普惠金融政策对我国经济增长的影响研究

The Impact of Financial Inclusion Policy on Economic Growth in China

普惠金融已成为中国经济发展中非常重要的问题。本文校准了Dabla-Norris et al.(2015)^([8])的异质性一般均衡模型,带入中国企业层面的数据,从而探究准入、深度和效率三个维度的普惠金融政策对中国经济增长的潜在影响。研究发现:(1)制约我国经济增长的一个重要因素是对企业信贷抵押的要求过高;(2)改善我国贫富差距现状最有效的政策是提高金融中介效率。我国中小微企业信贷抵押限制急需进一步放宽,金融服务效率需进一步提高。

Financial inclusion has been one of the foremost concerns in China’s economic development agenda.Because financial system is multifaceted in nature,policies that target different sources of financial frictions are likely to have different implications on GDP,TFP,inequality,as well as financial stability.This paper calibrates a general equilibrium heterogeneous-agents model developed by Dablas-Norris et al.(2015)[8]using firm-level data in China and applies the model to investigate the potential implications of financial inclusion polices on the Chinese economy.This model is able to distinguish the impact of different financial constraints and the benefits of alleviating these constraints.Through the lens of the model,we find that the bottleneck problem that hinders economic growth lies in the tight collateral requirement for credit.If the goal is to lower income inequality,the most effective policy should aim at improving financial intermediation efficiency.