摘要
文章利用1998～2009年的季度数据，通过构建联立方程模型，利用GMM估计方法系统考察了中国金融中介、股票市场与经济增长之间的相互关系。实证研究结果表明：金融中介发展与经济增长二者相互影响，但作用方向不同：金融中介的总体规模对经济发展的影响为负；经济增长对于金融中介的发展存在显著的正向作用；股票市场发展与经济增长二者相互之间的影响并不显著；从金融中介发展与股票市场发展的相互关系来看，股票市场发展对金融中介发展有较大促进作用，但金融中介发展对股票市场发展的作用不明显。因此，要切实转变我国的经济增长方式，积极发展中小商业银行，规范股票市场的运作，以促进我国金融与经济协调、可持续发展。
This paper discusses the correlation between the development of finance and economic growth systematically in China according to a simultaneous model by using the quarterly data from 1998 to 2009. The result of the empirical analysis indicates as follows： There is a significant causal relationship between the development of financial intermediaries and economic growth. The relationship between stock market and economic growth is not significant. We also find that the development of financial intermediaries makes a positive effect on the development of stock market . So it is practical to transform the way of economic growth, promote the development of small and medium-sized banks positively, and regulate the operation of the stock market in order to contribute to harmonious and sustainable development between finance and economy in China.
出处
《上海经济研究》
CSSCI
北大核心
2011年第2期11-19,共9页
Shanghai Journal of Economics
关键词
金融发展
经济增长
金融中介
股票市场
联立方程模型
development of finance
economic growth
financial intermediaries
stock market
simultaneous equation model
