金融发展与经济增长:基于中国区域金融发展的实证分析

本文利用误差修正模型和格兰杰因果检验对我国区域金融发展与经济增长关系进行了实证分析,结果发现区域金融发展与经济增长之间存在密切的关系.东部地区的金融发展与经济增长之间存在正向因果关系,而西部地区金融发展与经济增长之间关系则存在相互抑制关系.由此可见,中国区域金融存在显著的差异.事实上,就我国转轨经济而言,区域金融差异的形成与变化并不是区域经济发展的一个偶然结果,而是一个由中央政府制度主导到地方政府制度主导再到市场经济主体主导的渐进式制度变迁过程.

Empirical Research on Regional Financial Development and Regional Economic Growth in China

By applying Error Correct Model and Granger Causality Test, the article discloses the close relationship between regional financial development and economic growth. There exists a positive causality between financial development and economic growth in eastern region, but a negative relationship in western region. Thus it is an impersonal phenomenon of development disequilibrium of regional finance in China. In fact, the regional financial difference in China is determined by the development of regional economy and the institutional arrangements of government.