金融发展与经济增长的非线性关联研究——基于门限模型的实证检验

The Nonlinear Relationship between Financial Development and Economic Growth: Evidence from Threshold Methodology

本文对Odedokun(1996)的理论模型进行了扩展,并利用多元门限模型对我国金融发展与经济增长之间的非线性关联进行了考察。实证结果表明金融发展和经济增长之间呈现出显著的非线性关联,这就否定了通常将两者关系设定为线性的研究模式。进一步的分析表明单纯在总量关系上讨论我国金融发展和经济增长关联性的意义并不明显,这启示我们在日后的研究中应该更加重视金融发展作用于经济增长的途径和机制问题。

In the context of the extended Odedokun （1996） model, we testify the nonlinear relationship between financial development and economic growth by using the threshold model. The results show that the nexus between financial development and economic growth is non - linearity significantly. The results also suggest that that we should focus on the channels and mechanism by which financial develooment may effect economic growth in our future research.