic growth and the relationship between financial development on the main conclusion is that financial development improves capital allocation efficiency, and promote the long-term economic growth, financial repression in developing countries is an important cause of economic development obstacles, in this based on the proposed deregulation, financial deepening is to improve the long-term economic growth an important measure. Course of financial development in developing countries is also a history of financial deregulation. Within the regional economy in Jiangsu Province, select Yixing, Gaochun, Jianhu as a case study finds that the regional financial deepening and economic growth, economic growth between the different relationship. Yixing financial deepening and economic growth rate showed a positive correlation between, and in Gaochun and Kin Lake, a negative correlation between the two.
What has caused the county economy in the three samples of Jiangsu and regional economic growth rate of financial deepening of the differences between the relationship? Further research found that the conversion of regional savings to the scale and efficiency of credit, savings inflows and outflows of funds is to generate the different relationship between the two main reasons. Yixing local savings through financial institutions, the basic flow of the local financial market, savings through financial institutions, credit effective conversion of capital for local investment. The Gaochun, Jianhu two cases arising from economic development savings into the economy through financial institutions in other more developed regions, local savings into the field of credit funds, affecting the local economic growth.
For the more developed regions, the regional financial market opening to the introduction of external financial resources to promote local economic development, but for the economy is relatively less developed regions, the regional financial market liberalization led to the outflow of local savings and affect the region economic growth. Funds flow to the economically developed areas is the development of market economy, associated with the phenomenon of financial market opening, capital can flow as a factor of production, under open conditions in the financial markets is bound to less risk, higher yielding areas of flow the formation of similar industries together for economic development and regional effects of the dual structure of financial development. Accumulation of funds for the economy is relatively developed regions, the resulting scarcity of credit funds, private loans high interest rates, the financial costs, to a certain extent, affected the regional economic growth.
What causes the flow of financial resources and the dual structure of the regional financial development, through three case area farmers, SMEs, research found that differences in initial conditions is caused by capital flows and the resulting financial structure of the main reasons for the regional binary. Yixing economic development, farmers, small and medium enterprises can be secured assets, relationships can be secured more easily obtain credit from financial institutions, are less subject to financing constraints. The Gaochun, Jianhu relatively less developed economy, farmers and SMEs to mortgage assets, could be the lack of security relations, access to credit from financial institutions more difficult by the high degree of financing constraints, affecting regional economic development.
Capital supply from the perspective of the main financial institutions, risk and return balance to the credit of financial institutions must be considered. Balance risk and return in condition, financial institutions in the context of a larger allocation of financial resources, economic developed areas, enterprises have advantages of scale, operational advantages, financial institutions can invest the funds of credit risk in certain circumstances, receive more the stability of the income. The economy is relatively less developed areas due to economic efficiency of enterprises, there is no advantage of asset size, financial institutions and credit in the income on the basis of some facing more risks, so absorbed by financial institutions will invest the savings of more economically developed area.
Market structure, impact of government financial policy is also an important cause of regional financial development, through practical research found that the economically developed regions, due to the total economy of scale advantages, to attract external financial institutions to enter, due to the credit of financial institutions to compete credit funds generated spillover effects, spillover effects not only makes the financing needs of large enterprises are met, the financing of SMEs have access to a certain degree of satisfaction. Economy is relatively less developed regions, the total economic scale can not attract external credit inflows, however, by opening up regional financial markets, the Government encourages private capital to enter, and promote private development of formal financial institutions can increase the conversion of regional savings to the size and credit efficiency, ease the financial needs of the main regional financing constraints, and promote regional economic growth. Zhejiang Taizhou Government to encourage the development of private formal finance, increase regional capital supply, and promote regional economic growth is a good case.
Opening of financial markets, private capital can improve the efficiency of domestic financial deepening and increasing regional economic development in the credit, but the development of private financial institutions need a long period of time. During this period to promote private sector financial institutions linked with the formal financial institutions are able to ease the regional economic development is largely in the credit constraint. Private Finance and join the one hand, formal financial institutions can make use of formal financial institutions, credit scale, management strengths, but also to take advantage of private financial information superiority, the two aspects combine to form a credit business in the wholesale-retail model, the risk can conditions to avoid increasing the profits of financial institutions, and promote regional market credit funds. In the actual study found that the interest rate control, the official control of interest rates and a wide gap between the private interest, the existence of a wide gap between the two interest rates for private financial institutions and the formal link among financial institutions may provide a profit-driven
Market economy and the financial market opening, leading to the dual structure of the regional financial development and capital accumulation to the economically developed regions, the relative impact of regional economic development in underdeveloped areas. However, because the outflow of funds, regulation of financial markets is clearly undermined the long-term efficiency of regional economic growth, therefore, relatively less developed areas of the economy, the policy should be more financial resources to increase supply to alleviate the financial the financing needs of the main constraints on the basis of the scientific supervision of private capital to open financial markets, to increase the regional capital supply, the formation of regional economic development, capital support necessary to promote the long-term regional economic development.
引文
1陈志武,《金融的逻辑》,国际文化出版社,p49。
2武剑,《货币政策与经济增长-中国货币政策发展研究取向》,上海三联出版社,2002,p9-12。
3武剑,《货币政策与经济增长-中国货币政策发展研究取向》,上海三联出版社,2002,p12-14。
5戈登史密斯,《金融结构与金融发展》,上海三联出版社、上海人民出版社,1990,p34
6戈登史密斯,《金融结构与金融发展》,上海三联出版社、上海人民出版社,1990,p78-79
7戈登史密斯,《金融结构与金融发展》,上海三联出版社、上海人民出版社,1990,p65
8 D.Patinkin and D.Levhari i,1966."A Re-esamination of the Pure Consumption Loans Model",Journal of Political Economy Vol.74,pp.353-387.
9 Kapur.Bassant K..,1975,"Money as A Medium of Exchange and Monetary Growth in an Underdevelopment Context",Journal of Development Economics.
10 Mckinnon, Ronald,1991,The Order of Econnomic Liberalization:Financial Control in the Transition to a Market Economy,Baltimore:Johns Hopkins University Press.
11武剑,《货币政策与经济增长-中国货币政策发展取向研究》,上海三联书店,2000,p10-15。
13 Acemoglu, Daron. Veronica Guerrieri, Capital Deepening and Non-Balanced Economic Growth. Journal of Political Economy, Vol.116, No.3. (june,2008),pp.467-498.
