国债政策对经济增长的作用机制——基于金融发展的计量检验

改革开放以来,投资成为中国经济增长的有力支撑点,并逐渐形成以投资带动的经济增长模式。这一模式的形成,国债政策发挥了重要作用。国债作为一种金融产品,其发行和交易的前提条件是金融机构的建立、金融体系的健全,并通过金融发展渠道发挥对经济增长的作用。理论分析与实证检验都表明,“国债政策—金融发展—经济增长”渠道对我国经济增长所起作用是十分重要的。要充分发挥国债在我国经济增长中的作用,就必须大力完善金融体系,促进金融发展。

Study of the Function Mechanism of Treasury Policy in Economic Growth: Based on Empirical Test Financial Devolvement

Since the initiation of the reform and opening up, investment has become a strong pillar, and gradually formed the investment-led economic growth model in China＇s economic growth. Treasury policy has played an important role in the formation of this model. As a financial product, a precondition for investment and deal in bonds is the establishment of financial institutions and the sound financial system. Its policy plays a role on economic growth through the channels of financial development. Theoretical analysis and empirical test show that this channel of ＂the treasury policy-financial development-economic growth＂ is important. It is necessary to vigorously improve the financial system and promote financial development so that the treasury policy is given full play to in China＇s economic growth.