非正规金融发展的区域差异及其经济增长效应

Regional Differences of Informal Financial Development and Its Impact on Economic Growth

中国非正规金融发展呈现出明显的区域差异,这与商业文化发达程度、正规金融对民营企业金融支持力度、民间资金丰裕度等因素有关。利用区域宏观经济数据在新古典经济增长理论框架下对金融发展的经济增长效应进行实证检验,文章发现非正规金融发展的区域差异对经济增长的区域差异具有显著的解释力。通过对金融发展水平指标的重新构建,文章认为正规金融与非正规金融均有显著的经济增长效应。

Informal financial development in China is significantly differ- ent among regions, which is related with commercial culture, financial support to private enterprises from formal finance, the degree of private capital abundance and so on. Under the framework of the neo-classical theory of economic growth, the paper makes an empirical study on the effect of financial development on economic growth through regional macroeconomic data. It finds that regional differences of informal financial development provide a sound explanation for regional differences of economic growth. Through the re-construction of the indicator of financial development degree, it shows that both the formal financial and informal financial have the significant effects on economic growth.