14这种假设可以延长经济分析的周期,可以在更长的时间维度上观察区域金融发展对经济增长的影响。
17 Greenwood, Jeremy and Boyan Jovanovic,1990, "Financial Development, Growth, and the Distribution of Income", Journal of Political Economy 98 (5),1076—1107.
18温涛、冉光和、熊德平,《中国金融发展与农民收入增长》,《经济研究》,2005年第9期。
19 Parente and Prescott,1991,"On Exports and Economic Growth", Journal of Development Economics,12,59—73.
20道格拉斯.C.诺斯,《经济史上的结构与变革》,商务印书馆,P236。
26考虑地方政府的权限划分,在民间资本的金融市场进入问题,以地级市作为样本进行比较,原因在于县级政府在民营资本进入区域金融市场并不具有较大权限,同时涉及到外省的统计数据,进行县级政府的数据收集困难,所以采用地级市为样本进行比较。
27这里所指的民营金融不同于前文所指的非正规金融,而是以民间金融为背景的正规金融机构,如地方民营性质的城市信用社、农村信用社、村镇银行、小额贷款公司,随着国家金融行业管制的放松与经济发展,民间金融结构的正规化是一个普遍的趋势。
28林毅夫、李永军,《中小金融机构发展与中小企业融资》,《经济研究》2001年第一期。
32 Laffont. J. and Tirole, J. J. (1993), A Theory of Incentives in Procument and Regulation, The MIT press.
33白让让,《边缘性进入与二元管制放松》,上海三联出版社,2006,P113-140。在Laffont、Tirole以及33白让让的分析中,在于分析特定产业的管制、进入以及博弈问题,如果把金融也看作一个产业的话,把他们的理论加以改造用来分析是合适的。
34这种管制权力的分立也会在相当大的程度上影响民间资本对区域金融市场的进入,这一点会在文章后面分析。
35从管制权力的划分上,财政对地方金融机构是没有管制权力的,但是,中国的现实,许多地方农村金融机构是地方财政参股甚至控股。
36这种假设在实际中是不存在的,但是并不影响关于管制者行为的分析结果。
37平新桥,《微观经济学十八讲》,北京大学出版社,1998,P183-187。
41严谷军、闻月春,《经济转轨中的民营金融与经济发展：基于台州的实证分析》,《金融研究》,2005年第7期。
42http://www.zjtlcb.com/sitel/list/gytl/tzzgx/images/2009/05/20/4C3F7B91E0607CF4C45F3F18625A2DCC.pdf
43这主要间接体现在为所辖区企业提供金融服务所能创造的GDP和财政税收收入。
44严谷军、闻月春,《经济转轨中的民营金融与经济发展：基于台州的实证分析》,《金融研究》,2005年第7期。
45 http://www.zjtlcb.com/sitel/list/gytl/tzzgx/images/2009/05/20/4C3F7B91E0607CF4C45F3F18625A2DCC.pdf
46科斯、哈特,《契约经济学》,经济科学出版社,P12。
47 Ross.S.(1973),The Economic Theory of Agency:the Principals Problem American Economic Review 63,p.134-149.
48李金铮,《民国时期现代农村金融的运作方式-兼与传统高利贷比较》,《江海学刊》,2002年第3期。
49南京中国第二历史档案馆：《中华民国史档案资料汇编》第五辑第二编,财政经济八,江苏古籍出版社1997年版,第64页。
50王亮丰等,《无锡县合作社调查报告》,《农行月刊》第3卷第8期,1936年8月。
52于丽红,《中国农村二元金融结构研究》,中国农业出版社(2009),P96。
[1]Pitt, M.M.and Khandker, S.R:The Impact of Group-based Credit Programs on Poor Household in Bangladesh:Doers the Gender of Participants Matter?, Journal of Political Economics, Vol 106(5), pp.958-996,1998.
[2]Johnson.Susan&Ben Rogaly:《Microfinance and Poverty Reduction》 Oxfarm and ACTIONAID,1997.
[3]Adams, D.W.& Nehman, G.1. Borrowing Costs and the Demand for Rural Credit [J],Journal of Development Studies,1979,15(2):165-176.
[4]Marguerite Berger:《Microfinance:An Emerging Market within the Emerging Markets》Inter-American Development Bank., Washington, D.C,2000.
[5]Joanna Ledgerwood:《Microfinance handbook:An institutional and Fiancial Perspective》,1998, World Bank, Washington.D.C.
[6]Marguerite S.Robinson,《The Microfinance Revolution volumel:Sustainable Finance for the poor, Lessons from Indonesia》,The World Bank, Washington, D.C. Open Society Institute New York, May 2001.
[7]Marguerite S.Robinson:《The Microfinance Revolution volume 2:Lesson from Indonesia》, The World Bank, Washington,, D.C.Open Society Institute, New York, May 2002.
[8]Shahidur R.Khandker《Fighting Poverty with Microcredit:Experience in Bangladesh》, Published for the World Bank, Oxford University Press, Oct.1998.
[9]Bradford L. Barham, Stephen Boucher and Michael R. Carter,1996, "Credit Constraints, Credit Unions, and Small-Scale Producers in Guatemala", World Development,24(5),793-806.
[10]G.S.Maddala,1983, "Limited Dependent and Qualitative Variables in Econometrics", Cambridge University Press, Cambridge.
[11]Jeremy D. Foltz,2004, "Credit Market Access and Profitability in Tunisian Agriculture", Agricultural Economics,30:229-240.
[12]Pham Bao Duong and Yoichi Izumida,2002, "Rural Development Finance in Vietnam:A Microeconometric Analysis of Household Surveys", World Development,30(2),319-335.
[13]J·G·Gurley and E·S·Shaw, "Money in a Theory of Finance, Washington", D·C: Brookings Institution,1960
[14]R·W·Goldsmith, "Financial Structure and Development", New Haven:Yale University Press,1969
[15]H·T·Patrick,"Financial Policies and Economic Growth in Underdeveloped Countries",1966
[16]Jeffrey Poyo, Robin Young:《Commercialization of Microfinance:A Framework for Latin America》, World Bank,1999.
