中国金融自由化与经济增长  

China's Financial Liberalization and Economic Growth

作　　者：杨晓龙[1] 郑长德[1] 

机构地区：[1]西南民族大学经济学院,四川成都610041

出　　处：《金融理论与实践》2009年第10期10-15,共6页Financial Theory and Practice

基　　金：四川省金融学会2009年重点项目;项目编号为川金学[2009]6号

摘　　要：首先,采用主成分分析法,选取8个指标构建了中国金融自由化指数,发现我国自改革开放以来,金融自由化程度是逐步加深的,特别是进入2000年以来,自由化步伐尤快。然后,通过对金融自由化与经济增长的分析发现,金融自由化与经济增长存在双Granger因果关系,而且金融自由化与经济增长之间存在长期稳定的均衡关系。从误差修正模型看,误差修正项对偏离长期均衡的调整力度较大。最后,从利率、融资多元化、技术进步、资源配置以及公司治理五个方面,探讨了金融自由化影响经济增长的路径。First of all, by using principal component analysis, we select eight indicators to build China＇s financial liberalization index and find that since reform and opening up the degree of financial liberalization is a gradual deepening, especially since 2000. Then through further analysis, we found that financial liberalization and economic growth have Two-way Granger causal relationship, and financial liberalization and economic growth have the equilibrium relationship which is long-term stable, and the error correction model （ECM） has a larger adjustment to prevent deviate from the long-run equilibrium. Finally, from the aspects of interest rates, diversified financing, technological progress, resource allocation, as well as corporate governance, we explore the impact of the financial liberalization to the way of economic growth.

关 键 词：金融自由化 经济增长 协整分析 影响路径 

分 类 号：F830[经济管理—金融学]