金融控制、区域物价波动与金融发展  

Financial Control,Regional Price Volatility and Financial Development

作　　者：李雪[1] 星焱[2] 

机构地区：[1]西南财经大学中国金融研究中心 [2]西南财经大学中国西部经济研究中心

出　　处：《经济评论》2013年第2期93-101,共9页Economic Review

基　　金：中央高校基本科研业务费专项资金课题"中国西部县域金融支农的经济效应研究"(项目编号:JBK1207033)的阶段性成果之一;教育部人文社科研究项目"新型农村金融机构内生式发展困境与竞争力培育研究"(项目编号:12YJC790211)的资助

摘　　要：本文利用1998-2010年的面板数据,依据金融控制的强弱程度将全国样本划分为三个区域,在此框架下研究了区域物价波动与金融发展之间的关系。结果表明:在金融控制弱区域,物价波动对金融发展有显著的负面效应,且物价波动可通过实物投资渠道加强对金融发展的抑制作用;金融控制中强区域,两者之间仍然呈现出负相关,但物价波动借实体投资来影响金融发展的间接负效应有所降低;在金融控制强区域,物价波动对金融发展的影响十分微弱,二者间更接近于一种"中性"关系。因此,若要有效地通过平抑物价波动来促进金融发展,首先要降低金融控制程度。Using panel data from 1998-2010,this paper investigates the changing relationship between the financial intermediation development and price fluctuations based on three samples of different Chinese capital split extent and different periods as a research framework.Our econometric results show that price fluctuations have a significant negative effect on financial development and can enhance the inhibitory effect to financial development through real investment channels in weak financial controlled regions.In a little strong financial control region,it still presents a negative correlation,but the indirect negative effects decrease gradually.While in a strong financial controlled region,there may be a ＂neutral＂ relationship between price volatility and financial development.These results mean that,if we want to have stabilized prices fluctuations to promote financial development,we should reduce the financial control level first.

关 键 词：金融控制 物价波动 金融发展 区域 

分 类 号：F832[经济管理—金融学] F726F224