摘要
金融中介发展与经济波动的联系属于学术研究前沿课题。文章基于1994-2010年中国省级面板数据研究发现,尽管中国金融中介发展具有显著的货币冲击减震效应,但总体而言,中国还未到达金融中介发展对经济波动产生平抑效应的阶段。文章还发现,中国正从金融中介发展对经济波动具有放大效应的阶段步入临界区间。因此,文章研究结果所蕴含的一个重要政策涵义是,中国金融中介发展已处于一个关键时期,进一步加快发展必定会为宏观经济稳定和经济增长产生积极影响。
The relationship between the development of financial inter- mediation and economic fluctuations is an academic frontier. Based on the provincial panel data in China from 1994 to 2010,this paper finds that, the development of financial intermediation in China has significantly dampened monetary shock, but bv and large. China has not yet reached to the stagewhere the development of financial intermediation can smooth economic fluctuations. It also shows that Uhma is experiencing a shift from the stage where the development of financial intermediation has the amplification effect on economic fluctuations to the critical interval. Therefore, it offers the important policy implication that, the development of financial intermediation in China has been in a critical period and the further quick development of financial intermediation will certainly bring about the positive effects on macroeconomic stability and economic growth.
出处
《财经研究》
CSSCI
北大核心
2013年第1期61-70,81,共11页
Journal of Finance and Economics
基金
浙江省哲学社会科学规划项目(11ZJQN056YB)
浙江工商大学现代商贸研究中心课题(2011ZSDSM102)
浙江省高校人文社科重点研究基地(金融学)
浙江省之江青年社科学者行动计划项目的资助
关键词
金融中介发展
经济波动
货币冲击
development of financial intermediatiom economic fluctuation
monetary shock
