金融全球化、门槛效应与中国经济增长:文献综述

Financial Globalization, Threshold Effects and China's Economic Growth: A Literature Review

金融全球化对经济增长的影响,尽管在理论层面假说很多,但实证层面没有定论,最新研究发现存在门槛效应:金融全球化对经济增长影响的绩效差异取决于一组门槛变量水平的变化。在一国融入金融全球化的过程中,门槛变量水平高的国家,金融全球化对经济增长影响的绩效就相对较好,反之相反。但是,当前研究尚未就所有门槛变量的作用机制在统一的理论框架下研究清楚,具体的门槛阈值依赖于模型设定和计量方法而不能准确得出。鉴于此,本文基于Kose等(2011),从门槛效应的视角出发,尝试采用整体性实证框架(根据是否关注门槛变量及是否关注门槛效应),综述了金融全球化对中国经济增长影响的研究。

The latest discovery about the effect of financial globalization on economic growth is that the effect is determined by some other threshold variables such as trade integration,institutional quality,financial development and macroeconomic policies,which are called thresholds effect in the process of financial globalization.The higher of the thresholds level,the better of the effect,and vice versa.Along this line,the article reviews the effect of financial globalization on China's economic growth based on the empirical framework constructed by Kose et al(2011).