陕西省推进绿色金融发展的思考与建议

走绿色金融之路,是推动陕西省绿色经济增长不可或缺的一步,陕西省作为我国西北地区的重要大省,长期来以发展能源化工等行业为主,因此发展绿色金融对该省具有紧迫性和必要性.本文以绿色金融的相关概述为切入点,分析了传统金融与绿色金融的异同,以陕西省当前绿色金融发展情况为研究对象,通过对陕西省绿色金融发展现状,存在的问题及原因进行...     

国防支出对经济增长的外部性研究——基于Feder-ram两部门模型

<正>一、理论模型Feder-ram两部门模型被广泛用于研究国防开支与经济增长的关系:它假定存在影响总产出或经济增长的两种机制;从供给的角度出发,建立增长方程,把国防开支对经济增长的影响作为一个变量。假定经济包含两部门,即产出为Q的民用部门与产出为M的国防部门。民用部门的产出Q既取决于本部门的生产要素投入,也取决于国防部门产出的外部性而带来的影响。有以下两个生产函数:     

混业经营下金融发展与经济增长——基于亚洲地区的非稳定面板数据分析

文章使用面板单位根与面板协整方法，实证研究混业经营条件下金融发展与经济增长的关系。研究表明：混业经营条件下金融发展与经济增长存在面板协整关系。即金融发展与经济增长有长期均衡关系；银行发展水平质量的提高与经济增长有显著正相关关系．然而银行发展水平数量的提高，阻碍经济增长；股票市场与经济增长有显著正相关关系，而且这种关系比较稳定。     

金融和经济增长一个对印度经济的实证研究

这项研究尝试对金融发展以及它通过传导机制对实际经济部门产生的影响,特别强调对发展中的、新兴的市场经济的影响进行综合的研究。研究中发现在金融发展、产出增长以及从经济理论观点出发有意义的信贷分配之间存在协整关系,这篇文章也得出了在金融与总体经济的增长以及主要的经济部门的增长之间存在因果关系的结论。但是,这些关系在不同的经济部门之间并不相同,因而对不同的部门有不同的政策含义。     

黑龙江金融发展与经济增长关系的实证研究

采用稳健性OLS回归分析法,根据黑龙江省实际情况对黑龙江金融发展与经济增长之间的关系进行实证研究发现：以金融深化、银行效率和股票市场发展为代表的金融发展滞后于黑龙江经济增长,存在所谓的“金融抑制”现象,而投资、出口、基础设施和外商投资则显著的促进了经济的增长。为此,应深入研究金融发展对经济增长的内在机制,加强金融体系改革。提高银行业的效率。     

陕西金融发展与经济增长关系实证研究

本文以国内学者研究为基础,利用协整理论与格兰杰因果检验对作为个体的陕西省金融发展与经济增长的关系进行实证检验,在此基础上,本文提出了促进陕西省地区金融与经济发展的策略建议.     

区域金融发展与经济增长

金融与经济一直存在着诸多的影响,金融发展离不开经济增长,经济的增长也离不开金融的支持。对于两者之间相互关系的研究也较多。为了更为系统地进行梳理,文章从整体金融发展与经济增长的关系、区域金融发展与区域经济增长的关系、区域金融差异与经济增长的关系、区域金融合作与经济增长的关系这四大方面,对金融与经济关系作为文献梳理。文章认为目前大量的研究以建立计量数据模型为主,缺乏机理研究,使得目前的研究缺乏普遍适合性。     

区域金融发展与经济增长

金融与经济一直存在着诸多的影响,金融发展离不开经济增长．经济的增长也离不开金融的支持。对于两者之间相互关系的研究也较多。为了更为系统地进行梳理．文章从整体金融发展与经济增长的关系、区域金融发展与区域经济增长的关系、区域金融差异与经济增长的关系、区域金融合作与经济增长的关系这四大方面,对金融与经济关系作为文献梳理。文章认为目前大量的研究以建立计量数据模型为主,缺乏机理研究．使得目前的研究缺乏普遍适合性。     

