金融发展、金融自由化与经济增长——我国固定资产投资的不同资金来源与经济增长关系的经验分析

Financial Development and Financial Liberalization in Relation toEconomic Growth

在回顾金融发展和金融自由化理论的基础上,研究了金融发展、金融自由化与经济增长之间的关系,通过建立两个计量经济模型,估算出我国固定资产投资中不同资金来源的每年投资总量以及变动率对经济增长的贡献。指出,伴随着我国金融自由化和金融发展的进程,政府预算投资在投资总额中的地位迅速下降,并逐步转向为社会提供公共产品的投资,国有经济部门的投资比例迅速缩小。随着居民收入的提高,私人储蓄通过银行贷款渠道以及资本市场投资,已经成为重要的资金来源,私人自筹资金投资以及外资投资在总投资中的地位逐步提升,为我国的经济增长发挥了积极作用。

Abstract: By reviewing the theoretical studies of financial development and financial liberaization,their relationship with econmic growth is examined. By establishing two econometric models. an estimate ismade of the contributions to China's economic growth by different capital sources' annual aggregate invest-ment and its rate of change in China's gross investment in fixed assets. It is found that the place of govern-ment budget in China's gross investment is declining fast and the priority of investment is being directed tothe supply of public products to the society while the investment ratio of state - owned economic sectors isdiminishing quickly. Economic growth, increased resident income, private savings, bank loans, and capitalmarket have become important sources of funds. Private financing and foreign capital investment are emerg-ing in China's gross investment, having played an active role in China's economic growth.