金砖国家证券市场开放与经济增长  

Capital Market Liberalization and Economic Growth in BRICS Countries

作　　者：吴东[1] 孟宪强 

机构地区：[1]中央财经大学金融学院,北京100081 [2]鲁证期货有限公司,山东济南250001

出　　处：《上海金融》2013年第1期82-90,118,共9页Shanghai Finance

摘　　要：本文在新古典经济增长分析框架下通过开放经济下的拉姆齐模型在理论上得到了证券市场开放后的经济收敛速度要大于封闭时的经济收敛速度。进而对金砖国家样本进行了实证检验,结果显示:证券市场开放对经济增长具有显著的促进作用,且允许外国投资者投资本国证券市场和允许本国投资者投资境外证券市场均对经济增长有促进作用;金砖国家证券市场开放的经济增长效应在短期和长期同时存在,短期增长效应要大于长期增长效应;采用证券市场渐进开放模式的国家增长效应要大于采用激进模式的国家;证券市场发展水平会对经济增长效应产生差异,股票市场活跃的国家相比股票市场欠活跃的国家在开放证券市场后能获得更大的经济增长效应;银行业发展水平、政府制度水平和投资环境水平对证券市场开放的经济增长效应未造成明显差异,这可能与选取的样本有关。The neoclassical model of Ramsey shows that financial liberalization will lead to faster economic convergence rate than that of economy autarky.This paper carries out empirical research using panel data of BRICS countries.The results reveal: capital market liberalization can significantly promote economic growth,and allowing foreign investors to invest in domestic capital market and allowing domestic investors to invest in overseas have similar growth effect;the growth effect of capital market liberalization exists both in the short and long term,whereas larger in the short term;countries liberated capital market with gradual mode achieve faster growth rate than the radical countries;more active stock market enhances this growth effect;banking system,institutional quality and investment environment cause no significant differences in the growth effect,which may be associated with the selected samples.

关 键 词：金砖国家 证券市场开放 经济增长 新古典模型 短期 长期 

分 类 号：F830.9[经济管理—金融学]