金融脱媒对中国经济的影响的实证研究

An Empirical Study on the Impact of Financial Disintermediation on China's Economy

金融脱媒是最早出现在美国的去中介的金融活动,随着社会经济的发展,金融脱媒将是未来金融活动的一种趋势。本文在学术界已有的金融脱媒度量指标的基础上,运用协整分析金融脱媒对中国经济的影响发现:(1)1991-2011年期间出现了一定程度的金融脱媒,在这几年间金融脱媒现象出现了一定幅度的扩大;(2)金融脱媒对中国的经济的影响无论是短期还是长期都是正向的,金融脱媒将会促进我国经济发展。

Financial dislocation is the first financial activity to appear in the United States. With the development of social economy, financial dislocation will be a trend of future financial activities. On the basis of the existing financial relocation indicators in the academic field, this paper uses the cointegration analysis of financial disintermediation to the impact of the Chinese economy. It is found that:(1) a certain degree of financial disengagement occurred during 1991-2011.(2) The impact of financial dislocation on China's economy, whether short-term or long-term positive,financial dislodation will promote China's economic development.