鸡还是蛋:中国金融发展与经济增长之关系(1992—2004年) 被引量：7

Chicken or Egg:Financial Development and Economic Growth in China,1992—2004

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摘要在向量自回归模型框架下,运用格兰杰(非)因果关系分析法、弱外生变量分析法检验中国金融发展与经济增长之间的短期和长期因果关系,结果表明,尽管中国金融改革是滞后于实体经济部门的改革,但在1992—2004期间,金融发展的确已促进了经济增长。在长期,尽管银行部门和股票市场都对经济增长有统计意义上的影响,但股票市场对GDP的影响力明显强于银行部门对GDP的影响力。 This paper contributes to the empirical finance-growth literature by examining the relationship between financial depth, banking sector development, stock market development and economic growth in China. We apply Granger （non-） causality tests and weakly exogeneity test for non-stationary variables to examine short-run and long-run causality between economic growth and financial development. We find positive relationships between financial depth, banking sector development and growth. And the influence of stock market development on GDP appear to be much stronger than that of the banking development in long-ran.

作者范学俊罗伯特.伦辛克杰.雅克伯

机构地区华东师范大学商学院荷兰格罗宁根大学经济系荷兰格罗宁根大学CCSO及经济系

出处《华东师范大学学报（哲学社会科学版）》 CSSCI 北大核心 2006年第2期102-107,共6页 Journal of East China Normal University（Humanities and Social Sciences）

关键词金融发展经济增长格兰杰(非)因果关系分析法弱外生变量分析法 Financial development, Economic growth, Granger （non-） causality tests, weakly exogeneity test

分类号 F832.1 [经济管理—金融学] F124 [经济管理—世界经济]

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