摘要
本文对银行、股票市场与经济增长三者之间的关系进行了再检验，通过建立联立方程并采用GMM方法对1992-2012年的季度数据进行系统、动态的实证研究，得出与高辉（2011）研究明显不同的结论：金融深化对经济增长存在u型的非线性关系，股票市场对经济增长有显著的负向作用；股票市场与银行的发展不存在挤出效应；本文也使用robust以及方差协方差矩阵等方法进行了验证，结果都显示GMM估计具有稳健性。
The paper rechecked the relationships among banks,stock markets and economic growth,and by establishing the simultaneous equations,as well by using the GMM method,the paper did empirical research for the quarterly data between 1992 ~ 2012 in a systematic and dynamic way,then drawn the conclusion which is very different from Gao(2011) :the financial deepening has a U-shaped and nonlinear relationship with economic growth,the stock market has a significant negative effect towards economic growth,and there is no crowding-out effects between stock market and the the development of banking.The paper also checked the result by using the method of robust and variance-covariance matrix.The results all show that the GMM estimates are robust.
出处
《世界经济研究》
CSSCI
北大核心
2014年第3期80-86,89,共7页
World Economy Studies
基金
上海财经大学研究生科研创新基金资助课题<全球一体化进程中实际汇率变动对实际工资调整的机制与政策研究>(CXJJ-2012-347)
