区域金融发展与区域经济增长——对北京、上海两地区域金融发展与区域经济增长关系进行比较

Regional Financial Development and Regional Economic Growth——Comparative Analysis of the Relationship between Regional Financial Development and Regional Economic Growth in Beijing and Shanghai

本文通过构建误差修正模型(ECM)并进行Granger因果检验,实证研究京沪区域金融发展与区域经济增长的内在逻辑联系,得出结论:京沪两地区域金融发展对其区域经济增长均有正向带动作用,而且上海地区金融发展对经济增长的影响力更大,北京地区金融发展对经济增长的影响更多地体现于后一期。北京地区金融发展和经济增长之间存在双向因果关系,而上海地区只存在金融发展引起经济增长的单向因果关系,京沪两地均存在经济增长内部的跨期影响。因此,对于京沪两大中心城市而言,为了推动地区经济高速增长,都要继续着力发展金融业。

This paper empirically analyzes the relationship between regional financial development and regional economic growth in Beijing and Shanghai by using Error Correction Model （ECM） and Granger causality test. The results show that the financial development and economic growth are positively correlated in both Beijing and Shanghai, the influence of financial development in Shanghai is more significant and that in Beijing lags for one period. In addition, the financial development in Beijing is the Granger cause of regional economic growth and vice versa. However, the financial development in Shanghai is only the Granger cause of local economic growth. Furthermore, economic growth＇s lagged variables show influence on regional economic growth in the two areas. Therefore, as for the two center cities, Beijing and Shanghai, rigorously developing the financial industry will advance the rapid growth of local economy.