摘要
在索洛-斯旺框架下添加金融发展水平的参数分析金融发展水平对证券市场开放经济增长效应的影响,得到金融发展水平能促进证券市场开放所带来的经济增长效应。通过金砖国家的数据进行实证检验显示:用名义的AREREA指标、实际的EW指标和资本流动指标度量的证券市场开放度的系数均显著为正,说明证券市场开放有利于经济增长;证券市场发展水平会促进该经济增长效应,而银行业发展水平对该经济增长效应的影响不显著。
This paper constructs a theoretical model to analyze the influence of the financial devel- opment level on securities market opening and economic growth, which shows that financial development will strengthen the growth effect of financial liberalization. Empirical research using BRICS data reveals that coefficients of capital market liberalization measured by AREREA, EW and actual capital flows indicators are significantly positive, indicating that capital market liberalization promotes economic growth; securities market development expands this economic growth effects, whereas the development of the banking system can not significantly promote the growth effect.
出处
《北京交通大学学报(社会科学版)》
CSSCI
2012年第3期20-25,37,共7页
Journal of Beijing Jiaotong University(Social Sciences Edition)
基金
中央财经大学"211工程"三期重点学科建设项目的资助