金融抑制、金融深化与经济增长——基于中国的经验检验

Financial Repression and Financial Deepening and Economic Developing: Evidence from China

发展中国家在工业化过程中都希望采取正确的金融政策来推动经济长期增长 ,但每个发展中国家都有着自己特殊的经济发展历史轨迹 ,从而特定的金融政策不可能在世界范围内具有普遍适应性。中国虽然在较长时期内采取金融抑制政策 ,但这种政策却有着不同于其他发展中国家的本质特征和抑制程度变迁的历史过程。通过约翰逊协整检验可以说明 ,中国的金融抑制政策可以较强地正向促进金融深化 。

We construct a summary measure of financial repression. It is very consistent with the reality of financial repressions in China. We also use Johansen cointegration theorem to test the long term relationships among the variables selected, from which we found a positive association between the summary measure, real GDP per capital and financial development. The founding is unquestionably meaningful for further financial reform in China.