我国民族自治区金融发展与经济增长的研究——基于面板数据的实证

本文从我国民族自治区金融发展与经济增长的关系出发,利用2001—2010年面板数据进行实证分析,研究我国民族自治区金融发展与经济增长的关系,实证结果显示自治区金融发展对经济增长不存在贡献,同时金融发展中的人力资本投入对经济的增长也不显著,政府在自治区经济增长中扮演着重要角色,并提出了相关建议。     

我国民族自治区金融发展与经济增长的研究——基于面板数据的实证

本文从我国民族自治区金融发展与经济增长的关系出发,利用2001—2010年面板数据进行实证分析,研究我国民族自治区金融发展与经济增长的关系,实证结果显示自治区金融发展对经济增长不存在贡献,同时金融发展中的人力资本投入对经济的增长也不显著,政府在自治区经济增长中扮演着重要角色,并提出了相关建议政策。     

Financial Structure,Corporate Finance and Economic Growth

This paper examines how a country’s financial structure affects economic growth through its impact on how corporations raise and manage funds. We define a country’s financial structure to consist of the institutions, financial technology and rules of the game that define how financial activity is organized at a point in time. We emphasize that the aspects of financial structure that encourage entrepreneurship are not the same as those that ensure the efficiency of established firms. Financial structures that permit the development of specialized capital by financial intermediaries are crucial to economic growth.     

Trade openness,foreign direct investment,and finance-growth nexus in the Eurozone countries

The paper investigates causal relationships between trade openness, foreign direct investment, financial development, and economic growth in 19 Eurozone countries over the period 1988–2013. Using a panel vector error-correction model (VECM), the empirical results show that these variables are cointegrated. The study shows that a combination of opening the Eurozone countries for trade and fostering their financial and economic development have elevated inflows of foreign direct investment into the region in the long run. At the same time, increasing inflows of foreign direct investment in the short run have propelled economic growth, which in return has strengthened the role of financial development and international trade to sustain economic growth in the region through feedback effects. The empirical results have important policy implications for countries in the Eurozone, especially those who face challenges as a result of lack of confidence in their financial system and those who face a sovereign debt crisis.     

金融发展和经济增长:功能观与结构观的比较

金融功能观认为金融体系通过增强流动性、降低风险、监督经理与实行公司治理和动员储蓄等,降低信息成本和交易成本,提高储蓄向投资转化的效率。金融结构观指出不同的金融结构在不同的历史条件下,对经济增长的作用机制和效果可能也会有差异。功能观与结构观都在一定程度上解释了经济增长,但金融体系提供的金融功能具有不同的比较优势,不同的金融功能对经济增长的作用各异。金融体系是否推动经济增长取决于金融结构与实体经济的适应效率,在不同的发展阶段和国情条件下,只有适合经济发展的金融结构才能促进经济增长。     

新疆经济增长与金融支持的实证研究

经济增长与金融发展相互制约、相互促进。经济增长对金融发展起着决定性推动作用，而金融发展也反过来作用于经济增长，金融资源数量的多少及效率配置的高低制约着经济增长的快慢程度。以新疆的金融支持为研究对象，通过借助金融发展的衡量指标来验证新疆经济增长和金融支持之间的关系，并在此基础上建立影响经济增长的回归模型，实证分析结论表明新疆金融发展没有对经济增长起到显著的支持作用，其原因在于新疆金融发展难以有效积累资本以及投资效率低下。为此，应积极推进新疆金融体制改革，实行倾斜性金融政策，加大财政支持力度，调整产业结构，加快所有制结构改革。     

The simultaneous evolution of economic growth,financial development,and trade openness

This article empirically investigates the interactions among economic growth, financial development, and trade openness through simultaneous equation systems. The identification and estimation of the systems rely on the methodology of identification through heteroskedasticity. The empirical results show that each of the three variables interacts in important ways. When controlling for the reverse causation, trade promotes economic growth in high-income, low-inflation, and nonagricultural countries but has a negative impact on growth in countries with the opposite attributes. Similarly, when accounting for the feedbacks from growth, banks and stock markets have different impacts on economic growth. While banking development is detrimental to output growth, stock market development is more favorable to growth in high-income, low-inflation, and nonagricultural countries. The data also reveal coexistence of a positive effect of financial development on trade and a negative effect of trade on financial development in poorer countries. In richer countries, financial development stimulates trade openness whereas trade has an ambiguous impact on financial development.     

