股市波动影响下我国金融发展与经济增长的实证研究

本文采用GMM估计量,以影响我国经济增长的重要变量（投资、出口、进口和通货膨胀）作为基本增长模型的解释变量,从股市波动的角度考察了金融发展（债券市场、股票市场和银行发展）与经济增长的关系,利用国际金融危机的冲击估计了股市波动对金融发展与经济增长的影响变化。文章发现：正常的股市波动能使金融发展更为有效的促进投资形成,促进经济增长;而受到金融危机冲击下的股市波动则往往对金融发展和经济增长会起到显著的负向影响。

Empirical Research on Financial Development and Economic Growth Based on Stock Market Fluctuations

From the stock market volatility perspective,this paper employs the GMM estimator to investigate the empirical relationship between financial development（consisting of bank,bond and stock markets＇ development） and economic growth in China depending on the conditioning information set of important economic growth determinants such as investment,expert,import and inflation,and estimates the influences on financial development and economic growth which imposed by the stock market fluctuations under the background of international financial crisis.It is found that normal fluctuations in the stock market can be more effective in promoting investment through financial development,which pushes economic growth forward;while under the impact of the financial crisis,the stock market volatility is often has significant negative impacts on financial development and economic growth.