金融发展与经济增长关系的理论与实证研究——基于中国省际面板数据的协整分析

中国管理科学 ›› 2012, Vol. ›› Issue (1): 177-184.

金融发展与经济增长关系的理论与实证研究——基于中国省际面板数据的协整分析

陆静^1,2

1. 重庆大学经济与工商管理学院,重庆 400030;
2. 加州大学圣地亚哥分校IR/PS研究院,美国加州 92093

收稿日期:2009-11-17 修回日期:2011-04-10 出版日期:2012-02-29 发布日期:2012-03-09
基金资助:
国家社会科学基金资助项目(09BJL024);中国博士后基金(20070410209);重庆市自然科学基金(2009BB2042)

Theoretical and Empirical Study on the Relationship between Financial Development and Economic Growth——Cointegration Analysis on Provincial Panel Data of China

LU Jing^1,2

1. School of Economics and Business Administration, Chongqing University, Chongqing 400030,China;
2. Graduate School of IR/PS, University of California, San Diego 92093, USA

Received:2009-11-17 Revised:2011-04-10 Online:2012-02-29 Published:2012-03-09

摘要/Abstract

摘要： 本文推导了存在金融中介的情况下稳态经济增长的路径,阐述了金融发展对经济增长正向推动作用的理论依据。根据中国省际面板数据,采用面板单位根、面板协整和向量误差修正模型实证分析了金融对于中国经济增长的影响。研究表明,金融发展程度是经济增长的Granger原因,经济增长、固定资产投资、劳动力投入和金融发展之间存在显著的协整关系。从完全修正普通最小二乘回归和向量误差修正模型的结果来看,金融发展对经济增长具有明显的正向推动作用。

关键词: 经济增长, 金融发展, 面板数据, 协整

Abstract: This paper deduces the growth path of steady state when considering the financial intermedium and theoretically sets forth the positive promotion of financial development to economic growth. According to the provincial panel data, the paper uses panel unit root, panel co-integration and vector error correction model to analyze the influence of financial factor on economic growth. The financial development is the Granger Causality of economic growth. The relationship between financial development and economic growth is generally positive.

Key words: economic growth, financial development, panel data, co-integration analysis

中图分类号:

陆静. 金融发展与经济增长关系的理论与实证研究——基于中国省际面板数据的协整分析[J]. 中国管理科学, 2012, (1): 177-184.

LU Jing. Theoretical and Empirical Study on the Relationship between Financial Development and Economic Growth——Cointegration Analysis on Provincial Panel Data of China[J]. Chinese Journal of Management Science, 2012, (1): 177-184.

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