| 金融中介、股票市场与经济增长:基于联立方程模型的实证分析 |
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| 引用本文： | 高辉.金融中介、股票市场与经济增长:基于联立方程模型的实证分析[J].上海经济研究,2011(2):11-19. |
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| 作者姓名： | 高辉 |
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| 作者单位： | 南京大学会计与财务研究院; |
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| 摘 要： | 文章利用1998～2009年的季度数据,通过构建联立方程模型,利用GMM估计方法系统考察了中国金融中介、股票市场与经济增长之间的相互关系.实证研究结果表明:金融中介发展与经济增长二者相互影响,但作用方向不同:金融中介的总体规模对经济发展的影响为负;经济增长对于金融中介的发展存在显著的正向作用;股票市场发展与经济增长二者...
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| 关 键 词： | 金融发展 经济增长 金融中介 股票市场 联立方程模型 |
Financial Intermediaries,Stock Market and Economic Growth in China:Empirical Analysis Based on Simultaneous Equation Model |
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| Gao Hui.Financial Intermediaries,Stock Market and Economic Growth in China:Empirical Analysis Based on Simultaneous Equation Model[J].Shanghai Economic Review,2011(2):11-19. |
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| Authors: | Gao Hui |
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| Institution: | Gao Hui(Nanjing University) |
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| Abstract: | This paper discusses the correlation between the development of finance and economic growth systematically in China according to a simultaneous model by using the quarterly data from 1998 to 2009.The result of the empirical analysis indicates as follows: There is a significant causal relationship between the development of financial intermediaries and economic growth.The relationship between stock market and economic growth is not significant.We also find that the development of financial intermediaries mak... |
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| Keywords: | development of finance economic growth financial intermediaries stock market simultaneous equation model |
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