Menu

论中国的“金融超发展”

0 Comment

Please wait a 分钟。

摘要 毫无疑问,金融对合算的开展起着迅速的的功能,除了也许金融开展超越了本体合算的开展,会不会除了对合算的增长发生负面心情?,本文瞄准了金融超开展的观点。,这具有重要性当堆积业的开展超越开展,次优资源使具一定形式,轻易发生体系性风险,逆合算的增长。现代化的ak样品,摘要论述了金融超开展的机制。,并拔取柴纳多种多样的职责的面板最高纪录。,采取一阶差分狭义矩预算书(FD-GMM)办法对柴纳其中的哪一个在“金融超开展”景象举行了辨析。物证探究发现物,在把持了心情合算的增长的以此类推纠纷过后,金融开展四处走动的合算的增长的心情口角通过单独的若干阶段来发展的。也许金融机关的开展超越了本体机关,对合算的增长的负面心情。
关键词: 金融超开展 
金融深化 
本体合算的 
  
Abstract: No one would doubt on the positive relationship between financial development and economic growth, but what if the financial development grows much faster than the real economy to a certain level, will the development exert a negative impact on economic growth? In order to solve this problem, this paper proposes the concept of exceeding financial development, referring to a situation that financial sectors develop faster than the real economy to a certain degree which would lead to the sub-optimal allocation of resources, systemic risk of society and lower economic 成熟。 On such basis, this paper explains the mechanism of exceeding financial development by modifying the AK model and intends to testify whether the exceeding financial development situation exists in China through first-order difference generalized method of 力矩(FD-GMM)应用 a different time range of Chinese provincial panel 最高纪录。 The results show that after controlling relative factors affecting the economic growth, the relationship between financial development and economic growth is nonlinear and if the financial sectors develop higher than the real economy to a certain level, the development would exert negative influence on economic 成熟。
Key words: Exceeding Financial Development
   Financial Deepening
   Real Economy
基金帮助: 教育部哲学人文学科探究有意义的事物课题“合算的开展新变态下我国货币保险单体系新生事物探究” (项目编号:15JZD103)
传记体文学:  黄宪,合算的学博士,宣称者,武汉大学合算的与管理学院,电子邮件:HXA@。黄同彤,合算的学硕士,武汉大学合算的与管理学院,Email:huangtongtong_14@.
[1] 胡海峰和倪淑慧,2013,金融过逾开展:最新探究进展与启发,合算的静态11,第88~96页。
[2] 黄显、吴克宝,2009,《我国商业堆积对本钱约束的感光度探究——因为对中小事业心相信行动的物证辨析》,金融探究11,第103~118页。
[3] 黄志林、董志勇,2013,《我国金融开展与合算的增长的非通过单独的若干阶段来发展相干探究——源自静态面板最高纪录门槛样品的经历能抵御》,金融探究7,第74~86页。
[4] 林毅夫、蒋烨,2006,《合算的建筑学、堆积建筑学与合算的开展:因为P,金融探究1,第7~22页。
[5] 林毅夫、孙希芳、蒋烨,2009,合算的开展中最优金融建筑学学说初探,合算的探究8,第4~17页。
[6] 论孔子学说与勇气,1999,金融开展与环境相干的物证探究,合算的探究10,第53~61页。
[7] 张杰和杨连星,2015a,《本钱错配、关系效应与本体合算的开展排列方向》,《变革》第10期,第32~40页。
[8] 张杰和杨连星,2015b,《柴纳金融压制体制的编队、窘境与变革逻辑》,《人道定期刊物》第12期,第43~50页。
[9] 张金清和陈卉,2013,《我国金融开展与合算的增长相干的优美的性探究》,《人文学科》第5期,第39~49页。
[12] Arcand, J., Berkers, E. and Panizza, U.2012.“Too Much Finance?” International Monetary Fund Working Paper, .
[10] 朱敏等。,2009,金融危机换衣服逼近,柴纳金融出版物,2009年3月第一版213-215页。
[11] 周礼与明太子,2002,年区域金融开展与合算的增长的物证辨析,金融探究10号,第1~13页。
[13] Arellano, M., and Bond, . “Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations”The Review of Economic Studies Limited, 58(2):277~297.
[12] Arcand, J., Berkers, E. and Panizza, U.2012.“Too Much Finance?” International Monetary Fund Working Paper, .
[14] Cecchetti, S.G. and 哈鲁比, E.2012.“Reassessing the Impact of Finance on Growth” BIS Working Paper, .
[13] Arellano, M., and Bond, . “Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations”The Review of Economic Studies Limited, 58(2):277~297.
[15] Diamond, .“Financial Intermediation and Delegated Monitoring”Review of Economic Studies, 51:393~414.
[14] Cecchetti, S.G. and 哈鲁比, E.2012.“Reassessing the Impact of Finance on Growth” BIS Working Paper, .
[16] Ductor, L. and Grechyna, D.2015. “Financial Development, Real Sector, and Economic Growth” International Review of Economics and Finance, 37:393~405.
[15] Diamond, .“Financial Intermediation and Delegated Monitoring”Review of Economic Studies, 51:393~414.
[17] Gennaioli, N., Shleifer, A.and Vishny, R.2012. “Neglected Risks, Financial Innovation, and Financial Fragility” Journal of Financial Economics, 104(3):452~468.
