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不同于以往研究主要以信息经济学为理论基础,文章从一个新的视角———经济二元转型,对中国农村正规金融发展的经济绩效重新进行了审视。以费—拉的二元转型增长模型为基础,文章首先构建了以工农两部门金融市场为纽带的城乡经济互动的一般均衡模型,并在这一理论架构下对农村金融与经济二元转型的关系进行了规范分析,进而提出了一个假说。在此基础上,文章利用既考虑理论又考虑变量长期互动关系的SVAR模型对理论假说进行了验证。实证结果表明,在控制其他因素的条件下,以市场自然演进机制为基础的工农部门间金融市场的发展可以促进二元转型增长。
Different from the previous studies, mainly based on information economics, the article re-examines the economic performance of China’s rural formal financial development from a new perspective --- economic dual transformation. Based on the Farela model of dual transformation and growth, the article first builds a general equilibrium model of economic interaction between urban and rural areas with the financial sector as the link between workers and peasants. Based on this theoretical framework, this paper analyzes the dual transformation of rural finance and economy The relationship between the normative analysis, and then put forward a hypothesis. On this basis, the article verifies the theoretical hypothesis by using the SVAR model that considers both the theory and the long-term interaction of variables. The empirical results show that under the control of other factors, the development of financial markets between the industrial and agricultural sectors based on the market natural evolution mechanism can promote the dual transformation growth.