通过将金融发展水平作为一项投入引入新古典生产函数,研究金融发展与经济增长之间的关系,得出金融发展程度的提高增加了均衡时的资本存量,进而增加了均衡状态的人均产出的结论。根据中国1995~2006年季度数据在建立向量自回归模型与向量误差修正模型的基础上,通过不同指标的选取,对金融发展与经济增长进行协整检验,得出在我国二者之间的实践关系与理论具有不同作用机制的结论。最后针对实证结论探究中国金融发展存在的问题并给出相关政策建议。
By adding 3 indexes weighing financial development level into the Harold function of production,we reach the conclusion that the increase of financial development level can enhance the capital density and then the average output in equilibrium.Based on setting VAR Model and VEC Model with the quarterly figures of China from 1995 to 2006,the paper proves that there is cointegration existing between financial development and economic growth.However,the direction of the function is not totally same with the th...