[16] Ductor, L. and Grechyna, D.2015. “Financial Development, Real Sector, and Economic Growth” International Review of Economics and Finance, 37:393~405.
[18] Goldsmith, R.1969.Financial Structure and Development, Published by Yale University 按。
[17] Gennaioli, N., Shleifer, A.and Vishny, R.2012. “Neglected Risks, Financial Innovation, and Financial Fragility” Journal of Financial Economics, 104(3):452~468.
[19] Law, S.H. and Singh, N.2014. “Does too much finance harm economic growth?”Journal of Banking and Finance,41:36~44.
[18] Goldsmith, R.1969.Financial Structure and Development, Published by Yale University 按。
[20] Levine, .“Bank-based or Market-based Financial Systems: Which Is Better?”Journal of Financial Intermediation, 11:398~428.
[19] Law, S.H. and Singh, N.2014. “Does too much finance harm economic growth?”Journal of Banking and Finance,41:36~44.
[21] Levine, R.2005.Finance and Growth: Theory and 能抵御。 in PhilippeAghion and Steven Durlauf, eds, Handbook of Economic Growth, The Netherlands: Elsevier 学科。
[20] Levine, .“Bank-based or Market-based Financial Systems: Which Is Better?”Journal of Financial Intermediation, 11:398~428.
[22] Mckinnon, R.I. 1973.Money and Capital in Economic Development, Washington, D.C.: Brookings 机构。
[21] Levine, R.2005.Finance and Growth: Theory and 能抵御。 in PhilippeAghion and Steven Durlauf, eds, Handbook of Economic Growth, The Netherlands: Elsevier 学科。
[23] Murphy, K.,Shleifer, M.A. and Vishny, R. W. 1991. “The Allocation of Talent: Implications for Growth” The Quarterly Journal of Economics, 106(2):503~530.
[22] Mckinnon, R.I. 1973.Money and Capital in Economic Development, Washington, D.C.: Brookings 机构。
[24] Pagano, .“Financial Markets and Growth” European Economic Review,37:613~622.
[23] Murphy, K.,Shleifer, M.A. and Vishny, R. W. 1991. “The Allocation of Talent: Implications for Growth” The Quarterly Journal of Economics, 106(2):503~530.
[25] Rajan, R.G., and Zingales, L.1998.“Financial Dependence and Growth” American Economic Review, 88:559~586.
[24] Pagano, .“Financial Markets and Growth” European Economic Review,37:613~622.
[26] Santomero, A.M., and Seater, J.J.2000. “Is There an Optimal Size for the Financial Sector?” Journal of Banking and Finance, 24:945~965.
[25] Rajan, R.G., and Zingales, L.1998.“Financial Dependence and Growth” American Economic Review, 88:559~586.
[27] Schumpeter, J.1912.The Theory of EconomicDevelpoment, Published by Harvard University 按。
[26] Santomero, A.M., and Seater, J.J.2000. “Is There an Optimal Size for the Financial Sector?” Journal of Banking and Finance, 24:945~965.
[27] Schumpeter, J.1912.The Theory of EconomicDevelpoment, Published by Harvard University 按。
[1] 王曦, 朱丽婷, 王凯丽。 我国货币保险单其中的哪一个关怀资产价钱?——因为马尔科夫区制替换BEKK多元GARCH样品[J]. 金融探究, 2017, 449(11): 1
-17
.
[2] 刘永正, 李燕。 柴纳高速铁路新生事物与城市合算的增长[J]. 金融探究, 2017, 449(11): 18
-33
.
[3] 况富丽堂皇, 王独角兽标记。 房价动摇、住宅贷款一定尺寸的与堆积本钱恰当的率[J]. 金融探究, 2017, 449(11): 34
-48
.
[4] 朱书金, 赵玉龙。 资源错配与事业心离开行动的物证探究[J]. 金融探究, 2017, 449(11): 49
-64
.
[5] 陈德秋, 陈运森, 董志勇。 保险单不确定、市场竞争与本钱使具一定形式[J]. 金融探究, 2017, 449(11): 65
-80
.
[6] 穆都国, 王沛英. 内生能源价钱探究与货币保险单选择辨析Ⅰ[J]. 金融探究, 2017, 449(11): 81
-95
.
[7] 高铭, 蒋家军, 陈佳, 刘玉珍。 谁说妇女比二郎强?–p2p覆盖行动与过逾吐艳[J]. 金融探究, 2017, 449(11): 96
-111
.
[8] 陆岳思, 奇纳, 黄灿, 胡海燕, 卢金永。 外资在华并购其中的哪一个提高了经纪正式的[J]. 金融探究, 2017, 449(11): 112
-127
.
[9] 姜军, 沈丹林, 江学宇, 伊志宏. 债主庇护与事业心更新[J]. 金融探究, 2017, 449(11): 128
-142
.
[10] 刘莎莎, 孔高文. 书信搜索、个别的覆盖者市与股价联动异象——因为股权证券送转的探究[J]. 金融探究, 2017, 449(11): 143
-157
.
Viewed
Full text
Abstract

Cited

  Shared   
  Discussed   
保留一切权力 © 《金融探究》新闻编辑室
本体系由北京的旧称玛格泰克科学技术开展有限公司设计开拓 技术援助:support@
京ICP备11029882号-1

发表评论

电子邮件地址不会被公开。 必填项已用*标注