银行信贷调整的经济增长效应研究

An Empirical Analysis of the Impacts of Credit Adjustment on Economic Growth in China

银行信贷创造货币的功能通过资本深化带动了经济增长。1994～2000年间，中国实施紧缩信贷的政策，银行信贷增长率每降低1％，经济增长率降低0．79％，从紧的信贷政策对抑制1992—1993年的经济过热起到了一定的作用，但是也使这一阶段经济增长一度低迷。2001～2007年，银行信贷增长率每增加1％，经济增长率增加0．2％，稳健的信贷政策对经济增长产生了明显的影响。因此，当前实施的“适度宽松”信贷政策必定会给经济增长带来积极的影响。

Credit of bank promoted economy growth by capital deepening. During the period from1994 to 2000, every 1% reduction of growth rate made the economy growth rate reduce 0.79%, because China implemented tighten credit policy, which repressed excessive economy from 1992 to 1993. During the period from1994 to 2000, every 1% increase of the growth rate made the economy growth rate increased 0.2%, because china implemented steady monetary policy, which made an aggressive influence on economy growth, so moderately loose credit policy would promote economy growth efficiently.