金融发展、资本积累与内生增长:一个评述

A Survey on Financial Development,Capital Accumulation and Endogenous Growth

本文以资本外溢AK内生增长模型为基础,对金融发展、资本积累与经济增长关系的理论研究和经验分析作了一个文献综述。理论研究表明:金融发展通过提高储蓄转化为资本比率、改善投资配置效率和改变储蓄率等途径促进资本积累和经济增长;金融发展与经济增长之间呈互相促进、互为因果的双向关系,并形成金融发达、经济高增长和金融欠发达、经济低增长的双重均衡。经验分析显示,金融发展与经济增长之间呈显著正相关关系,这证实了金融发展与内生增长理论的预测。

The paper takes a comprehensive survey on theoretical and empirical researches on the relationship among financial development,capital accumulation and economic growth based on capital externality endogenous growth model.Theoretical research shows that financial system stimulates capital accumulation and economic growth through increasing transformation ratio of savings to investment,improving investment allocation efficiency and changing savings rate.Financial development and economic growth displays a causal and inter-stimulating relationship which results in the coexistence of high equilibrium charactering with developed financial system and high growth rate and low equilibrium charactering with undeveloped financial system and low growth rate.Empirical research reveals that financial depth and economic growth takes a significantly positive correlation,which validates the prediction of the theory of financial development and endogenous growth.