中文摘要：

制度对经济波动的影响是制度经济学和宏观经济学研究的重点领域。已有研究认为制度不仅是经济增长的根本原因，而且也是经济波动的重要原因。已有研究运用跨国数据考察了政治制度对经济波动的影响，但鲜有文献关注经济制度对经济波动的影响。本文用樊纲等人构建的市场化指数来表示我国的经济制度，运用1997--2009年我国30个省份的数据，通过面板数据模型考察了制度对我国经济波动的影响。研究表明，市场化水平越高，经济波动越小；市场化水平提高1％，经济波动减少0．184％。本文认为，加强市场化建设是熨平经济波动、改善社会福利的重要途径。

英文摘要：

The impact of institution change on volatility is the focus of institutional economics and macroeconomics. According to recent research, institution is the fundamental cause for long-run growth, as well as the determinate for short-run volatility. Current research explores the impact of political institution on volatility, whereas neglects the impact of economic institution on volatility. With the data of 30 provinces from 1997 to 2009, this paper explores the impact of institution change on volatility through the panel data model. It is found that the institution has a negative impact on volatility, with the institution quality improves by 1%, the volatility reduces by 0. 184%. The policy implication of this paper is that, institution enhancing could lower volatility, as well as improve social welfare.