金融发展与经济增长研究述评与未来展望

Literature Review and Future Prospect on Financial Development and Economic Growth

中文关键词:  金融发展  金融结构  经济增长  格兰杰因果检验

英文关键词:financial development  financial structure  economic growth  Granger causality test

中文摘要:

      金融发展与经济增长的关系研究一直是学术界的热点话题。文章对该领域内最具影响力的一些西方主流经济学家的观点进行了归纳,集中讨论了四个方面:一是理论文献总结,主要探讨传导机制、金融结构视角以及影响金融发展的因素；二是金融发展与经济增长之间的因果关系研究；三是两者之间的非线性关系研究；四是实证方法总结,对比使用面板数据和时间序列数据实证分析方法的优缺点,指出使用时序数据实证分析方法在检验因果关系时存在优点,但也存在小样本有偏的缺陷问题,而使用面板数据实证分析方法可以很好地克服内生性问题。通过对这些文献的回顾,将有助于把握该领域未来研究的发展方向。

英文摘要:

      Research on the relationship between financial development and economic growth has been a hot topic in academia. This article sums up some viewpoints of the most influential Western mainstream economists in this field, with a focus on four aspects. First, the theoretical literature summary focuses on the transmission mechanism, the perspective of financial structure and the factors affecting financial development. Second, it studies the causal relationship between financial development and economic growth. Third, it involves the research on a nonlinear relationship between the two studies. Fourth, it summarizes the empirical method, compares the advantages and disadvantages of using panel data and time series data, and points out that empirical analysis using time series data has the advantage in testing causal relationship, but with small sample biased defects and the empirical analysis of panel data can well overcome the endogeneity problems. Through the literature review, it will be of help to grasp the future direction of research in this field. 