摘要
文章基于57个国家1996~2017年的面板数据,采用Hansen非动态面板门槛模型,将金融发展3个维度(金融规模、金融效率、金融结构)的5个指标作为门槛变量,检验不同维度金融发展水平对金融开放经济增长效应的异质性影响。研究结果表明:金融机构规模较低时,金融开放对经济增长并无促进作用,之后随金融机构规模的提高经济增长效应先升后降;金融市场规模越大,金融开放对经济增长的负效应越弱;金融机构效率大于一定值时,东道国金融开放才能促进经济增长;金融市场规模占比越大,金融开放越容易带来经济增长的正效应,而金融机构规模过大则会产生负影响。目前,中国的金融机构规模已超过金融开放促进经济增长的最大区间,金融市场规模已进入金融开放促进经济增长的有效区间,金融机构效率和金融结构尚未进入金融开放促进经济增长的有效区间。
Based on data of 57 countries from 1996 to 2017,this paper adopts Hansen non-dynamic panel threshold model and chooses five indicators from three dimensions of financial development including financial scale,financial efficiency and financial structure as threshold variables to test the heterogeneous influences of different dimensions of financial development level on economic growth effect of financial openness. The results show that financial openness does not contribute to economic growth when the scale of financial institutions is low,and exactly its economic growth effect first rises and then declines as the scale of financial institutions increases. The larger the financial market,the weaker the negative effect of financial openness on economic growth.When the efficiency of financial institutions is greater than a certain value,financial openness of the host country can promote economic growth. The larger the proportion of financial markets,the more likely financial openness will bring positive growth effect,while excessive size of financial institutions would have negative effect. At present,the scale of China’s financial institutions has exceeded the maximum range of financial openness to promote economic growth and size of financial markets has entered the effective range of financial openness and economic growth and efficiency and financial structure of financial institutions have not yet entered the effective range of financial openness and economic growth.
作者
杨继梅
马洁
齐绍洲
Yang Jimei;Ma Jie;Qi Shaozhou
出处
《世界经济研究》
CSSCI
北大核心
2020年第8期17-30,M0002,共15页
World Economy Studies
基金
山东省社会科学规划研究项目(项目编号:17CJJJ06)
山东省金融应用重点研究项目(项目编号:2018-JRZZ-07)
全国统计科学研究项目(项目编号:2017LY46)
青岛市哲学社会科学规划项目(项目编号:QDSKL1901217)的阶段性成果。
