中国金融抑制与经济发展的实证分析

An Empirical Study of the Relationship between Financial Repression and Economic Development in China

金融抑制是发展中国家存在的一个普遍性问题,对于金融抑制是否会促进经济增长也成为理论界一直在探讨的一个热门话题。通过主成分分析法和协整理论对中国的金融抑制与经济发展的关系进行实证分析,可以表明,金融抑制在特定的历史阶段虽然会促进经济发展,但是,它是以低效率为代价,改革开放的历史表明,只有放松金融管制才会促进经济的持速、快速和健康发展。

Financial repression is a general phenomenon in developing countries, and whether it is useful to accelerate economic growth has long been a hot topic in the field of economy. The paper analyzes empirically the relationship between financial repression and economic development in China by using the theory of principal component analysis and co-integration. The result shows that financial repression can promote the speed of economic development in the special historical period at the cost of low efficiency. Moreover, the history of reform and opening-up in China also has demonstrated that only lessening financial control can make Chinese economy develop in a sustainable way.