政府干预、地方金融发展与经济增长

Government Intervention, Local Financial Development and Economic Growth

利用我国省级面板数据,分析了政府干预、金融发展与经济增长的关系。研究发现,适度规模的金融发展促进了经济增长,在中等金融发展水平下,金融发展的经济增长效应最大。在金融发展水平较低地区,地方政府适当干预金融发展有利于经济增长;而在金融发展水平较高地区,地方政府干预金融与经济增长之间存在负相关关系,地方政府干预金融对经济增长的影响呈边际效率递减的特征。因此,地方政府对金融的干预不应是对微观行为的干预或指令性行政干预等强制性干预,而应是在尊重市场的基础上,提升公共金融服务水平,降低市场信息不对称程度和交易成本,引导金融服务实体经济。

By making use of China＇s provincial panel data, this paper makes an analysis of the relationship between government intervention, financial development and economic growth. The find- ings indicate that a moderate scale of financial development can promote economic growth, and that at the intermediate level of financial development the economic growth effect of financial development is the maximum. In the areas with lower level of financial development, the moderate intervention of local government is conducive to the promotion of economic growth; while in the areas with higher level of financial development, there is a negative correlation between local government intervention in financial development and economic growth. The impact of local government intervention in finance on economic growth presents the characteristics of diminishing marginal efficiency. Therefore, govern- ment intervention in financial development should not be mandatory intervention such as the interven- tion in micro behaviors or administrative interventions. The intervention should be based on the respect for the laws of the market, so degree of information asymmetry and conomy. as to improve the level of public services transaction costs, and guide the financial in finance, reduce the services to the real economy.