中国金融效率的实证检验：1978－2004

An Empirical Test of Financial Efficiency of China: 1978-2004

周国富(Guo-Fu Zhou) ； 胡慧敏(Hui-Min Hu)

《Journal of Data Analysis》 2卷3期 (2007/06) Pp. 65-74

https://doi.org/10.6338/JDA.200706_2(3).0005

摘要

金融效率的高低直接影响着金融发展对经济增长的作用力度。1978年以来，中国的金融业得到了快速的发展，金融资产总量迅猛增加，金融相关比率（FIR）显著提高。但是，金融体系单纯数量上的扩张并不能带来经济的持续稳定增长，金融效率的改善才是决定经济增长的根本因素。在本文中，我们采用协整分析技术，通过建立金融发展与经济增长之间的误差修正模型，实证检验了中国金融效率的高低。通过国际对比，我们发现中国的金融效率比印度等南亚国家还要低。

關鍵字

金融发展 ； 金融效率 ； 经济增长 ； 协整 ； 误差修正模型

並列摘要

Financial efficiency directly influences the impact of financial development on economic growth. Since 1978, China' s financial industry has developed rapidly, the gross financial assets have increased greatly, and the Financial Interrelation Ratio (FIR) has risen remarkably as well. However, only the quantitative expansion in the financial system can not make the economy grow steadily, and actually the improvement of financial efficiency is the fundamental factor. In this paper, by establishing the error correction model of financial development and economic growth, we use the cointegration analysis to test China' s financial efficiency empirically. Through international comparisons, we find that China's financial efficiency is even lower than that of India and other south Asian countries.

並列關鍵字

Financial Development ； Financial Efficiency ； Economic Growth ； Cointegration Analysis ； Error Correction Model

參考文獻

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