[17]H-T-Patrick, "Financial Markets and Growth:An Overview European Economic Review", Economic Development and Cultural Change, (January) 1966
[18]R·I·Mckinnon, "The order of Economic Liberalization:Financial Control in the Transition to Market Economy",Johns Hopkins University Press,1991
[19]M·J·Fry, " Money and capital or Financial Deepening in Economic Development", Journal of Money, Credit and Banking,(November)1978
[20]M-J-Fry, "Savings, Investment, Growth and the cost of Financial Repression",World Development(April) 1981
[21]E·S·Shaw, "Financial Deepening in Economic Development", New York:Oxford University Press,1973
[22]R·I·Mckinnon, "Money and Capital in Economic Development",Washington,D.C: The Brookings Institution,1973
[23]J·E·Stiglitz & A·Weiss, "Gredit Rationing in Markets with Imperfect Information", American Economic Review, NO.3,Vol.71.1981
[24]"World Economic Outlook 2000",International Monetary Fund. Washington D.C.2000
[25]Ihsan Isik, M·Kabir Hassan, "Financial Deregulation and total factor productivity change:An empirical study of Turkish commercial banks" Journal of Banking and Finance 27(2003)1455-1485
[26]R·G·king & R·Levine, "Finance, Enterpreneurship and Growth:Theory and Evidence", Journal of Monetary Economic,19936:32
[27]Stijn Claessens, Luc Laeven," Financial Dependence, Banking Sector Competition, and Economic Growth " World,Bank Policy Research Working Paper 3481,(January 2005)
[28]Jonahan morduch, "The role of subsidies in microfinance:evidence from the Grameen Bank",Journal of Development Economics, Vol.60(1999)229-248
[29]Keeton, Wiliam R. (1979), Equilibrium Credit Rationing, New York, Garland Publishing Inc.
[30]De Meza & Webb (1992), Efficient credit rationing, European Economic Review 36(6):1277-1290.
[31]Brett E-coleman, "The impact of group lending in Northeast Thailand", Journal of Development Economics, Vol.60(1999) 105-141
[32]M Zeller (1994), Determinants of Credit Rationing:A Study of Informal Lenders and Formal Credit Groups in Madagascar, International Food Policy Research, world development Oxford.
[33]King, R.G & Levine, R. Finance, Entrepreneurship and Growth:Theory and Evidence. Journal of Monetary Economic,1993b.P32
[34]Robert Cressy (2002), "Introduction:Funding Gaps, Economic Journal, Royal Economic Society, vol.112(477), pages F1-F16.
[35]Binswanger, H. P. and Khandker, S.R.:The Impact of Formal Finance on the Rural Economy of India, Journal of Development Study, Vol.32(2),pp.234-262,1995.
[36]Patrick, H.T. Financial Policies and Economic Growth in Underdeveloped Countries. Economic Development and Cultural Change, (January) 1966
[37]Carter, M.R. Equilibrium credit rationing of small farm agriculture [J], Journal of Development Economics,1988,28(1):83-103.
[38]Gonzalez-Vega, C. Credit Rationing Behavior of Agricultural Lenders:the Iron Law of Interest Rate Restrictions [A].Adams, D.W., Grallam, D.H.&Von Pischke, J.D., Undermining rural development with cheap credit[C].Boulder and London:Westview Press,1984:78-95.
[39]Chaves, R. A. Financial Markets, Credit Constraints, and Investment in Rural Romania, World Bank Technical Paper, NO.499,2001-4.
[40]Pal, S. Household sectoral choice and effective demand and for rural credit in India,[J] Applied Economics,2002,34(14):1743-1755.
[41]Christopher Urdy, Risk and Insurance in a Rural Credit Market:An Empirical Investigation in Northern Nigeria, The Review of Economic Studies,1994 (61): 495-526.
[42]J. Morduch. Does microfinance really help the poor? New evidence from flagship programs in Bangladesh. HIID, Harvard University, Unpublished Document, 1998.S
[43]Berger, A. N., Udell, G.F.,1998, "The Economics of Small Business Finance:The Role of Private Equity and Debt Market in the Financial Growth Cycle", Journal of Banking and Finance,22,613-673.
[44]Aliou Diagne, Access to Credit and its Impact on welfare in Malawi, International Food Policy Research Institution,2001 research paper116.
[45]Manfred Zeller,1994, "Determinants of Credit Rationing:A Study of Informal Lenders and Formal Credit Group in Madagascar", World Development,22(12), 1895-1907.
[46]Steve Boucher, Catherine Guirkinger, Carolina Trivelli (2005), Direct elicitation of credit constraints:Conceptual and practical issues with an empirical application to Peruvian agriculture, working paper.
[47]Braverman, A.& Guaseh, J.L. Rural credit markets and institutions in developing Countries:lessons for Policy analysis from practice and modern theory [J]. World Development.1986,14(10-11):1253-1267.
[48]Bopaiah, C., "Availability of credit to family business", Small Business Economics, vol.11:75-86,1998.
[49]Michael Lokshin and Zurab Sajaia,2004, "Maximum Likelihood Estimation of Endogenous Switching Regression Models", The Stata Journal,4(3),282-289.
[50]Nunung Nuryarton, Manfred Zeller and Stefan Schwarze,2005, "Credit Rationing of Farm Households and Agricultural Production:Empirical Evidence in the Rural Areas of Central Sulawesi, Indonesia", working paper, Conference on International Agricultural Research for Development, Stuttgart-Hohenheim, 10/2005.
