关于金融市场化减少消费流动性约束的实证分析

本文根据扩展的生命周期-永久收入假说以及Euler方程建立模型,对中国大陆31个省市自治区1979-2004年的整体情况和东、中、西部的区域情况进行GLS面板数据分析,结果表明,金融市场化通过各种渠道降低了消费者面临的流动性约束,释放了消费需求。从国际比较上看,金融市场化还能进一步释放消费需求。从地区比较上看,金融市场化减少消费流动性约束的作用在经济相对发达的东部和中部地区更为显著。

An Empirical Analysis of Financial Marketization Reducing Effect in China on Consumption Liquidity Constraints

GLS panel data model is setup in this paper according to the expanded lifecycle and permanent-income hypothesis and Euler equation, with samples covering 31 provinces in China and the Eastern, Middle, Western parts as regions respectively. The time span is from 1979 to 2004. The results prove that financial liberalization has reduced consumption liquidity constraint in several ways, thus booming the consumption in China. Financial marketization can further stimulate consumption demand according to the experiences from developed countries. Empirical results also show that the consumption liquidity constraint reducing effect plays a more important part in the Eastern and Middle regions with relatively developed economy.