货币调控、金融发展与农村经济增长

Monetary Adjustment,Finance Development and Rural Economy Growth

针对农村金融发展是否促进农村经济增长这一学术争议,引入货币调控、农村金融规模、金融效率和金融相关率等因素改进C—D函数模型,基于1990—2012年度数据,实证考察货币调控、金融发展对农村经济增长的经济效应。结果表明,农村金融发展长期影响农村经济增长。农村金融效率与农村人力资源、农村资本存量、农村耗电量和农村技术进步共同推动农村经济增长。货币调控对农村经济增长具有长期无效性。农村金融规模负向冲击农村经济增长,农村金融相关率正向促进农村经济增长。因此,需要深化农村金融体制机制改革和农村金融治理体系能力建设。

According to the controversies whether rural finance development level accelerates rural economy growth, this paper con- struets improved C - D function model included monetary adjustment, rural finance scale, rural finance efficiency and rural financial interrelation ratio etc, based on the data from 1990 to 2012, to study the economic effect of monetary adjustment and finance develop- ment to rural economy growth. The results show that： in long term, finance development accelerates rural economy growth. The effi- ciency of rural finance and rural human resources, rural capital stock, rural electricity consumption and rural technological progress promote the rural economic growth. The monetary control has no effect on rural economic growth in long - term. The rural financial scale negatively impact the growth of the rural economy, and rural financial interrelation ratio positively promote rural economic growth. Therefore, it＇ s needed to deepen reform of the rural financial system and mechanism, and promote construction of the rural financial system of governance and capacity.