[1]科斯等,《财产权利与制度变迁》,上海三联出版社,1996。
[2]舒尔茨,《改造传统农业》,商务印书馆,1987。
[3]德姆塞茨,《所有权、控制与企业》,经济科学出版社,1999。
[4]加里·S·贝克尔,《人类行为的经济分析》,上海三联出版社,2008。
[5]林毅夫,《制度、技术与中国农业发展》,上海三联出版社,2008。
[6]洪运朋,《经济理论比较研究》,复旦大学出版社,2002。
[7]道格拉斯.诺斯、罗伯特.托马斯,《西方世界的兴起》,华夏出版社,1999。
[8]道格拉斯.C.诺斯：《制度、制度变迁与经济绩效》,上海三联出版社,1994。
[9]道格拉斯.C.诺斯：《经济史上的结构与变迁》,上海三联出版社,1994。
[10]爱德华.肖,《经济发展中的金融深化》,上海三联书店1993。
[11]布坎南,《自由、市场与国家》,北京经济学院出版社,1988。
[12]布坎南,《赤字中的民主》,北京经济学院出版社,1988。
[13]黄仁宇,《资本主义与二十一世纪》,上海三联书店,1997。
[14]麦金农,《经济市场化的次序-向市场经济过渡时期的金融控制》,上海三联书店,1997。
[15]O.哈特,《企业、合同与财务结构》,上海三联出版社,1998。
[16]唐.帕廷金,《货币、利息与价格》,中国社会科学出版社,1996。
[17]托马斯.梅耶等,《货币、银行与经济》,上海三联出版社,1994。
[18]W.阿瑟.刘易斯,《经济增长理论》,上海三联出版社,1994。
[19]吉利斯等,《发展经济学》,黄卫平等译,第四版,中国人民大学出版社,1998。
[20]吉尔.W.亚当斯等,《农村金融研究》,张尔核等译校,中国农业科技出版社,1988。
[21]熊彼特,《经济发展理论》,中译本,商务印书馆,1990年版。
[22]黄宗智,《长江三角洲小农家庭与乡村发展》,中华书局,1986。
[23]黄宗智,《华北的小农经济与社会变迁》,中华书局,1986。
[24]张元红,《当代农村金融发展的理论和实践》,江西人民出版社,2002。
[25]张杰,《中国农村金融制度：结构、变迁与政策》,中国人民大学出版社,2003。
[26]杨咸月,《金融深化理论发展及其微观基础研究》,中国金融出版社,2002。
[27]马忠富,《中国农村合作金融发展研究》,中国金融出版社,2001。
[28]王广谦,《经济发展中金融的贡献与效率》,中国人民大学出版社,1997。
[29]谈儒勇,《金融发展理论与中国金融发展》,中国经济出版社,2000。
[30]朝廷春,《金融发展与经济增长一理论、实证与政策》,清华大学出版社,2002。
[31]白钦先,《金融可持续发展研究导论》,中国金融出版社,2002。
[32]姜旭朝,《中国民间金融研究》,山东人民出版社,1996。
[33]何长见、何毅,《中国小企业发展的系统性障碍与制度创新》,中国大地出版社,2007。
[34]何安耐、胡必亮主编,《农村金融与发展》,经济科学出版社,2000。
[35]白让让,《边缘性进入与二元管制放松》,上海三联出版社,2006。
[36]平新乔,《微观十八讲》,北京大学出版社,2002。
[37]陈学彬,《金融博弈论》,复旦大学出版社,2006。
[38]武翔宇,《中国农村正规金融与民间金融关系研究》,中国农业出版社,2008。
[39]卢亚娟,《中国农村发展研究：基于农村微观主体的实证研究》,中国经济出版社,2009。
[40]麦勇,《自由化进程中的中国金融比较研究》,中国经济出版社,2005。
[41]陈贤勇,《中国区域金融发展与区域经济增长》,武汉大学出版社,2005。
[42]周立,《中国农村金融-市场体系与实践调查》,中国农业科学技术出版社, 2010。
[43]张军洲,《中国区域金融分析》,中国经济出版社,1995。
[44]肖顺喜、殷德生,《体制转轨中的区域金融研究》,学林出版社,2000。
[45]支大林,《区域金融理论和实证研究》,商务印书馆,2002。
[46]田霖,《区域金融成长差异-金融地理学视角》,经济科学出版社,2005。
[47]文远华,《中国经济转型时期信贷配给问题研究》,上海三联书店,2005。
[48]张文彤,《世界优秀统计工具SPSS11.0统计分析教程(高级篇)》,北京希望电子出版社,2002。
[49]中国人民银行上饶市中心支行课题组,《有效供给与机制设计：农业信贷投入研究》,《金融研究》,2001年第2期。
[50]苑德军,《论金融创新的需求与供给》,《现代财经》,2001年第3期。
[51]孙天琦,《转轨经济中的政府行为研究—以商洛小额信贷扶贫模式变迁为例的分析》,《当代经济科学》,2001第5期。
[52]林毅夫、李永军,《中小金融机构发展与中小企业融资》,经济研究,2001年第1期。
[53]王醒男,《基于需求与发展视角的农村金融改革逻辑再考》,金融研究,2006年第7期。
[54]梁冰,《我国中小企业发展及融资状况调查报告》,金融研究,2005第5期。
[55]韩俊、罗丹、程郁,《信贷约束下农户借贷需求行为的实证研究》,农业经济问题,2007年第2期。
[56]乔桂明,《江苏省农村民间金融发展问题研究》,农业经济问题,2007年第3期。
[57]胡金焱、张乐,《非正规金融与小额信贷：一个理论评述》,金融研究,2004年第7期。
[58]周小斌、李秉龙,《中国农业信贷对农业产出绩效的实证分析》,中国农村经济,2003年第6期。
[59]李锐、李宁辉,《农户借贷行为及其福利效果分析》,经济研究,2004年第12期。
[60]何广文,《从农村居民资金借贷行为看农村金融抑制与金融深化》,中国农村经济,1999年第10期。
[61]何军、宁满秀、史清华,《农户民间借贷需求及影响因素实证研究—基于江苏省390户农户调查数据分析》,南京农业大学学报,2005年第4期。
[62]颜志杰、张林秀、张兵,《中国农户信贷特征及其影响因素分析》,农业技术经济,2005年第4期。
[63]翟照艳、王家传等,《中国农户投融资行为的实证分析》,经济问题探索,2005年第4期。
[64]朱喜、李子奈,《我国农村正式金融机构对农户的信贷配给》,数量经济技术经济研究,2006年第3期。
[65]张杰,《转轨经济中的金融中介及其演进：一个新的解释框架》,管理世界,2001年第5期。
[66]乔桂明,《农村经济发展与农村金融变革问题研究》,农业经济问题,2002年第4期。
[67]谢平,《中国农村信用合作社体制改革的争论》,金融研究,2001年第1期。
[68]刘民权、徐忠、俞建拖,《信贷市场中的非正规金融》,世界经济,2003年第7期。
[69]徐洪水,《金融缺口和交易成本最小化：中小企业融资难题的成因研究与政策路径—理论分析与宁波个案实证研究》,金融研究,2001年第11期。
[70]史晋川等,《制度扭曲环境中的金融安排：温州案例》,经济理论与经济管理,2001年第1期。
[71]曾康霖等,《论县域金融制度变迁与创新》,金融研究,2003年第1期。
[72]肖兰华、杨刚强,《不对称信息下农村中小企业信贷融资配给问题及对策研究》,财贸经济,2008年第7期。
[73]万解秋,《信贷配给条件下的中小企业融资—兼评介入型融资理论和破解策略》,经济学动态,2005年第2期。
[74]马忠富,《农村信用合作社改革成本及制度创新》,《金融研究》,2001年第4期。
[75]曾康霖,《我国农村金融模式的选择》,《金融研究》,2001年第10期。
[76]陈剑波,《重建农村金融体系需要破解的难题》,《农业经济问题》,2004年第11期。
[77]谢平,中国农村信用合作社体制改革的争论》,《金融研究》,2001年第1期。
[78]史晋川等,《制度扭曲环境中的金融安排：温州案例》,《经济理论与经济管理》,2001年第1期。
