金融开放与经济增长的关系研究——基于金融发展视角的经验证据

An Analysis of the Relationship between Financial Openness and Economic Growth——Empirical Evidence from the Perspective of Financial Development

中国金融即将进入对外开放的新阶段,如何借助金融开放促进实体经济增长成为焦点话题。对此,本文从金融发展的角度,系统考察金融开放对经济增长率的影响及作用机制,并利用1970-2014年的跨国面板数据进行实证性检验,发现:金融开放对经济增长存在倒U型的影响,且依不同国家收入水平体现出异质性。进一步的研究发现,这种异质性源于不同国家金融发展水平的差异,金融发展是金融开放影响一国经济增长的重要作用中介。本文认为金融发展是金融开放对经济增长的主要影响渠道,金融开放政策应当在平衡金融改革与经济效益的基础上推进。

As China's financial sector is about to enter a new phase of opening up,how to promote real economic growth through financial liberalization has become a hot topic.From the perspective of financial development,this paper systematically examines the impact of financial liberalization on economic growth rate and its mechanism by using a panel data sample from1970to2014to analyze empirically.It is found that the financial openness has a robust adverse U-shaped impact on economic growth,and reflects heterogeneity among different income level countries.Further studies have found that this heterogeneity stems from the differences in the level of financial development in different countries.Financial development is an important intermediary through which financial openness affects the country’s economic growth.This paper argues that financial development is the main channel of financial openness to economic growth which decides how much a country gains from financial openness.Financial liberalization policies should be based on the balance of financial reforms and economic benefits.