论金融发展的非线性增长效应与最优边界

The Nonlinear Growth Effects and the Optimal Frontier of Financial Development

金融发展存在非线性结构的增长效应,体现为金融发展对经济增长的正向效应会出现不同程度的弱化、消失甚至逆转。由一国金融体系的信用创造能力内生决定的信用扩张机制,是导致金融发展相对实体经济过度以及非线性增长效应生成的重要根源。因此,一国的金融发展存在最优边界,保持与实体经济发展水平和发展结构匹配的信用创造能力与信用扩张水平,是实现金融最优边界的重要条件。

Financial development weakening, disappearance, and even conomic growth. The credit expansion tion ability of its financial system. Co has nonlinear growth effect, which is characterized by the inversion of the positive effect of financial development to e- mechanism endogenously decided by a country＇s credit crea- mpared with the real economy, it is an important root which leads to the excess and nonlinear growth effect of financial development. Therefore, a country＇s fi- nancial development has an optimal frontier. An important way to realize financial optimal frontier is to maintain the credit creation ability and credit expansion level which can well match the development level and structure of real economy.