地区金融发展与经济增长 --基于空间杜宾模型的研究
投稿时间:2017-09-08  修订日期:2017-09-08  点此下载全文
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作者单位邮编
张少东* 南开大学 金融学院 300350
阳佳余 南开大学金融学院 
基金项目:“经济开发区的绩效评估:区域增长辐射效应与环境影响”
中文摘要:基于空间杜宾模型,通过对我国31个省市2000年-2014年金融发展与经济增长相关数据的实证分析,研究金融发展对经济增长的作用方向、时段特征、阶段特征以及区域特征,同时考察经济开放下金融发展对经济增长影响的变化。研究发现,首先,我国各省经济增长和金融发展均存在显著的空间相关性。其次,金融发展规模与经济增长之间存在正向相关关系,2008年后影响显著增加;金融结构和金融相关比率分别与经济增长之间存在负向相关关系,2008年后负作用增强;经济开放水平的提高并未对我国金融发展积极作用的发挥带来显著推动作用,反而带来抑制作用。再次,不同经济增长阶段中金融发展水平对经济增长作用存在差异,金融发展规模的影响在低水平阶段最大,高水平阶段次之,最后是中等水平阶段;金融结构的系数在不同经济发展阶段呈现出一定的倒U型特征;随着经济发展水平的提高金融相关比率的系数绝对值有所减小。最后,研究结果表明不同区域内金融发展对经济增长影响存在显著的差异性。
中文关键词:金融发展  经济增长  经济开放  空间杜宾模型
 
Regional financial development and economic growth: Analysis based on Spatial Durbin Model
Abstract:Based on Spatial Durbin Model, this paper uses the data of financial development and economic growth of 31 provinces in China over the period 2000-2014 to research the direction of financial development to economic growth、Periodical Feature、Stage characteristics and Regional characteristics,and to investigate the changes of the influence of financial development on economic growth under the background of Economic Opening-up. The study found that: firstly, there is a significant spatial correlation between economic growth and financial development in china. Secondly, there is a positive correlation between the scale of financial development and economic growth, and the impact increased significantly after 2008; there is a negative correlation between financial structure and financial interrelations ratio and economic growth respectively, and the negative effect was enhanced after 2008; the improvement of economic openness did not play a significant role in promoting the positive role of China's financial development. Again, the effect of financial development on economic growth is different in various economic growth periods, the impact of financial development scale is the largest in the low level, high level stage comes second, the last is the medium level; the coefficient of financial structure presents inverted U features in different stages of economic development; the absolute value of the coefficient of the financial interrelations ratio decreases with the improvement of the level of economic development. Finally, the results show that the influence of financial development on economic growth has a significant difference in different regions.
keywords:financial development  economic growth  economic openness  spatial durbin model
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