[79]温铁军,《我国农村普遍发生高利借贷的问题、情况与政策建议报告摘要》,中国人民银行货币政策委员会委托课题“农户信用与民间借贷”研究报告,2002.6.24
[80]张维,《论中国农村信用社改革中的制度性碰撞》,《农业经济问题》,2004年第9期。
[81]钱小安,《金融民营化与金融基础设施建设—兼论发展民营金融的定位与对 策》,《金融研究》,2003年第2期。
[82]冉光和、温涛等,《中国金融发展与农民收入增长》,《经济研究》,2005年第9期。
[83]周立、王子明,《中国各地区金融发展与经济增长实证分析：1978-2000》,[J],《金融研究》,2002年第10期。
[84]王定详、李伶俐、冉光和,《金融资本形成与经济增长》,《经济研究》,2009年第9期
[85]刘志友、王家华,《江苏省金融发展与经济增长和谐状况的实证研究》,《改革与战略》,2008年第7期。
[86]晋斌《金融控制政策下的金融发展与经济增长》,《经济研究》2007第10期。
[87]姜旭朝、丁昌锋,《民间金融理论分析范畴、比较与制度变迁关》,《金融研究》,2004年第8期。
[88]钟永红、周好文,《金融发展与经济增长：区域效应、时变趋势及发展对策》,《金融与经济》,2004年第3期。
[89]张兵、胡俊伟,《江苏金融发展与经济增长关系的实证研究》,《江苏社会科学》,2003年第3期。
[90]朱喜、李子奈,《改革以来我国农村信贷的效率分析》,《.管理世界》,2006年第7期。
[91]马晓青、史清华,《信誉、财富与农村信贷配给—欠发达地区不同农村金融机构的供给行为研究》,《财经研究》,2009年第8期。
[92]王曙光、邓一婷,《民间金融扩张的内在机理-演进路径与未来趋势研究》,《金融研究》,2007年第6期。
[93]官兵,《企业家视野下的农村正规金融与非正规金融》,《金融研究》,2005年第6期。
[94]杨菁、何广文,《合作经济组织在农村金融交易中的效应分析》,《金融改革》,2008年第1期。
[95]史晋川、严谷军,《经济发展中的金融深化-—以浙江民营金融发展为例》,《浙江大学学报(人文社会科学版)》,2001年第11期。
2武剑,《货币政策与经济增长-中国货币政策发展研究取向》,上海三联出版社,2002,p9-12。
3武剑,《货币政策与经济增长-中国货币政策发展研究取向》,上海三联出版社,2002,p12-14。
5戈登史密斯,《金融结构与金融发展》,上海三联出版社、上海人民出版社,1990,p34
6戈登史密斯,《金融结构与金融发展》,上海三联出版社、上海人民出版社,1990,p78-79
7戈登史密斯,《金融结构与金融发展》,上海三联出版社、上海人民出版社,1990,p65
8 D.Patinkin and D.Levhari i,1966."A Re-esamination of the Pure Consumption Loans Model",Journal of Political Economy Vol.74,pp.353-387.
9 Kapur.Bassant K..,1975,"Money as A Medium of Exchange and Monetary Growth in an Underdevelopment Context",Journal of Development Economics.
10 Mckinnon, Ronald,1991,The Order of Econnomic Liberalization:Financial Control in the Transition to a Market Economy,Baltimore:Johns Hopkins University Press.
11武剑,《货币政策与经济增长-中国货币政策发展取向研究》,上海三联书店,2000,p10-15。
13 Acemoglu, Daron. Veronica Guerrieri, Capital Deepening and Non-Balanced Economic Growth. Journal of Political Economy, Vol.116, No.3. (june,2008),pp.467-498.
14这种假设可以延长经济分析的周期,可以在更长的时间维度上观察区域金融发展对经济增长的影响。
17 Greenwood, Jeremy and Boyan Jovanovic,1990, "Financial Development, Growth, and the Distribution of Income", Journal of Political Economy 98 (5),1076—1107.
18温涛、冉光和、熊德平,《中国金融发展与农民收入增长》,《经济研究》,2005年第9期。
19 Parente and Prescott,1991,"On Exports and Economic Growth", Journal of Development Economics,12,59—73.
20道格拉斯.C.诺斯,《经济史上的结构与变革》,商务印书馆,P236。
26考虑地方政府的权限划分,在民间资本的金融市场进入问题,以地级市作为样本进行比较,原因在于县级政府在民营资本进入区域金融市场并不具有较大权限,同时涉及到外省的统计数据,进行县级政府的数据收集困难,所以采用地级市为样本进行比较。
27这里所指的民营金融不同于前文所指的非正规金融,而是以民间金融为背景的正规金融机构,如地方民营性质的城市信用社、农村信用社、村镇银行、小额贷款公司,随着国家金融行业管制的放松与经济发展,民间金融结构的正规化是一个普遍的趋势。
28林毅夫、李永军,《中小金融机构发展与中小企业融资》,《经济研究》2001年第一期。
32 Laffont. J. and Tirole, J. J. (1993), A Theory of Incentives in Procument and Regulation, The MIT press.
33白让让,《边缘性进入与二元管制放松》,上海三联出版社,2006,P113-140。在Laffont、Tirole以及33白让让的分析中,在于分析特定产业的管制、进入以及博弈问题,如果把金融也看作一个产业的话,把他们的理论加以改造用来分析是合适的。
34这种管制权力的分立也会在相当大的程度上影响民间资本对区域金融市场的进入,这一点会在文章后面分析。
35从管制权力的划分上,财政对地方金融机构是没有管制权力的,但是,中国的现实,许多地方农村金融机构是地方财政参股甚至控股。
36这种假设在实际中是不存在的,但是并不影响关于管制者行为的分析结果。
37平新桥,《微观经济学十八讲》,北京大学出版社,1998,P183-187。
41严谷军、闻月春,《经济转轨中的民营金融与经济发展：基于台州的实证分析》,《金融研究》,2005年第7期。
42http://www.zjtlcb.com/sitel/list/gytl/tzzgx/images/2009/05/20/4C3F7B91E0607CF4C45F3F18625A2DCC.pdf
43这主要间接体现在为所辖区企业提供金融服务所能创造的GDP和财政税收收入。
44严谷军、闻月春,《经济转轨中的民营金融与经济发展：基于台州的实证分析》,《金融研究》,2005年第7期。
45 http://www.zjtlcb.com/sitel/list/gytl/tzzgx/images/2009/05/20/4C3F7B91E0607CF4C45F3F18625A2DCC.pdf
