互联网金融发展与经济增长的关系——非参数格兰杰检验

The Relationship between Internet Finance Development and Economic Growth——A Non-Parametric Granger Test

本文基于非参数格兰杰因果检验方法,从总体、性别、年龄和业态等维度,实证检验互联网金融发展和经济增长关系及其结构性特征。总体检验结果表明,互联网金融发展是经济增长的格兰杰原因,但经济增长不是互联网金融发展的格兰杰原因;不同性别的分类检验结果与总体结果一致;不同年龄层的互联网金融发展指数与经济增长之间存在双向格兰杰因果关系和相互作用机制,但呈现非对称性特征;除互联网支付外,互联网货币基金、互联网投资和互联网保险均与经济增长存在双向格兰杰因果关系。

Based on the non-parametric Granger causality test, this paper presents an empirical test on the relationship between Internet finance development and economic growth, and the structural characteristics. The test results show that Interuet finance development is the Granger reason of economic growth, but economic growth is not the Granger reason of Internet finance development. The disaggregated-test results of different genders are consistent with the overall results. There is a two-way Granger causality and an interaction mechanism between the index of Interuet finance development of different ages and the economy growth, but they show the asymmetry characteristics; Except the Interuet payment, the In- ternet monetary funds, Internet investment and Internet insurance have a two-way Granger causality relationshiop with economic growth.