究竟是什么决定了一国的金融体系结构

文章基于1990-2009年间78个主要国家和地区的面板数据,对影响一国金融体系结构选择的相关因素进行了系统的实证分析。结果表明,一国金融体系结构的选择不仅受宏观经济状况和金融发展的影响,同时也受社会制度文化的显著影响。从宏观经济看,金融体系结构的动态变化主要与经济发展的速度相关,而经济发展的程度则主要影响金融体系的总规模;从金融发展看,效率和开放是金融体系结构"市场化"的两大动力;从文化制度看,崇尚规则和权威的制度文化更容易孕育出"银行主导型"的金融体系,而崇尚自由和民主的制度文化则更容易孕育出"市场主导型"的金融体系。

The Determinants of Financial System Structure

Based on the panel data of 78 countries or areas from 1990 to 2009,this paper makes a systematically empirical study of the determinants of financial system structure.The empirical results show that financial system structure is not only related to macroeconomic and financial development,but also is influenced by institutional factors and social culture.From a macroeconomic point of view,the dynamic changes in financial system structure mainly correlate with the speed of economic development while the level of economic development mainly affects the whole scale of the financial system.From the angle of financial development,efficiency and liberalization are the two drivers of the marketization of financial system structure.And from the perspective of cultural institutions,institutional culture advocating rules and authority more easily breeds bankoriented financial system while the one advocating freedom and democracy more easily breeds marketoriented financial system.