金融发展、边界资本配置与经济增长

Financial Development, Boundary Capital Allocation and Economic Growth

传统金融发展理论认为,金融发展以提高社会资本配置效率促进经济增长。但是,该理论忽略了国民经济需要产业部门协调发展的事实,使得央行的结构信贷政策受到质疑。本文针对这一理论缺陷提出"边界资本配置效率"的概念,并通过实证研究发现:我国金融发展对经济增长的促进作用,不仅表现在总量上,而且表现在结构上,即央行的结构信贷政策整体有效。上述结论有助于央行完善实施定向降准政策的商业银行筛选标准。

Conventional wisdom believes,financial development promotes economic growth by improving the efficiency of social capital allocation.However,it ignores different industrial sectors in need of being balance development as a whole.To solve above potential defect,this paper puts forward the concept of“boundary capital allocation”,and get the conclusion through empirical analysis:the promotional effect of financial development on economic growth is not only quantitative,but also structural.Namely,the structural credit policy of central bank is effective in China.Conclusions are helpful for central bank to prefects commercial bank screening criteria when it chooses the qualified bank to cut the required reserve ratio.