银行业结构与经济增长

本文运用中国28个省区在1985—2002年间的面板数据,考察银行业结构对经济增长的影响。文章对银行业结构的分析着眼于不同规模的银行在银行体系中的相对重要性,度量指标为中小金融机构的市场份额,即四大国有商业银行之外的其他金融机构的贷款余额占各地区全部金融机构贷款余额的比例。为了克服银行业结构可能存在的内生性问题,文章用1994年启动的国有银行商业化改革的政策因素来构造银行业结构的工具变量。运用双向固定效应模型的估计结果显示,在中国现阶段,中小金融机构市场份额的上升对经济增长具有显著的正向影响。

Banking Structure and Economic Growth:Evidence from Chinese Provincial Panel Data

Using panel data for 28 Chinese provinces during 1985—2002,this paper assesses the effect of banking structure on economic growth.Banking structure is defined as the relative importance of banks of different size in the banking sector.The market share of small banking institutions is taken as a proxy to measure the banking structure.To deal with the potential endogeneity problem,we construct an instrumental variable for banking structure with the information on the commercialization reform of state-owned banks initiated in 1994.The estimation results from a two-way fixed effect model show that increases in the market share of small banking institutions enhance economic growth in contemporary China.