政府行为、金融发展与经济增长

The Government Behavior, Financial Development and Economic Growth

利用1997—2003年间的省级面板数据检验我国转型时期31个省区市政府行为、金融发展与经济增长的关系,发现不考虑政府行为时,金融发展和经济增长是正相关的,但引入政府行为后,两者变成了负相关关系。政府直接干预经济会带来增长,但这种增长是粗放式的,会挤出民间资源,从而阻碍金融市场资源配置功能的发挥。政府应该进一步促进市场化,通过技术和制度创新来获得正的增长效应。

This paper empirically tests the relationship between the government behavior, financial development and economic growth, based on the panel data of the 31 provinces and cities in China between 1997 and 2003. The findings are that the financial development and the economic growth are positively related, if government behavior is not considered. But after adding the factor of government behavior to the model to test the relationship, we find the correlation of financial development and economic growth is negative. The reason may be that although the government's regulating behavior may improve economic growth, this growth is simple, in that this behavior may squeeze out private investment, limiting the financial system in allocating resources. Therefore, the article concludes that the government may further promote marketing, and gain positive growth effect by technology and institutional inovation.