46科斯、哈特,《契约经济学》,经济科学出版社,P12。
47 Ross.S.(1973),The Economic Theory of Agency:the Principals Problem American Economic Review 63,p.134-149.
48李金铮,《民国时期现代农村金融的运作方式-兼与传统高利贷比较》,《江海学刊》,2002年第3期。
49南京中国第二历史档案馆：《中华民国史档案资料汇编》第五辑第二编,财政经济八,江苏古籍出版社1997年版,第64页。
50王亮丰等,《无锡县合作社调查报告》,《农行月刊》第3卷第8期,1936年8月。
52于丽红,《中国农村二元金融结构研究》,中国农业出版社(2009),P96。
[1]Pitt, M.M.and Khandker, S.R:The Impact of Group-based Credit Programs on Poor Household in Bangladesh:Doers the Gender of Participants Matter?, Journal of Political Economics, Vol 106(5), pp.958-996,1998.
[2]Johnson.Susan&Ben Rogaly:《Microfinance and Poverty Reduction》 Oxfarm and ACTIONAID,1997.
[3]Adams, D.W.& Nehman, G.1. Borrowing Costs and the Demand for Rural Credit [J],Journal of Development Studies,1979,15(2):165-176.
[4]Marguerite Berger:《Microfinance:An Emerging Market within the Emerging Markets》Inter-American Development Bank., Washington, D.C,2000.
[5]Joanna Ledgerwood:《Microfinance handbook:An institutional and Fiancial Perspective》,1998, World Bank, Washington.D.C.
[6]Marguerite S.Robinson,《The Microfinance Revolution volumel:Sustainable Finance for the poor, Lessons from Indonesia》,The World Bank, Washington, D.C. Open Society Institute New York, May 2001.
[7]Marguerite S.Robinson:《The Microfinance Revolution volume 2:Lesson from Indonesia》, The World Bank, Washington,, D.C.Open Society Institute, New York, May 2002.
[8]Shahidur R.Khandker《Fighting Poverty with Microcredit:Experience in Bangladesh》, Published for the World Bank, Oxford University Press, Oct.1998.
[9]Bradford L. Barham, Stephen Boucher and Michael R. Carter,1996, "Credit Constraints, Credit Unions, and Small-Scale Producers in Guatemala", World Development,24(5),793-806.
[10]G.S.Maddala,1983, "Limited Dependent and Qualitative Variables in Econometrics", Cambridge University Press, Cambridge.
[11]Jeremy D. Foltz,2004, "Credit Market Access and Profitability in Tunisian Agriculture", Agricultural Economics,30:229-240.
[12]Pham Bao Duong and Yoichi Izumida,2002, "Rural Development Finance in Vietnam:A Microeconometric Analysis of Household Surveys", World Development,30(2),319-335.
[13]J·G·Gurley and E·S·Shaw, "Money in a Theory of Finance, Washington", D·C: Brookings Institution,1960
[14]R·W·Goldsmith, "Financial Structure and Development", New Haven:Yale University Press,1969
[15]H·T·Patrick,"Financial Policies and Economic Growth in Underdeveloped Countries",1966
[16]Jeffrey Poyo, Robin Young:《Commercialization of Microfinance:A Framework for Latin America》, World Bank,1999.
[17]H-T-Patrick, "Financial Markets and Growth:An Overview European Economic Review", Economic Development and Cultural Change, (January) 1966
[18]R·I·Mckinnon, "The order of Economic Liberalization:Financial Control in the Transition to Market Economy",Johns Hopkins University Press,1991
[19]M·J·Fry, " Money and capital or Financial Deepening in Economic Development", Journal of Money, Credit and Banking,(November)1978
[20]M-J-Fry, "Savings, Investment, Growth and the cost of Financial Repression",World Development(April) 1981
[21]E·S·Shaw, "Financial Deepening in Economic Development", New York:Oxford University Press,1973
[22]R·I·Mckinnon, "Money and Capital in Economic Development",Washington,D.C: The Brookings Institution,1973
[23]J·E·Stiglitz & A·Weiss, "Gredit Rationing in Markets with Imperfect Information", American Economic Review, NO.3,Vol.71.1981
[24]"World Economic Outlook 2000",International Monetary Fund. Washington D.C.2000
[25]Ihsan Isik, M·Kabir Hassan, "Financial Deregulation and total factor productivity change:An empirical study of Turkish commercial banks" Journal of Banking and Finance 27(2003)1455-1485
[26]R·G·king & R·Levine, "Finance, Enterpreneurship and Growth:Theory and Evidence", Journal of Monetary Economic,19936:32
[27]Stijn Claessens, Luc Laeven," Financial Dependence, Banking Sector Competition, and Economic Growth " World,Bank Policy Research Working Paper 3481,(January 2005)
[28]Jonahan morduch, "The role of subsidies in microfinance:evidence from the Grameen Bank",Journal of Development Economics, Vol.60(1999)229-248
[29]Keeton, Wiliam R. (1979), Equilibrium Credit Rationing, New York, Garland Publishing Inc.
[30]De Meza & Webb (1992), Efficient credit rationing, European Economic Review 36(6):1277-1290.
[31]Brett E-coleman, "The impact of group lending in Northeast Thailand", Journal of Development Economics, Vol.60(1999) 105-141
[32]M Zeller (1994), Determinants of Credit Rationing:A Study of Informal Lenders and Formal Credit Groups in Madagascar, International Food Policy Research, world development Oxford.
[33]King, R.G & Levine, R. Finance, Entrepreneurship and Growth:Theory and Evidence. Journal of Monetary Economic,1993b.P32
[34]Robert Cressy (2002), "Introduction:Funding Gaps, Economic Journal, Royal Economic Society, vol.112(477), pages F1-F16.
[35]Binswanger, H. P. and Khandker, S.R.:The Impact of Formal Finance on the Rural Economy of India, Journal of Development Study, Vol.32(2),pp.234-262,1995.
[36]Patrick, H.T. Financial Policies and Economic Growth in Underdeveloped Countries. Economic Development and Cultural Change, (January) 1966
[37]Carter, M.R. Equilibrium credit rationing of small farm agriculture [J], Journal of Development Economics,1988,28(1):83-103.
