金融创新是否促进了经济增长?——基于省级面板数据的实证研究

Financial Innovation Promotes Economic Growth?

金融创新对经济增长的影响效应在理论上是不确定的,而经验研究也没有得出一致结论。本文基于全国15个省（直辖市、自治区）2008~2013年的省级面板数据,运用系统GMM方法实证检验了我国金融创新通过促进金融发展而对经济增长的影响。研究发现：金融创新对经济增长的直接效应并不能确定,而金融创新通过促进金融发展进而对经济增长产生积极作用,但具有显著的时滞效应,且该效应呈东部、中西部递增趋势;同时,本文发现金融创新通过促进金融发展而对经济增长的影响具有长期性。

The impact of financial innovation on economic growth is uncertain in theory,but empirical researchhas not reached the same conclusion. Based on the country＇s 15 provinces（municipalities and autonomous regions）during 2008~2013 years,we use GMM method to test that how financial innovation influences economic growth by fi-nancial development. We find that financial innovation plays an active role in economic growth with financial develop-ment during the review period,but couple with a significant lag; at the same time,this paper tests again that the directimpact of financial innovation on growth is uncertain,and the impact has a time trend effect.