中国金融中介增长与城乡二元对比系数

本文分析了中国金融中介增长对城乡劳动生产率差异的影响。研究认为,由于中国的金融制度安排是内生于转轨时期政府给予利益受损集团(主要是国有企业和城市居民)以利益补偿的政府意愿,由此导致了金融中介的信贷行为具有明显的城市化倾向,以及农村金融资源的外流。这将通过作用于扩大城乡资本积累差异,以及制约农村人力资本投资等渠道拉大城乡劳动生产率的差距。我们以各省1996~2004年的面板数据为样本,采用GMM和System-GMM估计方法进行的计量检验结果也显著地支持了如上假说。

The Development of Financial Intermediation and Urban-Rural Dual Contrast Coefficient in China

This paper investigates the impact of the development of financial intermediation on the urban-rural dual contrast coefficient.The authors take for that financial institution is endogenously originated from the governmental wills for giving interest compensation to interest groups in China.So,under such an endogenous financial institution,financial intermediation's load decision is provided with strongly urban-biased and rural financial resources' outflows.And that would act on enlarging urban-rural capital accumulation disparity and restricting the investment on human capital of agricultural labors to enlarge urban-rural labor productivity disparity.Next,using provincial panel data from 1996 to 2004 and applying first difference GMM and system GMM techniques,the authors find that the development of financial intermediation enlarge the urban-rural labor productivity in China.