金融中介发展平抑了经济波动吗?——来自中国的经验证据
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财经研究 2013 年 第 39 卷第 01 期, 页码：63 - 72
摘要
参考文献
摘要
金融中介发展与经济波动的联系属于学术研究前沿课题。文章基于1994-2010年中国省级面板数据研究发现,尽管中国金融中介发展具有显著的货币冲击减震效应,但总体而言,中国还未到达金融中介发展对经济波动产生平抑效应的阶段。文章还发现,中国正从金融中介发展对经济波动具有放大效应的阶段步入临界区间。因此,文章研究结果所蕴含的一个重要政策涵义是,中国金融中介发展已处于一个关键时期,进一步加快发展必定会为宏观经济稳定和经济增长产生积极影响。
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[2]张军,金煜.中国的金融深化和生产率关系的再检测:1987-2001[J].经济研究,2005,(11):34-45.
[3]赵勇,雷达.金融发展与经济增长:生产率促进抑或资本形成[J].世界经济,2010,(2):37-50.
[4]朱彤,漆鑫,李磊.金融发展、外生冲击与经济波动——基于我国省级面板数据的研究[J].商业经济与管理,2011,(1):52-59.
[5]Aghion P,Angeletos G M,Banerjee A,Manova K.Volatility and growth:Credit con-straints and the composition of investment[J].Journal of Monetary Economics,2010,57(3):246-265.
[6]Aghion P,Bacchetta P,Banerjee A.Financial development and the instability of open economies[J].Journal of Monetary Economics,2004,51(6):1077-1106.
[7]Bacchetta P,Caminal R.Do capital market imperfections exacerbate output fluctuations?[J].European Economic Review,2000,44(3):449-468.
[8]Bernanke B S,Gertler M,Gilchrist S.The financial accelerator in a quantitative business cycle framework[R].NBER Working Paper No.w6455,1998.
[9]Caballero R J,Krishnamurthy A.International and domestic collateral constraints in a model of emerging market crises[J].Journal of Monetary Economics,2001,48(3):513-548.
[10]Easterly W,Islam R,Stiglitz J E.Shaken and stirred:Explaining growth volatility[R].Annual World Bank Conference,2000.
[11]Lucas R E.Understanding business cycles[R].Carnegie-Rochester Conference Series on Public Policy,1977,5(1):7-29.
[12]Stock J H,Watson M W.Has the business cycle changed and why?[R].NBER Work-ing Paper No.9127,2002.
[13]Wahid A N M,Jalil A.Financial development and GDP volatility in China[J].Econom-ic Notes,2010,39(1):27-41.
[14]Wang P,Wen Y.Financial development and economic volatility:A unified explanation[R].Working Papers No.2009-022c,Federal Reserve Bank of St.Louis,2009.
[15]World Economic Forum.The financial development report2010[R].The World Eco-nomic Forum USA Inc,2011:12-13.
引用本文
姚耀军, 鲍晓辉. 金融中介发展平抑了经济波动吗?——来自中国的经验证据[J]. 财经研究, 2013, 39(1): 63–72.
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