本文選題：金融發(fā)展理論 + 非線性增長�。� 參考：《當(dāng)代經(jīng)濟(jì)科學(xué)》2010年01期

【摘要】：金融發(fā)展能夠促進(jìn)經(jīng)濟(jì)增長,但是其作用是非線性的。由于金融發(fā)展是有成本的,當(dāng)金融過度發(fā)展時(shí),其機(jī)會成本將大于潛在的收益,反而會阻礙經(jīng)濟(jì)增長。因此,經(jīng)濟(jì)中存在最優(yōu)的金融發(fā)展規(guī)模。本文用金融部門就業(yè)占總就業(yè)的比重作為度量金融發(fā)展的指標(biāo),為避免內(nèi)生性偏誤,實(shí)證研究采用系統(tǒng)的GMM進(jìn)行估計(jì)。結(jié)果表明:金融發(fā)展對經(jīng)濟(jì)增長的影響不是線性的,而是一個倒U型。潛在的最優(yōu)金融規(guī)模主要由經(jīng)濟(jì)發(fā)展水平和人力資本存量決定。
[Abstract]:Financial development can promote economic growth, but its role is nonlinear. Because of the cost of financial development, when the financial development is excessive, the opportunity cost will be greater than the potential benefit, which will hinder the economic growth. Therefore, there is an optimal scale of financial development in the economy. In this paper, the proportion of financial sector employment in total employment is used as an index to measure the financial development. In order to avoid endogenous bias, the empirical study uses systematic GMM to estimate. The results show that the impact of financial development on economic growth is not linear, but an inverted U-shape. The potential optimal financial scale is mainly determined by the level of economic development and the stock of human capital.
【作者單位】： 湖南大學(xué)經(jīng)濟(jì)與貿(mào)易學(xué)院;
【分類號】：F830;F224

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