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以1997—2009年的上海数据为样本,通过带有控制变量的向量误差修正模型(VECM)和格兰杰(Granger)因果检验方法,研究法治水平与金融发展规模、效率以及银行业竞争之间的相关关系和因果关系。检验结果表明:法治水平与金融发展规模、效率及银行业竞争之间存在长期稳定均衡关系;法治水平的提高是促进金融发展规模、效率以及银行业竞争的格兰杰原因。因此,“国际金融中心”的建设不仅要注重法律体系的完善,更要加强法治。
Using the Shanghai data from 1997-2009 as a sample, this paper studies the relationship between the rule of law and the scale of financial development, efficiency and competition in the banking industry through VECM and Granger causality test. The correlation and causality. The test results show that there is a long-term, stable and balanced relationship between the level of the rule of law and the scale of financial development, efficiency and banking competition. The improvement of the level of the rule of law is a Granger reason for promoting the scale of financial development, efficiency and banking competition. Therefore, the construction of an “international financial center” should not only focus on improving the legal system, but also strengthen the rule of law.