金融开放与经济增长的非线性关系研究——基于海洋、大陆法系的比较视角  

Investigating the Nonlinear Relationship between Financial Openness and Economic Growth——Based on the Comparative Perspective of Common and Civil Law System

作　　者：窦钱斌 夏众明 周宇[3] Dou Qianbin;Xia Zhongming;Zhou Yu(World Economic Research Institute,Shanghai Academy of Social Sciences,Shanghai 200020,China;Research Institute of Environmental Law,Wuhan University,Wuhan 430072,China)

机构地区：[1]上海社会科学院世界经济研究所,上海200020 [2]武汉大学环境法研究所,湖北武汉430072 [3]上海社会科学院世界经济研究所国际金融室,上海200020

出　　处：《当代经济管理》2021年第2期90-97,共8页Contemporary Economic Management

基　　金：国家社会科学基金重大项目《新时代我国金融开放战略研究——形成全面开放新格局的目标与路径》(18ZDA090)的阶段性研究成果。

摘　　要：基于法系渊源的比较视角,主要考察了海洋法系和大陆法系国家之间金融开放对经济增长影响效应的差异。理论分析发现,金融开放之下法律成本的大幅扩张会削弱金融开放的经济增长效应,同时由于两种法系运行机制的不同所引致的法律效率异质性会对经济增长带来不同影响。在此基础上,利用1998—2017年87个国家或地区的跨国面板数据,主要采用个体时间双固定效应和动态面板GMM方法,实证检验了两个法系下金融开放与经济增长的关系。结论表明,不论哪种法系,金融开放对经济增长都存在非线性的倒“U”型影响效应,过高的金融开放度反而可能不利于经济增长;相比于海洋法系,大陆法系下金融开放对经济增长的正向持续性作用更强,亦即大陆法系下金融开放的拐点值更高。研究对中国的金融开放和金融改革提供了一定启示。Based on the comparative perspective of law origins,this paper mainly investigates the difference of impact effect of financial openness on economic growth between countries of common law system and civil law system.Theoretical analysis shows that the substantial expansion of legal costs under financial openness will weaken the economic growth effect of financial openness,and the heterogeneity of legal efficiency caused by the different operating mechanisms of the two law systems will have different effects on economic growth.On this basis,this paper uses the transnational panel data of 87 countries or regions from 1998 to 2017,mainly using the bifixed model of individual effect and the GMM method of dynamic panel,to empirically test the relationship between financial openness and economic growth under two law systems.The research shows that,regardless of the law system,financial openness has a nonlinear inverted U-shaped effect on economic growth,and too much financial openness may be detrimental to economic growth.Compared with the common law system,the positive continuous effect of financial openness on economic growth is stronger under the civil law system,that is,the inflection point value of financial openness is higher under the civil law system.This study provides some enlightenment for China s financial opening and reform.

关 键 词：金融开放 经济增长 海洋法系 大陆法系 

分 类 号：F831[经济管理—金融学] F113