区域金融发展对经济增长影响机制的“非线性”迁移特征分析

Study of the Nonlinear Migratory Characteristics of Financial Development on Regional Economic Growth

金融发展水平对经济增长具有重要影响,然而,其影响机制具有非线性迁移特征,不同经济区域下的影响效果也具有显著差异。基于此,本文构建面板平滑迁移模型PSTR并基于金融总体发展和区域金融发展两个层面分析其对经济增长作用的区制迁移特征。研究结果表明:东部地区的金融发展规模远高于中西部地区,但东部地区的资金利用效率却没有中西部高。从全国角度来看,金融发展对经济增长存在着明显非线性影响特征,随着金融发展水平由低区制平滑地过度到高区制,我国金融发展对经济增长由微弱的负向影响转向为显著地正向影响;东部、中部及西部地区的金融发展对经济增长均存在着显著的非线性影响作用,东部地区迁移速度最快,中部地区其次,西部地区的迁移过程最为缓慢;随着金融发展程度的提高,东部、中部及西部地区的金融发展对经济增长的作用均呈现显著增强的态势,但中部地区的影响作用要强于西部地区,可能的原因是,中部地区受到金融发展水平较高的东部地区辐射影响。

The level of financial development has an important impact on economic growth,however,its influence mechanism has the characteristics of non-linear migration,and the effect of different eco-nomic regions is also significantly different.Based on this,we construct a panel smooth transition regres-sion model(PSTR)to examine the regime switching effect of our country's overall financial and regional financial development on economic growth.The results show that the scale of financial development in the eastern region is much higher than that in the central and western regions,but the efficiency of capital uti-lization in the eastern region is not high in the central and western regions.China's financial development has obvious non-linear impact on economic growth,that is,when the level of financial development from the low zone to smooth over the high zone,the financial development of China's economic growth from a slight negative impact to significant positive influences.The financial development in the eastern,central and western regions has a significant nonlinear effect on economic growth.The eastern region has the fas-test migration and the central region.The migration process in the western region is the slowest.With the improvement of financial development,the financial development in the eastern,central and western re-gions shows a significant increase in the role of economic growth,but the central region has a stronger effect than the western region.The possible reason is that the central region is affected by radiation in the eastern region with a higher level of financial development.