内生增长理论框架下的金融发展与经济增长——基于我国信贷资金配置效率的实证分析
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摘要
本文在内生增长理论的框架下,引入信贷资金配置效率变量,研究金融发展与经济增长之间的相互关系,并基于商业银行存款规模、资产规模和人均GDP的季度数据,实证分析了金融发展在金融深化和金融广化的双重影响下与经济增长的关系,为内生增长理论、金融发展理论和经济增长理论的研究提供了全新的视角。实证研究表明:目前我国金融深化已经取得了显著成效,储蓄存款规模的扩张是金融发展影响经济增长的重要渠道,而金融广化水平仍需提高,这主要表现在金融机构的多样化和金融产品的多元化在金融发展推动经济增长的过程中作用并不明显。信贷资金配置效率在金融发展推动经济增长的过程中至关重要,这为金融发展有效促进经济结构的转型升级和有效支持中小企业融资提供了有价值的政策参考。
Under the framework of endogenous growth theory, this paper introduces the credit resource allocation efficiency variable, studies the relationship between financial development and economic growth, and empirically analyzes the relationship between financial development, which is under the dual influence of financial deepening and financial widening, and economic growth based on commercial bank deposit size, asset size and per capita GDP,and provides a new perspective for the study of endogenous growth theory, financial development theory and economic growth theory. Empirical research shows that China's financial deepening has achieved remarkable results. The expansion of savings deposits is an important channel for financial development to affect economic growth, and the level of financial widening still needs to be improved, this is mainly reflected in the role of diversification of financial institutions and the diversification of financial products are not obvious in the process of financial development to promote economic growth. The efficiency of credit allocation is crucial in the process of financial development to promote economic growth, this provides a valuable policy reference for how financial development can effectively promote the transformation and upgrading of economic structure and effectively support the financing of SMEs.
Under the framework of endogenous growth theory, this paper introduces the credit resource allocation efficiency variable, studies the relationship between financial development and economic growth, and empirically analyzes the relationship between financial development, which is under the dual influence of financial deepening and financial widening, and economic growth based on commercial bank deposit size, asset size and per capita GDP,and provides a new perspective for the study of endogenous growth theory, financial development theory and economic growth theory. Empirical research shows that China's financial deepening has achieved remarkable results. The expansion of savings deposits is an important channel for financial development to affect economic growth, and the level of financial widening still needs to be improved, this is mainly reflected in the role of diversification of financial institutions and the diversification of financial products are not obvious in the process of financial development to promote economic growth. The efficiency of credit allocation is crucial in the process of financial development to promote economic growth, this provides a valuable policy reference for how financial development can effectively promote the transformation and upgrading of economic structure and effectively support the financing of SMEs.
引文
[1]白钦先,张志文.金融发展与经济增长:中国的经验研究[J].南方经济,2008(9).
[2]谈儒勇.中国金融发展和经济增长关系的实证研究[J].经济研究,1999(10).
[3]武志.金融发展与经济增长:来自中国的经验分析[J].金融研究,2010(5).
[4]周好文,钟永红.中国金融中介发展与地区经济增长:多变量VAR系统分析[J].金融研究,2004(6).
[5]朱小龙.金融业发展对我国经济增长作用的实证研究[J].山东农业工程学院学报,2014(2).
[6]Acaravci A.Ozturk,I. and Acaravci S.K..Finance–Growth Nexus:evidence from turkey[J].International Re‐search Journal of Finance and Economics,2007(11).
[7]Cavenaile L.and Sougne D..Financial development and economic growth:an empirical investigation of the role of banks and Institutional investors[J].Journal of Ap‐plied Financial Economics,2012,22(20).
[8]Gemech F.and Struthers J.J..The McKinnon-Shaw hypothesis:thirty years on:a review of recent develop‐ment in financial liberalization theory[M]. PBS Working Papers Series,Number,2004.
[9]Odeniran S.O.and Udeaja E.A..Financial sector de‐velopment and economic growth:empirical evidence from nigeria[J].Central Bank of Nigeria Economic and fi‐nancial review, 2010,48(3).
[10]Ram R.. Financial development and economic growth[J].Journal of Development Studies,1999,35(4).
[11]Roubini N.and Sala-i-Martin X..Financial repres‐sion and economic growth[J]. Journal of Development Economics,1992(39).
[12]Solow R. M..A contribution to the theory of eco‐nomic growth[J]. Quarterly Journal of Economics, 1956,70(1).
(1)金融深化是指金融的纵深发展,金融广化是指金融的横向发展。
(2)这两类指标也是衡量经济体金融深化程度的主要量化依据。
(3)这也是金融深化和广化双重欠缺的主要表现。
(4)鉴于1993年是我国社会主义市场经济体制改革的起始年份,1993年前后宏观经济金融数据的统计口径发生过一些变化;2010年是四大国有商业银行股份制改革上市的截止年份,本文选择1993~2010年数据。
(5)1993年第一季度未作调整。
[2]谈儒勇.中国金融发展和经济增长关系的实证研究[J].经济研究,1999(10).
[3]武志.金融发展与经济增长:来自中国的经验分析[J].金融研究,2010(5).
[4]周好文,钟永红.中国金融中介发展与地区经济增长:多变量VAR系统分析[J].金融研究,2004(6).
[5]朱小龙.金融业发展对我国经济增长作用的实证研究[J].山东农业工程学院学报,2014(2).
[6]Acaravci A.Ozturk,I. and Acaravci S.K..Finance–Growth Nexus:evidence from turkey[J].International Re‐search Journal of Finance and Economics,2007(11).
[7]Cavenaile L.and Sougne D..Financial development and economic growth:an empirical investigation of the role of banks and Institutional investors[J].Journal of Ap‐plied Financial Economics,2012,22(20).
[8]Gemech F.and Struthers J.J..The McKinnon-Shaw hypothesis:thirty years on:a review of recent develop‐ment in financial liberalization theory[M]. PBS Working Papers Series,Number,2004.
[9]Odeniran S.O.and Udeaja E.A..Financial sector de‐velopment and economic growth:empirical evidence from nigeria[J].Central Bank of Nigeria Economic and fi‐nancial review, 2010,48(3).
[10]Ram R.. Financial development and economic growth[J].Journal of Development Studies,1999,35(4).
[11]Roubini N.and Sala-i-Martin X..Financial repres‐sion and economic growth[J]. Journal of Development Economics,1992(39).
[12]Solow R. M..A contribution to the theory of eco‐nomic growth[J]. Quarterly Journal of Economics, 1956,70(1).
(1)金融深化是指金融的纵深发展,金融广化是指金融的横向发展。
(2)这两类指标也是衡量经济体金融深化程度的主要量化依据。
(3)这也是金融深化和广化双重欠缺的主要表现。
(4)鉴于1993年是我国社会主义市场经济体制改革的起始年份,1993年前后宏观经济金融数据的统计口径发生过一些变化;2010年是四大国有商业银行股份制改革上市的截止年份,本文选择1993~2010年数据。
(5)1993年第一季度未作调整。