[38]Gonzalez-Vega, C. Credit Rationing Behavior of Agricultural Lenders:the Iron Law of Interest Rate Restrictions [A].Adams, D.W., Grallam, D.H.&Von Pischke, J.D., Undermining rural development with cheap credit[C].Boulder and London:Westview Press,1984:78-95.
[39]Chaves, R. A. Financial Markets, Credit Constraints, and Investment in Rural Romania, World Bank Technical Paper, NO.499,2001-4.
[40]Pal, S. Household sectoral choice and effective demand and for rural credit in India,[J] Applied Economics,2002,34(14):1743-1755.
[41]Christopher Urdy, Risk and Insurance in a Rural Credit Market:An Empirical Investigation in Northern Nigeria, The Review of Economic Studies,1994 (61): 495-526.
[42]J. Morduch. Does microfinance really help the poor? New evidence from flagship programs in Bangladesh. HIID, Harvard University, Unpublished Document, 1998.S
[43]Berger, A. N., Udell, G.F.,1998, "The Economics of Small Business Finance:The Role of Private Equity and Debt Market in the Financial Growth Cycle", Journal of Banking and Finance,22,613-673.
[44]Aliou Diagne, Access to Credit and its Impact on welfare in Malawi, International Food Policy Research Institution,2001 research paper116.
[45]Manfred Zeller,1994, "Determinants of Credit Rationing:A Study of Informal Lenders and Formal Credit Group in Madagascar", World Development,22(12), 1895-1907.
[46]Steve Boucher, Catherine Guirkinger, Carolina Trivelli (2005), Direct elicitation of credit constraints:Conceptual and practical issues with an empirical application to Peruvian agriculture, working paper.
[47]Braverman, A.& Guaseh, J.L. Rural credit markets and institutions in developing Countries:lessons for Policy analysis from practice and modern theory [J]. World Development.1986,14(10-11):1253-1267.
[48]Bopaiah, C., "Availability of credit to family business", Small Business Economics, vol.11:75-86,1998.
[49]Michael Lokshin and Zurab Sajaia,2004, "Maximum Likelihood Estimation of Endogenous Switching Regression Models", The Stata Journal,4(3),282-289.
[50]Nunung Nuryarton, Manfred Zeller and Stefan Schwarze,2005, "Credit Rationing of Farm Households and Agricultural Production:Empirical Evidence in the Rural Areas of Central Sulawesi, Indonesia", working paper, Conference on International Agricultural Research for Development, Stuttgart-Hohenheim, 10/2005.
[1]科斯等,《财产权利与制度变迁》,上海三联出版社,1996。
[2]舒尔茨,《改造传统农业》,商务印书馆,1987。
[3]德姆塞茨,《所有权、控制与企业》,经济科学出版社,1999。
[4]加里·S·贝克尔,《人类行为的经济分析》,上海三联出版社,2008。
[5]林毅夫,《制度、技术与中国农业发展》,上海三联出版社,2008。
[6]洪运朋,《经济理论比较研究》,复旦大学出版社,2002。
[7]道格拉斯.诺斯、罗伯特.托马斯,《西方世界的兴起》,华夏出版社,1999。
[8]道格拉斯.C.诺斯：《制度、制度变迁与经济绩效》,上海三联出版社,1994。
[9]道格拉斯.C.诺斯：《经济史上的结构与变迁》,上海三联出版社,1994。
[10]爱德华.肖,《经济发展中的金融深化》,上海三联书店1993。
[11]布坎南,《自由、市场与国家》,北京经济学院出版社,1988。
[12]布坎南,《赤字中的民主》,北京经济学院出版社,1988。
[13]黄仁宇,《资本主义与二十一世纪》,上海三联书店,1997。
[14]麦金农,《经济市场化的次序-向市场经济过渡时期的金融控制》,上海三联书店,1997。
[15]O.哈特,《企业、合同与财务结构》,上海三联出版社,1998。
[16]唐.帕廷金,《货币、利息与价格》,中国社会科学出版社,1996。
[17]托马斯.梅耶等,《货币、银行与经济》,上海三联出版社,1994。
[18]W.阿瑟.刘易斯,《经济增长理论》,上海三联出版社,1994。
[19]吉利斯等,《发展经济学》,黄卫平等译,第四版,中国人民大学出版社,1998。
[20]吉尔.W.亚当斯等,《农村金融研究》,张尔核等译校,中国农业科技出版社,1988。
[21]熊彼特,《经济发展理论》,中译本,商务印书馆,1990年版。
[22]黄宗智,《长江三角洲小农家庭与乡村发展》,中华书局,1986。
[23]黄宗智,《华北的小农经济与社会变迁》,中华书局,1986。
[24]张元红,《当代农村金融发展的理论和实践》,江西人民出版社,2002。
[25]张杰,《中国农村金融制度：结构、变迁与政策》,中国人民大学出版社,2003。
