金融发展、资源诅咒与经济增长

Financial Development,Resource Curse and Economic Growth

长期以来,“资源诅咒”是困扰发展中国家经济增长的重要问题。那么,金融发展能否有效解决中国的“资源诅咒”问题呢?也即,有必要探究金融发展是否是“资源诅咒”影响经济增长的重要传导机制。为此,需要在理论层面上,通过构建包含金融因素和资源要素在内的四部门内生经济增长模型,探究在不同的金融发展水平阶段自然资源丰裕度与经济增长的关系;在实证层面上,通过运用线性模型和非动态面板门限模型证实我国存在着“资源诅咒”现象及其金融发展门槛效应。理论和实证研究的结论表明,在我国,资源丰裕度与经济增长之间存在显著的非线性关系,只有金融发展水平趋于合理,“资源诅咒”才能转为“资源福音”。有鉴于此,我国的资源型区域若要促进经济高质量增长,必须致力于金融的合理发展。

For a long time,the“resource curse”is an important issue that plagues the economic growth of developing countries.Can financial development effectively solve China's“resource curse”problem?It is necessary to explore whether financial development is an important transmission mechanism for“resource curse”to influence economic growth.To this end,we must explore the relationship between natural resource abundance and economic growth at different levels of financial development on a theoretical level by constructing a four-sector endogenous economic growth model that includes financial and resource elements;through the use of linear models and non-dynamic panel threshold models,it is confirmed that there is a“resource curse”phenomenon and its financial development threshold effect.The conclusions of theoretical and empirical studies show that there is a significant non-linear relationship between resource abundance and economic growth in China.Only when the level of financial development tends to be reasonable,the“resource curse”can be turned into“resource gospel”.In view of this,if China's resource-based regions want to promote high-quality economic growth,they must commit to the rational development of finance.