非正规金融市场:反应性还是自主性?——基于温州民间利率的经验研究
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财经研究 2009 年 第 35 卷第 04 期, 页码：39 - 49
摘要
参考文献
摘要
关于温州非正规金融市场利率的大多数典型事实都可以在"反应性"非正规金融范畴内得到合理的解释。支持温州非正规金融具有"反应性"的有力证据来自于对相关变量进行Granger因果关系检验及其脉冲响应分析。这些实证分析表明,正规金融对中小企业的信贷扩张将深刻改变非正规金融市场资金价格的短期走势。然而协整分析表明,在非正规金融市场利率与中小企业信贷水平之间并不存在一种长期的均衡关系。一个整合的分析框架应该被应用于理解温州非正规金融。在该框架中,非正规金融的"反应性"与"自主性"是互为补充的。
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[7]F Allen,J Qian,M Qian.Law,finance,and economic growth in China[J].Journal of Fi-nancial Economics,2002,77:57-116.
[8]E Aryeetey,C Udry.The characteristics of informal financial markets in Sub-SaharanAfrica[J].Journal of African Economies,1997,6:161-203.
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[13]A Isaksson.Informal finance and intermediation[R].Working Paper,No.252,UB&SDRC,Germany,2002.
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[22]V Wijnbergen.Interest rate management in LDC’s[J].Journal of Monetary Econom-ics,1982,12:433-452.
引用本文
姚耀军. 非正规金融市场:反应性还是自主性?——基于温州民间利率的经验研究[J]. 财经研究, 2009, 35(4): 39–49.
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