[26]杨咸月,《金融深化理论发展及其微观基础研究》,中国金融出版社,2002。
[27]马忠富,《中国农村合作金融发展研究》,中国金融出版社,2001。
[28]王广谦,《经济发展中金融的贡献与效率》,中国人民大学出版社,1997。
[29]谈儒勇,《金融发展理论与中国金融发展》,中国经济出版社,2000。
[30]朝廷春,《金融发展与经济增长一理论、实证与政策》,清华大学出版社,2002。
[31]白钦先,《金融可持续发展研究导论》,中国金融出版社,2002。
[32]姜旭朝,《中国民间金融研究》,山东人民出版社,1996。
[33]何长见、何毅,《中国小企业发展的系统性障碍与制度创新》,中国大地出版社,2007。
[34]何安耐、胡必亮主编,《农村金融与发展》,经济科学出版社,2000。
[35]白让让,《边缘性进入与二元管制放松》,上海三联出版社,2006。
[36]平新乔,《微观十八讲》,北京大学出版社,2002。
[37]陈学彬,《金融博弈论》,复旦大学出版社,2006。
[38]武翔宇,《中国农村正规金融与民间金融关系研究》,中国农业出版社,2008。
[39]卢亚娟,《中国农村发展研究：基于农村微观主体的实证研究》,中国经济出版社,2009。
[40]麦勇,《自由化进程中的中国金融比较研究》,中国经济出版社,2005。
[41]陈贤勇,《中国区域金融发展与区域经济增长》,武汉大学出版社,2005。
[42]周立,《中国农村金融-市场体系与实践调查》,中国农业科学技术出版社, 2010。
[43]张军洲,《中国区域金融分析》,中国经济出版社,1995。
[44]肖顺喜、殷德生,《体制转轨中的区域金融研究》,学林出版社,2000。
[45]支大林,《区域金融理论和实证研究》,商务印书馆,2002。
[46]田霖,《区域金融成长差异-金融地理学视角》,经济科学出版社,2005。
[47]文远华,《中国经济转型时期信贷配给问题研究》,上海三联书店,2005。
[48]张文彤,《世界优秀统计工具SPSS11.0统计分析教程(高级篇)》,北京希望电子出版社,2002。
[49]中国人民银行上饶市中心支行课题组,《有效供给与机制设计：农业信贷投入研究》,《金融研究》,2001年第2期。
[50]苑德军,《论金融创新的需求与供给》,《现代财经》,2001年第3期。
[51]孙天琦,《转轨经济中的政府行为研究—以商洛小额信贷扶贫模式变迁为例的分析》,《当代经济科学》,2001第5期。
[52]林毅夫、李永军,《中小金融机构发展与中小企业融资》,经济研究,2001年第1期。
[53]王醒男,《基于需求与发展视角的农村金融改革逻辑再考》,金融研究,2006年第7期。
[54]梁冰,《我国中小企业发展及融资状况调查报告》,金融研究,2005第5期。
[55]韩俊、罗丹、程郁,《信贷约束下农户借贷需求行为的实证研究》,农业经济问题,2007年第2期。
[56]乔桂明,《江苏省农村民间金融发展问题研究》,农业经济问题,2007年第3期。
[57]胡金焱、张乐,《非正规金融与小额信贷：一个理论评述》,金融研究,2004年第7期。
[58]周小斌、李秉龙,《中国农业信贷对农业产出绩效的实证分析》,中国农村经济,2003年第6期。
[59]李锐、李宁辉,《农户借贷行为及其福利效果分析》,经济研究,2004年第12期。
[60]何广文,《从农村居民资金借贷行为看农村金融抑制与金融深化》,中国农村经济,1999年第10期。
[61]何军、宁满秀、史清华,《农户民间借贷需求及影响因素实证研究—基于江苏省390户农户调查数据分析》,南京农业大学学报,2005年第4期。
[62]颜志杰、张林秀、张兵,《中国农户信贷特征及其影响因素分析》,农业技术经济,2005年第4期。
[63]翟照艳、王家传等,《中国农户投融资行为的实证分析》,经济问题探索,2005年第4期。
[64]朱喜、李子奈,《我国农村正式金融机构对农户的信贷配给》,数量经济技术经济研究,2006年第3期。
[65]张杰,《转轨经济中的金融中介及其演进：一个新的解释框架》,管理世界,2001年第5期。
[66]乔桂明,《农村经济发展与农村金融变革问题研究》,农业经济问题,2002年第4期。
[67]谢平,《中国农村信用合作社体制改革的争论》,金融研究,2001年第1期。
[68]刘民权、徐忠、俞建拖,《信贷市场中的非正规金融》,世界经济,2003年第7期。
[69]徐洪水,《金融缺口和交易成本最小化：中小企业融资难题的成因研究与政策路径—理论分析与宁波个案实证研究》,金融研究,2001年第11期。
[70]史晋川等,《制度扭曲环境中的金融安排：温州案例》,经济理论与经济管理,2001年第1期。
[71]曾康霖等,《论县域金融制度变迁与创新》,金融研究,2003年第1期。
[72]肖兰华、杨刚强,《不对称信息下农村中小企业信贷融资配给问题及对策研究》,财贸经济,2008年第7期。
[73]万解秋,《信贷配给条件下的中小企业融资—兼评介入型融资理论和破解策略》,经济学动态,2005年第2期。
[74]马忠富,《农村信用合作社改革成本及制度创新》,《金融研究》,2001年第4期。
[75]曾康霖,《我国农村金融模式的选择》,《金融研究》,2001年第10期。
[76]陈剑波,《重建农村金融体系需要破解的难题》,《农业经济问题》,2004年第11期。
[77]谢平,中国农村信用合作社体制改革的争论》,《金融研究》,2001年第1期。
[78]史晋川等,《制度扭曲环境中的金融安排：温州案例》,《经济理论与经济管理》,2001年第1期。
[79]温铁军,《我国农村普遍发生高利借贷的问题、情况与政策建议报告摘要》,中国人民银行货币政策委员会委托课题“农户信用与民间借贷”研究报告,2002.6.24
[80]张维,《论中国农村信用社改革中的制度性碰撞》,《农业经济问题》,2004年第9期。
[81]钱小安,《金融民营化与金融基础设施建设—兼论发展民营金融的定位与对 策》,《金融研究》,2003年第2期。
[82]冉光和、温涛等,《中国金融发展与农民收入增长》,《经济研究》,2005年第9期。
[83]周立、王子明,《中国各地区金融发展与经济增长实证分析：1978-2000》,[J],《金融研究》,2002年第10期。
[84]王定详、李伶俐、冉光和,《金融资本形成与经济增长》,《经济研究》,2009年第9期
[85]刘志友、王家华,《江苏省金融发展与经济增长和谐状况的实证研究》,《改革与战略》,2008年第7期。
[86]晋斌《金融控制政策下的金融发展与经济增长》,《经济研究》2007第10期。
[87]姜旭朝、丁昌锋,《民间金融理论分析范畴、比较与制度变迁关》,《金融研究》,2004年第8期。
[88]钟永红、周好文,《金融发展与经济增长：区域效应、时变趋势及发展对策》,《金融与经济》,2004年第3期。
[89]张兵、胡俊伟,《江苏金融发展与经济增长关系的实证研究》,《江苏社会科学》,2003年第3期。
[90]朱喜、李子奈,《改革以来我国农村信贷的效率分析》,《.管理世界》,2006年第7期。
[91]马晓青、史清华,《信誉、财富与农村信贷配给—欠发达地区不同农村金融机构的供给行为研究》,《财经研究》,2009年第8期。
[92]王曙光、邓一婷,《民间金融扩张的内在机理-演进路径与未来趋势研究》,《金融研究》,2007年第6期。
[93]官兵,《企业家视野下的农村正规金融与非正规金融》,《金融研究》,2005年第6期。
[94]杨菁、何广文,《合作经济组织在农村金融交易中的效应分析》,《金融改革》,2008年第1期。
[95]史晋川、严谷军,《经济发展中的金融深化-—以浙江民营金融发展为例》,《浙江大学学报(人文社会科学版)》,2001年第11期。