摘要
本文利用1998-2010年的面板数据,依据金融控制的强弱程度将全国样本划分为三个区域,在此框架下研究了区域物价波动与金融发展之间的关系。结果表明:在金融控制弱区域,物价波动对金融发展有显著的负面效应,且物价波动可通过实物投资渠道加强对金融发展的抑制作用;金融控制中强区域,两者之间仍然呈现出负相关,但物价波动借实体投资来影响金融发展的间接负效应有所降低;在金融控制强区域,物价波动对金融发展的影响十分微弱,二者间更接近于一种"中性"关系。因此,若要有效地通过平抑物价波动来促进金融发展,首先要降低金融控制程度。
Using panel data from 1998-2010,this paper investigates the changing relationship between the financial intermediation development and price fluctuations based on three samples of different Chinese capital split extent and different periods as a research framework.Our econometric results show that price fluctuations have a significant negative effect on financial development and can enhance the inhibitory effect to financial development through real investment channels in weak financial controlled regions.In a little strong financial control region,it still presents a negative correlation,but the indirect negative effects decrease gradually.While in a strong financial controlled region,there may be a ＂neutral＂ relationship between price volatility and financial development.These results mean that,if we want to have stabilized prices fluctuations to promote financial development,we should reduce the financial control level first.
出处
《经济评论》
CSSCI
北大核心
2013年第2期93-101,共9页
Economic Review
基金
中央高校基本科研业务费专项资金课题"中国西部县域金融支农的经济效应研究"(项目编号:JBK1207033)的阶段性成果之一
教育部人文社科研究项目"新型农村金融机构内生式发展困境与竞争力培育研究"(项目编号:12YJC790211)的资助
关键词
金融控制
物价波动
金融发展
区域
Financial Control
Financial Development
Price Fluctuations
Region