The financing of alliance entrepreneurship

It is popular nowadays for entrepreneurial firms to advance their entrepreneurship outside their boundaries through alliances. This paper studies how the financing of entrepreneurship changes in strategic alliances. We model a financially constrained entrepreneur and a deep-pocket incumbent developing an innovative product through a strategic alliance, which generates externalities on the incumbent. We find that i) in contrast to traditional theories, the entrepreneur's financial constraint can be tightened by an increase in his endowment; ii) an outside investor is introduced as a third party to deal with the free-riding agency problem; and iii) the externalities have a significant effect on the design of financial claims in the alliance contract, and the incentive-compatible financial instruments are consistent with empirical observations.     

Financial versus Monetary Mercantilism: Long‐run View of Large International Reserves Hoarding

The sizeable hoarding of international reserves by several East Asian countries has been frequently attributed to a modern version of monetary mercantilism – hoarding international reserves in order to improve competitiveness. From a long‐run perspective, manufacturing exporters in East Asia adopted ‘financial’ mercantilism – subsidising the cost of capital – during decades of high growth. They switched to hoarding large international reserves when growth faltered, making it harder to disentangle the monetary mercantilism from the precautionary response to the heritage of past financial mercantilism. Monetary mercantilism also lowers the cost of hoarding, but may be associated with negative externalities leading to competitive hoarding. From this viewpoint, this paper makes three observations on the East Asian reserve accumulation. First, the recent large hoarding of reserves in Japan and Korea occurred in the aftermath of the growth strategy that combined export promotion and credit subsidisation (financial mercantilism). Second, whether the ultimate motive is mercantilist or precautionary, the ongoing reserve hoarding in Asia contains an element of competitive hoarding, which is likely to have negative externalities among countries involved. Finally, China's hoarding of reserves partly reflects the precaution against the financial fragility that is likely to follow the slowing of economic growth.     

金融发展与经济增长区域差异研究

在分析区域金融发展与区域经济增长关系的基础上,运用面板数据单位根检验、协整检验和误差纠正模型方法,从中观层面上对我国区域经济与金融间互相作用进行计量分析,找出区域间经济增长和金融发展作用关系的差距,剖析区域金融发展与经济增长差异的成因,提出由于经济发展程度不同,区域金融业发展应予区别对待的对策。     

OFDI逆向技术溢出、异质性金融发展与经济增长质量

文章首先采用熵权法和因子分析法测算了经济增长质量综合指数与金融发展综合指数,选取2003~2017年中国30个省份的面板数据,在检验了经济增长质量的空间相关性与金融发展的门槛效应后,构建了动态空间面板模型,实证研究了不同金融发展水平下OFDI逆向技术溢出对经济增长质量的影响。研究结果表明,当金融发展处在较低水平时,OFDI逆向技术溢出对经济增长质量的促进作用不明显;当金融发展处在较高水平后,OFDI逆向技术溢出对经济增长质量的促进作用明显。进一步在地区异质性分析中发现,OFDI逆向技术溢出对经济增长质量的影响存在明显的地区差异性,东部地区OFDI逆向技术溢出对经济增长质量影响的门槛效应更明显。     

What Explains Cross‐country Industry Growth Patterns? Trade,Development and the Equity Financing Channel

We test theories that examine how economic and financial development affect cross‐country industry growth patterns. Finance theory suggests that financial development affects growth by lowering the cost of external finance. This has the implication that industries in more finance‐hungry sectors will grow faster in countries where financial markets are more developed. In addition, if financing constraints are lessened when stock market performance is high, firms in sectors more dependent on external finance should grow more rapidly following periods of good stock market performance. Trade and development theories, on the other hand, imply that a country's product‐mix and the pattern of industrial growth reflect which stage of development it is in and its factor endowments. Thus, one implication of trade/development theories is that countries that are close to each other in terms of GDP per capita should have similar patterns of industrial growth. Our tests find support for each of these theories.