摘要
从经济金融化视角出发,在分析金融与实体经济协调发展机制的基础上,运用耦合协调度模型对我国1990—2016年金融与实体经济关联度和协调度进行实证分析,结果表明:金融化的发展在一定程度上取决于实业投资、实体经济资本形成及居民消费;资本市场发展对实体经济增长有很强的正向推动作用;我国金融与实体经济的协调度总体呈现出先降后升的"U"型发展轨迹,两者基本处于勉强协调和中度协调状态,仍有很大提升空间。为提升金融和实体经济的协调度,建议重点优化和提升系统主要因素,如推进资本市场深化改革等,不断提高金融服务实体经济能力和水平。同时,要考虑实体经济对政策反应的滞后性,政策制定和执行要从金融系统入手,逐步向系统拓展。
Starting from the perspective of economic perspective,based on analyzing the harmonious mechanism of finance and real economy and using the coupling harmonious degree model,we empirically study the relevance and coordination of China from 1990 to 2016.Results shows:to some extent,financialization depended on real economy,real capital formation and household consumption;capital market development has strong positive effects to real economy;the general harmonious degree path of China's finance and real economy presented as U shape,first declining and then rising,the relation is in low or medium harmonious level,and has great increasing spaces.For increasing harmonious degree,suggestions are optimizing and increasing the crucial parts of economic system,as deepening capital market reform,continually improving the ability and quality of serving real economy.Meanwhile,considering the lagging of real economy response to policy,policy making and implementation should be started from finance sector,then gradually expanded in the system.
作者
田新民
武晓婷
TIAN Xin-min;WU Xiao-ting(Capital University of Economics and Business,School of Economic,Beijing 100070)
出处
《学习与探索》
CSSCI
北大核心
2019年第2期121-130,195,共11页
Study & Exploration
基金
国家社会科学基金项目"债务的可持续度量指标及其促进经济增长内生机制的分析与比较研究"(14BJL030)
关键词
金融化
实体经济
协调发展
耦合协调度
Financialization
Real Economy
Coordinated Development
Coupling Harmonious Degree
