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題名:金融發展對經濟增長影響的結構效應--基於META回歸分析方法
書刊名:南開經濟研究
作者:彭俞超朱映惠顧雷雷
出版日期:2017
卷期:2017(5)
頁次:20-36
主題關鍵詞:金融發展經濟增長結構效應META回歸分析Financial developmentEconomic growthStructural effectMETA analysis
原始連結:連回原系統網址new window
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金融發展對經濟增長的影響是學術界長期討論但仍未形成一致結論的問題。本文對基于中國樣本的35篇實證研究247個估計進行了META回歸分析。實證結果表明:總體而言,中國金融發展對經濟增長有較弱的正向影響,且這一影響因時間、區域、融資方式和傳導機制的差異而存在多重結構效應。中國金融發展對經濟增長的促進作用存在U型的時間結構特征,在20世紀90年代最弱;各地區金融發展程度差距較大,中部地區金融資源利用率最高,金融對經濟的促進作用最顯著;相較于銀行發展,金融市場發展對經濟增長的作用更強;金融發展主要通過促進人力資本積累、固定資產投資和國外直接投資三方面因素推動經濟增長。把握金融發展對經濟增長的結構效應,優化金融結構將有助于供給側改革和經濟結構調整,實現長期經濟增長。
The effect of financial development on economic growth is a long-debated problem.Based on 247 estimations in 35 empirical studies published on the high level journals in China,we examine the structural effect of financial development on economic growth by META analysis. The result indicates that the financial development on average has a weak positive effect on economic growth in China,and it may change with different periods,different spaces,and different ways of financing as well as different transmission mechanisms. From the perspective of time structure,the impcat of financial development on economic growth shows a U-shape with the time varing,and weakest in 1990 s. From the perspective of regional structure,the financial development has more important effect on economic growth in central China. From the perspective of ways of financial structure,the effect of financial market on economic growth is more pronounced than that of banks. From the perspective of transmission mechanism structure,financial development will promote economic growth through increasing human capital accumulation,fixed asset investment and foreign direct investment. The policy suggestion of this paper is to grasp the structure effect of the financial development to economic growth. Amelioration of financial structure will contribute to supply-side reform and the long-term economic growth.
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