深化中国金融体制改革,必须厘清中国金融与经济的发展关系。本文基于中国东部和西部的省级数据,运用面板数据单位根检验、协整检验与误差纠正模型,对东部和西部金融发展与经济增长的长期关系和短期关系进行了比较研究。结果显示,东部和西部金融发展与经济增长关系具有明显差异:西部地区金融发展与经济增长之间具有金融发展引导经济增长的单向长期因果关系,而无明显的短期因果关系;东部地区金融发展与经济增长之间具有明显的双向长期因果关系和双向短期因果关系。因此,在不同的区域条件约束下,金融发展与经济增长之间可能并无稳定一致的关系。在此基础上,提出了中国金融体制改革的相关政策建议。
Using the unit root tests, cointegration tests and error correction models in panel data and based on the eastern and western province regional data, this paper aims to identify the long term and short term relations between the financial development and economic growth in eastern and western region of China. The empirical results show the obvious difference in eastern and western region of China : There is a unidirectional long - term causality from financial development to growth and no short - term causality in western region. However, a bi - directional long - term relation and a bi - directional short - term causality are founded in eastern region. Some policies are put forward to promote the coordination development of economy and finance in eastern and western region of China.