金融发展与经济增长：来自中国的经验分析

Financial Development and Economic Growth:the Empirical Analysis of China

在对我国金融发展与经济增长的研究中,存在着经济货币化比率异常等一些令人困惑之处,因此需要对此问题进行更为深入的研究。文章采用戈氏指标对我国金融发展水平进行考察,并通过剔除虚假成分得到我国金融发展的真实水平,在此基础上对我国金融发展与经济增长间关系进行经验研究。同时,将发展经济学的观点与金融发展、经济增长间的"供给主导"、"需求遵从"理论假说进行综合分析,提出了一种新的理论假说:虽然金融增长能够促进经济增长,但金融发展的内在质却只能由经济增长所引致;最后是简短结论与政策建议。

Since there are some confusion in the study of financial development and economic growth, the paper employs G＇s indicators to examine China＇s financial development and obtains actual financial development after eliminating false element. Moreover, the author empirically studies the relationship between financial develop- ment and economic growth. Meanwhile, based on the analysis of development economics and ＂supply leading＂ and ＂demand following＂ of theoretical hypothesis, the author then proposes a new theoretical hypothesis ： the economic effect of financial development can be merely improved by economic growth, though financial development can promote economic development. At last, brief conclusions and suggestions are put forward.