金融危机背景下再论金融发展与经济增长——基于发达经济体与新兴市场国家的实证检验

20世纪90年代以来,全球金融危机频发,引发对金融发展、政策与经济增长关系的重新思考。本文收集了39个国家和地区1994～2007年间的年度数据,利用面板数据计量经济分析方法,针对发达经济体与新兴市场和发展中国家的不同,通过面板数据的单位根检验、协整分析和构建误差修正模型,检验金融发展、政策与经济增长的长期均衡关系及短期因果关系。

Financial Development, Policy and Economic Growth: An Empirical Research of Developed Economies and Emerging Market Countries

Since the 1990s,the global financial crisis frequently occurred,and we have to rethink the relationship among financial development,policy and economic growth.In this paper,we have collected 39 countries and regions′ annual data from 1994～2007,and have done an empirical analysis on developed economies and emerging markets countries using panel data econometric methods.Through unit root test of panel data,cointegration analysis and error correction model,we further analyze the long-run equilibrium relationship and short-term causal relationship between financial development,policy and economic growth.