金融可能性边界视角下影响金融多维发展的政策因素研究  

A Study on Policy Factors Affecting Financial Multidimensional Development from the Perspective of Financial Possibility Boundary

作　　者：亢一鸣 王书华[1] 陈平[1] Kang Yiming;Wang Shuhua;Chen Ping

机构地区：[1]山西财经大学金融学院

出　　处：《宏观经济研究》2023年第2期23-36,共14页Macroeconomics

摘　　要：本文基于金融可能性边界的视角来研究影响金融多维发展的政策因素,利用2004—2019年57个中高收入及以上国家的数据建立跨国动态面板模型,从宏观经济、市场结构、开放和制度四类政策因素变量来考察影响金融发展的四个维度,即金融可得性、金融深度、金融效率、金融稳定的影响,并对中高收入与高收入国家进行异质性分析。研究发现:金融可得性主要受国内生产总值增长率、通货膨胀率的影响,金融深度主要受银行资产集中度、勒纳指数和贸易开放的影响,金融效率主要受国内生产总值增长率、通货膨胀率和金融开放的影响,金融稳定主要受金融开放、贸易开放和国家综合风险指数的影响。政策因素变量中的汇款流入、银行资产集中度、勒纳指数和金融开放对金融发展不同维度的影响存在国家异质性。This paper investigates the policy factors affecting the multidimensional development of finance based on the perspective of the financial possibility boundary. A cross-country dynamic panel model is developed using data from 57 upper-middle-income and above countries from 2004—2019 to examine the impact on four dimensions of financial development, namely, financial accessibility, financial depth, financial efficiency, and financial stability, in terms of four categories of policy factor variables: macroeconomics, market structure, openness, and institutions, while considering the heterogeneity between middle-and high-income countries. The study finds that financial accessibility is mainly affected by GDP and inflation rate;Financial depth is mainly affected by bank asset concentration, Lerner Index and trade openness;Financial efficiency is mainly affected by GDP, inflation rate and financial openness;Financial stability is mainly affected by financial openness, trade openness and country aggregate risk rating. There is country heterogeneity in the impact of remittance inflows, bank asset concentration, Lerner Index, and financial openness among the policy factor variables on different dimensions of financial development.

关 键 词：金融多维发展 金融可能性边界 结构变量 政策因素变量 

分 类 号：F831[经济管理—金融学]