我国金融发展与经济增长关系的实证分析

An Empirical Analysis of Financial Sector Development and Economic Growth in China

本文利用格兰杰因果关系检验和基于柯布—道格拉斯生产函数框架下的计量分析,对我国金融发展与经济增长间的关系进行了实证研究。格兰杰因果检验结果表明,我国金融发展与经济增长之间存在一种双向因果关系;计量分析的结果则进一步加强了这一发现。文章结论与我国正处于从转轨经济向成熟的市场经济过渡的基本国情相吻合,对供给主导假说及需求遵从假说均提供了有力支持。

This article investigates the relationship between financial sector development and economic growth for China using Grange causality tests and econometric analysis based on CobbDouglas production function type equation. The results from the Grange causality tests indicate that there is a twoway relationship between financial sector development and economic growth. The results from regression model further reinforce the findings of the causality analysis. The conclusion is consistent with the fact the China is developing from lessdeveloped country to developed country, it also supports the supplyleading and demandfollowing hypothesis.