金融一体化对经济增长的影响被引量：8

The Impacts on Economic Growth of Financial Integration

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摘要本文主要验证以本国持有的外国资产、本国的对外负债、本国对外国的直接投资和外商直接投资各自占GDP的比重衡量的金融一体化对经济增长的影响。在收集了72个国家1980—2005年的数据后,本文构造了一个动态面板数据模型。基于系统GMM的估计结果表明:(1)在衡量金融一体化的四个指标中,只有外商直接投资对经济增长有着显著的正向影响,其他三个指标均不能通过显著性检验;(2)对外直接投资更加有利于发达国家的经济增长,而外商直接投资则更有利于发展中国家的经济增长;(3)金融一体化程度高的发展中国家比金融一体化程度低的发展中国家在金融一体化过程中获得了更多的经济利益。 This article explore the impacts on economic growth of financial integration,and the financial integration is measured through four indicators which are foreign assets ,foreign liabilities,direct investment abroad and foreign direct investment. After collects the data of 72 countries from 1980 to 2005 ,this article constructs a dynamic panel data model. Based on the estimation of system general moment method（GMM）,it concludes：（1）Of the four indicators measuring financial integration ,only foreign direct investment has a significant positive effect on the economic growth and the other three indicators can not pass through the significance test; （2） Investment abroad contributes more to the economic growth of the developed countries and foreign direct investment contributes more to that of developing countries; （3） During the process of financial integration,the developing countries with high financial integration degree benefits more than the developing countries with low financial integration degree.

作者刘生龙张捷

机构地区清华大学国情研究中心中国社会科学院财贸所

出处《南开经济研究》 CSSCI 北大核心 2009年第3期73-86,共14页 Nankai Economic Studies

关键词金融一体化经济增长动态面板系统GMM估计 Financial Integration Economic Growth Dynamic Panel Data Model System GMM

分类号 F830 [经济管理—金融学] F061.2 [经济管理—政治经济学] F224 [经济管理—国民经济]

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