交易效率、金融发展与经济增长

Trading Efficiency,Financial Development and Economic Growth

本文在杨小凯(Xiaokai Yang,1999,2000)、李敬(2007,2008)的基础上,对新兴古典经济学投资一储蓄模型进行了改进,得出了金融发展对经济增长促进作用、金融发展差异导致经济发展差异的理论模型。在此基础上:本文利用2001～2007年的面板数据证明了金融发展水平的内生机制,商品、信息、金融市场的交易效率和教育水平每提高1个百分点,将导致金融发展水平分别提高0.089525、0.035013、0.710387和1.128221个百分点;金融发展通过交易效率等因素促进经济发展等方面存在着区域性的差异;利用1998～2007年的面板数据证明了金融发展水平对经济增长促进作用存在着地区性差异的结论;利用1978～2007年的金融发展水平、经济增长指标计算出了省际、区域基尼(Gini)和泰尔(Theil)系数,并对两个指标进行回归,得出了金融发展差异是经济增长差异形成的一个重要原因的结论。

Based on Yang(1999,2000),Li(2007,2008),this paper makes improvement to the the investment-save model in New-Classical Economics, which makes the result that the financial development promotes the GDP growth, the gaps in financial development lead to the gaps in GDP growth.What's more,by using the panel data in 2001-2007,this paper makes the result the improvement of trading efficiency in commodity,information,financial market and the level of education place an great impetus on financial development.As it increases 1 percent, the financial development will increases 0.089525,0.035013,0.710387, 1.128221 percent partially;Apart from it,by using the panel data in 1998-2007, we prove the result that there exists gaps in promotion between financial development and GDP growth.Finally,by using the Gini and Theil series data in 1978-2007 and making regression,we make the conclusion that the gaps in financial development is one of the important reason of the gaps in GDP growth.