金融结构、银行发展与经济增长

Financial Structure,Banking Development and Economic Growth

虽然关于金融发展与经济增长关系的研究已经著作颇丰,但金融结构和长期的经济增长之间是否存在相关关系,以及这种关系是通过何种机制实现的,却一直缺乏深入研究。通过实证分析,我们发现,金融结构的差异并不能有效地解释不同国家之间的经济增长差异。而进一步的分解分析还表明,在金融体系的内部,银行信贷对经济增长的作用要明显强于市场渠道,其基本的实现机制是:银行的发展增强了私人部门信贷的可获得性,同时银行具有事实上比股市更为重要的融资地位,从而在长期的经济增长中扮演了更为重要的角色。

There is abundant literature on the study of financial development and economic growth while the research on the financial structure and economic growth is relatively inadequate. The main purpose of this paper is to answer the following question： is there a steady relationship between financial structure and long - run economic growth？ If so, how this relationship is realized？ Based on cross - country evidence, we find that the financial structure cannot explain the differences of economic growth in different countries. Further analysis indicates that inside the financial structure, the contributions of bank credit to the economic growth is more significant than the stock market channel. The mechanism during the transmission process is that the development of banking industry enhances the availability of private sector＇ s credit and the mason why banks play a more important role than stock market in economic growth is that banks indeed occupy the major role in the real sector＇ s financing.