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本文把改革开放以来中国的金融发展与经济增长过程置于经济体制改革背景之下,探讨经济体制改革何以使分权化体制下的金融资源得以释放的同时,通过金融体制改革形成了市场导向的金融体系,从而促进经济增长的过程。本文验证了经济体制改革、金融发展与长期增长之间的正向关系。我们发现,在分权化背景下,金融体制变革和财政体制变革在促进GDP增长方面作用不同:金融体制改革促进经济增长的作用显著,而财政体制改革为经济增长提供了一个分权化的制度环境,但它本身对GDP增长的效应是含糊的。
This paper puts the process of financial development and economic growth in China under the background of economic system reform since the reform and opening up and explores why the economic system reform can release the financial resources under the system of decentralization and at the same time it has formed a market-oriented Financial system, thus promoting the process of economic growth. This article verifies the positive relationship between economic reform, financial development and long-term growth. We find that under the decentralization background, the changes in the financial system and the financial system play different roles in promoting GDP growth: the reform of the financial system plays a significant role in promoting economic growth while the reform of the financial system provides a decentralized system for economic growth Environment, but its own effect on GDP growth is ambiguous.