我国金融市场化的测度、市场化过程和经济增长

本文在国内外现有研究的基础上构造出我国金融市场化指数,很好地刻画了金融市场改革过程的波动。同时,利用中国的现有数据检验了标准的金融发展和经济增长的计量模型,没有发现金融发展和经济增长之间的相关关系,不支持国内现有的研究结论。本文认为这是没有考虑市场化过程的结构。在现有模型基础上通过引入金融市场化指数重新进行检验,结果发现市场化过程明显影响经济增长。特别是如果同时考虑金融结构和金融市场化过程,那么金融市场化指数能够一定程度上正向影响经济增长,但金融结构和经济增长的关系是相反的。这说明主要是市场化过程影响经济增长。

The paper, by introducing principal component analysis, establishes the index of China's financial liberalization based on the previous studies. Then the authors use the index to test the impact of financial liberalization on economic growth and find that the financial liberalization index can reflect the fluctuations in the reformation of China's financial markets. However, the test doesn't support some existing studies that there is a relationship between financial development and economic growth. When we consider the financial structure and financial liberalization together, it is found that there is a positive relationship between financial liberalization and economic growth, but a negative relationship between financial structure and economic growth. The conclusion is that financial liberalization affects economic growth.