Financial Development and Economic Growth : An Empirical Study on China

本文采用ＧＭＭ 估计量，把影响中国经济增长的重要变量（投资、出口、进口、人力资本、制度质量和通货膨胀）作为条件信息集，对金融发展（债券市场、股票市场和银行发展）与中国经济增长的关系及其作用机制进行了实证研究。文章发现：债券市场规模发展、银行对私人信贷扩张和股票市场流动性提高显著地促进经济增长，而股票市场规模发展和波动性扩大对经济增长具有显著的负面影响。金融发展对中国经济增长的作用机制主要是通过促进投资规模扩张，进而驱动经济增长。From the bond market perspective, this paper employs the GMM estimator to investigate the empirical relationship between financial development (consisting of bank, bond and stock markets' development) and economic growth in China and the channels through which financial development affects economic growth, depending on the conditioning information set of important economic growth determinants such as investment, export, import, human capital, institutional quality and inflation as well. It is found that the bond market size development, the banking development and the improvement in stock market liquidity contribute significantly to, but the stock market size and volatility developments have negative effect on economic growth