金融发展的倒U型增长效应与最优金融规模

发布时间：2018-05-13 10:14

本文选题：金融发展理论 + 非线性增长　；参考：《当代经济科学》2010年01期

【摘要】：金融发展能够促进经济增长,但是其作用是非线性的。由于金融发展是有成本的,当金融过度发展时,其机会成本将大于潜在的收益,反而会阻碍经济增长。因此,经济中存在最优的金融发展规模。本文用金融部门就业占总就业的比重作为度量金融发展的指标,为避免内生性偏误,实证研究采用系统的GMM进行估计。结果表明:金融发展对经济增长的影响不是线性的,而是一个倒U型。潜在的最优金融规模主要由经济发展水平和人力资本存量决定。
[Abstract]:Financial development can promote economic growth, but its role is nonlinear. Because of the cost of financial development, when the financial development is excessive, the opportunity cost will be greater than the potential benefit, which will hinder the economic growth. Therefore, there is an optimal scale of financial development in the economy. In this paper, the proportion of financial sector employment in total employment is used as an index to measure the financial development. In order to avoid endogenous bias, the empirical study uses systematic GMM to estimate. The results show that the impact of financial development on economic growth is not linear, but an inverted U-shape. The potential optimal financial scale is mainly determined by the level of economic development and the stock of human capital.
【作者单位】：湖南大学经济与贸易学院;
【分类号】：F830;F224

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