基于金融发展水平的证券市场开放对经济增长的影响  

Relationship Between Capital Market Liberalization and Economic Growth Based on Financial Development Stage

作　　者：张鹏[1] 孟宪强[1] 

机构地区：[1]中央财经大学金融学院,北京100081

出　　处：《金融发展研究》2011年第12期8-13,共6页Journal Of Financial Development Research

基　　金：教育部人文社会科学重点研究基地基金"中国金融发展中的创新与监管问题研究"(项目编号:10JJD790011);中央财经大学"211工程"三期重点学科建设项目的资助

摘　　要：本文在索洛—斯旺框架下构建了一个分析证券市场开放对经济增长影响的理论模型,模型显示:金融开放后的经济收敛速度要大于封闭时的经济收敛速度,金融发展水平会促进金融开放带来的经济增长效应。通过金砖国家的数据对理论模型的结论进行实证检验显示:用名义的AREAER指标、实际的EW指标和资本流动指标度量的证券市场开放度的系数均显著为正,说明证券市场开放有利于经济增长;证券市场发展水平会促进该经济增长效应,而银行业发展水平对该经济增长效应的影响不显著。This paper constructs a theoretical model to analyze the growth effect of capital market liberalization,which shows that financial liberalization will lead to faster economic convergence rate than that of financial autarky： financial development will strengthen the growth effect of financial liberalization.Empirical research using BRICS data reveals that coefficients of capital market liberalization measured by AREREA,EW and actual capital flows indicators are significantly positive,indicating that capital market liberalization promotes economic growth：securities market development expands this economic growth effects,whereas the development of the banking system can not significantly promote the growth effect.

关 键 词：金砖国家 金融发展水平 证券市场开放 经济增长 

分 类 号：F830.91[经济管理—金融学]