金融中介和金融市场对经济波动的影响一样吗?  

The Impact of Financial Intermediaries and Financial Markets on Economic Fluctuation

作　　者：陶双桅 任光宇[2] TAO Shuang-wei1,REN Guang-yu2(1. Post- doctoral Programme, Chinese Academy of Social Sciences, Beijing, 100010, PRC; 2. School of Economics, Capital University of Economics and Business, Beijing, 100070, PR)

机构地区：[1]中国社会科学院博士后流动站中信银行博士后科研工作站,北京100010 [2]首都经济贸易大学经济学院,北京100070

出　　处：《西北师大学报（社会科学版）》2018年第5期127-132,共6页Journal of Northwest Normal University(Social Sciences)

基　　金：国家自然科学基金青年项目"跳跃风险与股指期货套期保值:基于低频和高频市场信息的研究"(71401112)

摘　　要：利用跨国面板数据,研究了金融中介、金融市场对于经济波动的影响。实证分析表明,短期内虽然金融市场发展能够缓解波动,但金融中介规模的增加却会加剧波动,即两者之间对于波动的作用截然相反。这意味着金融整体发展对于波动的作用取决于两者的相对强弱,结果显示金融发展在短期内进一步放大了波动,说明在短期内金融中介对于波动的作用占据主导地位。This paper uses panel data to study the impact of financial intermediaries and financial markets on economic fluctuation.Empirical analysis shows that although the development of financial markets in the short term can alleviate the volatility,the increase in the scale of financial intermediaries will exacerbate the fluctuation.So the role of fluctuations between the two is the opposite.This means that the overall effect of financial development on the volatility depends on the relative strength of the two.The results show that financial development in the short term to further enlarge the volatility,indicating that in the short term financial intermediaries＇impact dominated.Finally,on the basis of the related research,this paper analyses the reasons.

关 键 词：金融中介 金融市场 经济波动 系统GMM 

分 类 号：F832[经济管理—金融学]