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
5273 
3144
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。
[1]刘民权,徐忠,俞建拖.信贷市场中的非正规金融[J].世界经济,2003,(7):61-73.
[2]林毅夫,G Feder,刘遵义,罗小朋.中国的农业信贷与农场绩效[M].北京:北京大学出版社,2000:78-121.
[3]唐寿宁.对非正规金融部门的另一种补充解释[J].中国社会科学季刊,1999(香港)秋季卷:456-458.
[4]姚耀军,陈德付.中国农村非正规金融的兴起:理论及其实证研究[J].中国农村经济,2005,(12):45-51.
[5]郑南源,尤瑞章,贺聪.民间金融效率边界与未来发展方向[J].深圳金融,2008,(4):23-28.
[6]S Ahn,G Reinsel.Esti mation for partially nonstationary multivariate autoregressivemodels[J].Journal of the American Statistical Association,1990,85:813-823.
[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.
[9]M Ayyagari,A Demirgüc-Kunt,V Maksi movic.Formal versus informal finance:Evi-dence from China[R].Mi meo World Bank,2007.
[10]D Bautista.I mpact of public policies on rural informal credit markets in the Philip-pines:Synthesis of survey results andlessons for policy[J].Journal of Philippine Devel-opment,1991,32:73-97.
[11]A Chandrnvarkar.The informal financial sector in developing countries:Analysis,evi-dence,and policy i mplications[R].SEACEN Occasional Paper No.2,Kuala Lumpur,Malaysia,August,1987.
[12]S Floro.Credit relations and market interlinkage in Philippine agriculture[R].Ph.D.Dissertation,Stanford University,1986.
[13]A Isaksson.Informal finance and intermediation[R].Working Paper,No.252,UB&SDRC,Germany,2002.
[14]Y Lin,X Sun.Information,informal finance and SMEfinancing[J].Frontiers of Eco-nomics in China,2006,1:69-82.
[15]K Linton.Access to capital in China:Competitive conditions for foreign and domesticfirms[R].SSRN Working Paper Series,2007.
[16]R McKinnon.Money and capital in economic development[M].Washington:TheBrookings Institution,1973.
[17]A Montiel.Macroeconomic si mulation model for India[R].Working paper,WorldBank,February 1993.
[18]E Shaw.Financial deepeningin economic development[M].New York:Oxford Univer-sity Press,1973.
[19]J Stiglitz,A Weiss.Credit rationing in markets with i mperfect information[J].Ameri-can Economic Review,1981,71:393-410.
[20]L Taylor.Structuralist macroeconomics:Applicable models for the Third World[M].New York,Basic Books,1983.
[21]K Tsai.Back-Alley banking:Private entrepreneurs in China[M].Cornell UniversityPress,2002.
[22]V Wijnbergen.Interest rate management in LDC’s[J].Journal of Monetary Econom-ics,1982,12:433-452.
[2]林毅夫,G Feder,刘遵义,罗小朋.中国的农业信贷与农场绩效[M].北京:北京大学出版社,2000:78-121.
[3]唐寿宁.对非正规金融部门的另一种补充解释[J].中国社会科学季刊,1999(香港)秋季卷:456-458.
[4]姚耀军,陈德付.中国农村非正规金融的兴起:理论及其实证研究[J].中国农村经济,2005,(12):45-51.
[5]郑南源,尤瑞章,贺聪.民间金融效率边界与未来发展方向[J].深圳金融,2008,(4):23-28.
[6]S Ahn,G Reinsel.Esti mation for partially nonstationary multivariate autoregressivemodels[J].Journal of the American Statistical Association,1990,85:813-823.
[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.
[9]M Ayyagari,A Demirgüc-Kunt,V Maksi movic.Formal versus informal finance:Evi-dence from China[R].Mi meo World Bank,2007.
[10]D Bautista.I mpact of public policies on rural informal credit markets in the Philip-pines:Synthesis of survey results andlessons for policy[J].Journal of Philippine Devel-opment,1991,32:73-97.
[11]A Chandrnvarkar.The informal financial sector in developing countries:Analysis,evi-dence,and policy i mplications[R].SEACEN Occasional Paper No.2,Kuala Lumpur,Malaysia,August,1987.
[12]S Floro.Credit relations and market interlinkage in Philippine agriculture[R].Ph.D.Dissertation,Stanford University,1986.
[13]A Isaksson.Informal finance and intermediation[R].Working Paper,No.252,UB&SDRC,Germany,2002.
[14]Y Lin,X Sun.Information,informal finance and SMEfinancing[J].Frontiers of Eco-nomics in China,2006,1:69-82.
[15]K Linton.Access to capital in China:Competitive conditions for foreign and domesticfirms[R].SSRN Working Paper Series,2007.
[16]R McKinnon.Money and capital in economic development[M].Washington:TheBrookings Institution,1973.
[17]A Montiel.Macroeconomic si mulation model for India[R].Working paper,WorldBank,February 1993.
[18]E Shaw.Financial deepeningin economic development[M].New York:Oxford Univer-sity Press,1973.
[19]J Stiglitz,A Weiss.Credit rationing in markets with i mperfect information[J].Ameri-can Economic Review,1981,71:393-410.
[20]L Taylor.Structuralist macroeconomics:Applicable models for the Third World[M].New York,Basic Books,1983.
[21]K Tsai.Back-Alley banking:Private entrepreneurs in China[M].Cornell UniversityPress,2002.
[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.
导出参考文献，格式为：
