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金融部门与实体经济的关系一直是金融发展理论与虚拟经济研究的焦点问题,已有研究忽视了金融的独立性。本文运用“分离假说”的概念和分析模式,通过外汇市场与中国股市及信贷市场的实证检验,尝试性回答“金融市场中存在金融分离吗?”这一问题,对Menkhoff and Tolksdork(2001)的金融分离研究进行了新拓展。实证结果显示:外汇市场和股票市场出现了相当程度的金融分离,而信贷市场的金融分离则不显著。针对上述三个市场出现的不同情况,本文给出了相关的解释与政策建议。
The relationship between the financial sector and the real economy has always been the focus of the study of the theory of financial development and the study of the fictitious economy. Previous studies have neglected the independence of finance. This paper uses the concept of “separation hypothesis ” and the analysis mode. Through the empirical test of the foreign exchange market and the Chinese stock market and credit market, this article attempts to answer the question “Is there financial segregation in the financial market ?,” and Menkhoff and Tolksdork (2001) study of financial separation has been a new expansion. The empirical results show that there is a considerable degree of financial segregation in the foreign exchange market and the stock market, while the financial separation in the credit market is not significant. In view of the different situations that appear in the above three markets, this article gives relevant explanations and policy suggestions.