摘要
本文运用最大似然协整分析法及1992年第一季度至2004年第三季度数据检验中国金融发展与经济增长之间的动态关系。结果表明,虽然银行部门与股票市场在长期都对经济增长有正的影响,但股票市场对经济增长的影响大大强于银行部门对经济增长的影响,这与认为银行主导的金融体系比市场主导的金融体系更能促进长期经济增长的观点截然不同。因此立足于长远,扩大股票市场在中国金融体系中的作用将对中国经济的可持续发展具有重大的意义。
This paper uses Johansen＇ s maximum likelihood approach and quarterly data of 1992. Q1 - 2004. Q3, to examine the relationship between financial development and economic growth in China. The result shows that although in the long- run both banking sector and stock markets have positive effect on economic growth, the influenee of stock market development on GDP appear to be much stronger than that of the banking development, which is in sharp contrast to the Hew that bank - based financial systems may be more able to promote long- run growth than market - based ones. Therefore it makes sense for China government to enlarge the role of the stock market in overall financial system and import more resources on capital market development.
出处
《金融研究》
CSSCI
北大核心
2006年第3期57-66,共10页
Journal of Financial Research
关键词
金融发展
经济增长
协整分析
Financial development
Economic growth
Cointegrating analysis
作者简介
范学俊（1959-），女，博士研究生，副教授，供职于华东师范大学金融系。
