马来西亚金融发展与经济增长:债券市场的视角被引量：4

马来西亚金融发展与经济增长:债券市场的视角

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摘要本文同时引入银行、债券和股票市场这三个重要的金融部门,在控制了投资、进口、出口和消费等重要实质经济变量以及虚拟变量亚洲金融危机的情况下,采用协整分析、误差修正模型和Granger因果检验法,从债券市场的视角对马来西亚金融发展与经济增长的关系进行了实证研究。研究发现,金融发展(效率提升)对马来西亚的经济增长具有显著的促进作用,出口、投资和消费也是其经济增长的重要源泉,而进口和亚洲金融危机却具有负面效应。 This paper is the first effort to introduce three important financial sectors （bank, bond and stock market） and GDP growth, controlling for four important economic variables （investment, export, import and consumption） and one important dummy （East Asia Financial Crisis）, to investigate the role of financial development in Malaysian economic growth from the bond market perspective. It concludes that improvement in financial efficiency significantly contributes to economic growth, investment, export and consumption have long-run positive effects but import and the EAF have significantly negative impact on economic growth in Malaysia.

作者张志文

机构地区中山大学政务学院

出处《国际金融研究》 CSSCI 北大核心 2007年第7期11-18,共8页 Studies of International Finance

关键词马来西亚金融发展债券市场经济增长协整分析 VECM GRANGER因果检验 Financial Development in Malaysia Bond Market Development Economic Growth Granger Causality Test Co-Integration Test Vector Error-Correction Model （VECM）.

分类号 F831 [经济管理—金融学]

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参考文献12

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