中国金融抑制与经济发展的实证分析

金融抑制是发展中国家存在的一个普遍性问题,对于金融抑制是否会促进经济增长也成为理论界一直在探讨的一个热门话题。经实证分析,金融抑制在特定的历史阶段虽然会促进经济发展,但它是以低效率为代价的。改革开放的历史表明,只有放松金融管制才会促进经济的持续、快速和健康发展。

Substantial Evidences of China's Financial Repression and the Economic Development

Financial repression is a general phenomenon in the developing countries, and whether it is useful to accelerate the economic growth has long been a hot topic in the field of economics. This paper analyzes empirically the relation between financial repression and economic development in China by using the theory of principal component analysis and co-integration. The result shows that financial repression can promote the speed of economic development in the special history period at the cost of low efficiency. Moreover, the history of reform and opening-up in China has demonstrated that only lessening financial controlling can make China's economy develop continually, rapidly and healthily.