期刊文献+

金融发展与经济增长之因果关系——中国、日本、韩国的经验 被引量:82

The Causality between Financial Development and Economic Growth
收藏 分享 导出
摘要 影响经济增长的众多因素中,金融发展一直是近年来研究学者所注视的焦点,然而理论研究和实证检验对于金融发展与经济增长之间是否存在因果关系以及因果关系的方向均未达成一致。本文以银行的变量来衡量间接金融的发展,以股市的变量来测度直接金融的发展,对中国、日本、韩国这三个具有相似经济发展历程国家的金融中介的发展、股市发展与GDP增长之间的因果关系进行跨国比较研究。在实证方法上,本文运用季度数据,使用向量误差修正模型(VECM)探讨研究对象的金融发展与GDP增长的长短期因果关系。实证结果支持中国、日本、韩国三国的金融发展与GDP增长之间存在因果关系,同时三国在因果关系的方向上存在差异。 Among many factors affecting economic growth, financial developnent is the focus of academics in recent years. However either by theoretical or by empirical researches there is no consistent result on whether there is a causality between financial development and economic growth, and how is the direction d the relationship. This paper did a cross- country study on the causality between the evolution d financial institute and stock market and GDP among three similar economic developing course countries: Japan, Korea and China, by using bank as an indicator for the developnent of indirect finance, stock as an indicator for the development of direct finance respectively. As to the empirical method, this paper introduces the VEC model and uses quarter data to study causal relationship between financial development and GDP. The result supports that there is a short- term and long- term causal relationship between financial development and GDP in Japan,Korea and China.But there is difference on directions of the causal relationship among three countries.
作者 康继军 张宗益 傅蕴英 Kang JiJun;Zhang ZongYi;Fu YunYing
出处 《金融研究》 CSSCI 北大核心 2005年第10期20-31,共12页 Journal of Financial Research
关键词 金融发展 经济增长 向量误差修正模型 格兰杰因果检验 financial development Economic growth VEC model Granger causality
作者简介 康继军(1968.10-),男,黑龙江哈尔滨人,重庆大学经济与工商管理学院博士研究生。主要研究方向:制度创新与经济增长。 张宗益(1964.05-),男,贵州松桃人,重庆大学副校长,教授,经济学博士,博士生导师。主要研究方向:经济增长与收入分配。 傅蕴英(1968.02-),女,山东德州人,重庆大学经济与工商管理学院会计系副主任,管理学博士。主要研究方向:公司治理与盈余管理。
  • 相关文献

参考文献16

  • 1朱闰龙.金融发展与经济增长文献综述[J].世界经济文汇,2004(6):46-64. 被引量:34
  • 2雷蒙德·W·戈德史密斯.《金融结构与金融发展》(中译本)[M].上海三联书店,1990.. 被引量:2
  • 3谈儒勇.中国金融发展和经济增长关系的实证研究[J].经济研究,1999(10):53-61. 被引量:1072
  • 4Arestis, Philip and Panicos Demetriades.“Financial Development and Economic Growth:Assessing the Evidence”[J]. Economic Journal, 1997, vol. 107, pp. 783-799. 被引量:1
  • 5Demetriades, P.O. and K.A. Hussein. “Does financial development cause economic growth? Time- series evidence form 16 countries” [J]. Journal of Developmervt Economics, 1996, Vol.51, pp. 387 - 411. 被引量:1
  • 6Demirgttc-Kunt, A. and R.Levine “Stock Market Development and Financial Intermediaries: Stylized Facts”[J]. The World Bank Economic Review, 1996, Vol10, No2,pp.291 - 321. 被引量:1
  • 7King, R.G. and R. Levine, “Finance, entrepreneurship, and growth Theory, and evidence” [J]. Journal of Monetary Economics,1993, Vol.32, pp.513-542. 被引量:1
  • 8Krugman, Paul. “Cycles of Conventional Wisdom on Economic Development” [J]. laternational Affairs,1996,(72), pp. 717 -732. 被引量:1
  • 9Kwon, E. “Monetary Policy, Land Prices, and Collateral Effects on Economic Fluctuations: Evidence from Japan”[J]. Journal of the Japanese and International Economies ,September 1998, vol. 12(3), pp.175 - 203(29). 被引量:1
  • 10Leher, C.S. and P. Wang,“Dynamic Effects of Financial Intermediation Over The Business Cycle”[J]. Economic Inquiry,2000, Vol.38, No.1, pp. 34-57. 被引量:1

二级参考文献126

  • 1[美]雷蒙德·W·戈德史密斯.《金融结构与金融发展》(中译本)[M].上海三联书店,1990版.. 被引量:1
  • 2[美]爱德华·肖.《经济发展中的金融深化》(中译本)[M].上海三联书店,1998版.. 被引量:1
  • 3[美]罗纳德·麦金农.《经济发展中的货币与资本》[M].上海三联书店,1998版.. 被引量:2
  • 4[荷]尼尔斯·赫米斯 罗伯特·伦辛克主编余昌森等译.《金融发展与经济增长一发展中 国家(地区)的理论与经验》[M].经济科学出版社,2001版.. 被引量:1
  • 5IMD.《世界竞争力年鉴》[M].,1999年.. 被引量:2
  • 6千杏娣.《浴火重生:入世后中国金融的结构变革》[M].,.. 被引量:1
  • 7Pagano, Marco. "Financial Markets and Growth: An Overview," Europ. Econ. Rev. , Apr.1993, 37(2 3), pp. 613 22. 被引量:1
  • 8Lucas, Robert E. , JR. "On the Mechanics of Economic Development," J. Monet. Econ. , July 1988, 22(1), pp. 3 42. 被引量:1
  • 9Lummer, Scott L. and Mcconnell, John J. "Further Evidence on the Bank Lending Process and the Capital Market Response to Bank Loan Agreements," J. Finan. Econ. , Nov. 1989,25(1), pp. 99 122. 被引量:1
  • 10Merton, Robert C. and Bodie, Zvi. "A Conceptual Framework for Analyzing the Financial Environment," in The global financial system: A functional perspective. Eds..Dwight b.crane et al. Boston, MA: Harvard Business School Press, 1995, pp. 3 . 被引量:1

共引文献1099

同被引文献876

引证文献82

二级引证文献729

投稿分析

相关作者

内容加载中请稍等...

相关机构

内容加载中请稍等...

相关主题

内容加载中请稍等...

浏览历史

内容加载中请稍等...
;
使用帮助 返回顶部 意见反馈