上海法治水平对金融发展的影响分析

Effect of the Rule of Law on Financial Development in Shanghai

以1997—2009年的上海数据为样本,通过带有控制变量的向量误差修正模型(VECM)和格兰杰(Granger)因果检验方法,研究法治水平与金融发展规模、效率以及银行业竞争之间的相关关系和因果关系。检验结果表明:法治水平与金融发展规模、效率及银行业竞争之间存在长期稳定均衡关系;法治水平的提高是促进金融发展规模、效率以及银行业竞争的格兰杰原因。因此,"国际金融中心"的建设不仅要注重法律体系的完善,更要加强法治。

In this paper, we have used VECM to make cointegration and Granger causality analysis of Shanghai from 1997 to 2009. The result indicates that there is a permanent relation among the rule of law, financial development, financial efficiency and bank competition. Improving the level of the rule of law is not only the Granger Causality of improving financial development and financial efficiency, but also the Granger Causality of bank competition. Therefore, the rule of law is as important as the law system in the construction of an international financial center.