摘要
本文利用1998~2015年间中国30个省级地区的面板数据,通过构建动态面板模型,将金融发展和实体部门经济之间的增长差异与金融发展的交互项纳入到计量模型中,实证检验金融发展与经济增长之间是否具有非线性关系。结果表明,金融发展对中国经济增长的影响取决于金融发展和实体部门经济之间的增长差异。当金融发展增速超过实体部门经济增速24. 34%时,金融发展会对中国经济增长产生显著的负面影响;当增速差异不高于24. 34%时,金融发展会对中国经济增长产生显著的正向影响。
This paper uses the dynamic panel model and puts the interaction between financial development and the growth difference of real sector economy and financial development into the empirical model by using panel data for 30 regions over the period 1998 to 2015 to investigate the non-linear relationship between financial development and economic growth in China. The results show that financial development significantly hinders the economic growth when the growth rate of financial development is greater than that of real sector economy by 24. 34%. However, when the growth rate between financial development and real sector economy is less than or equal to 24. 34%,financial development has a significantly positive effect on economic growth.
作者
李健
张兰
王乐
LI JIan;ZHANG Lan;WANG Le(School of Economics and Law,Bohai University,Jinzhou 121000,China;School of Management,Bohai University,Jinzhou 121000,China)
出处
《经济体制改革》
CSSCI
北大核心
2018年第5期26-32,共7页
Reform of Economic System
基金
教育部人文社会科学研究项目"金融发展的非线性经济增长效应研究:理论与中国实证"(18YJC790080)
教育部人文社会科学研究项目"新能源产业集群供应链协同创新机理与激励机制研究:基于纵向市场结构视角"(16YJC630120)
辽宁省社会科学规划基金项目"金融发展与辽宁城市全要素生产率增长关系研究"(L18CJY002)
