多年來經(jīng)濟學家認為,運作良好、整體合一的銀行業(yè)以及股票市場會對經(jīng)濟增長起到積極、促進的作用。金融中介機構(gòu)的發(fā)展,可以通過各種傳遞渠道,比如儲蓄動員和資本的有效配置,對經(jīng)濟增長產(chǎn)生正面的影響。根據(jù)過去三十年間所獲得的資本市場數(shù)據(jù)和新形成的理論文獻顯示,運作良好的股票市場可以通過改變技術(shù)進步的水平、儲蓄利率和經(jīng)濟的整體效率而促進長期的經(jīng)濟增長。然而,有一種相反的觀點認為,金融中介機構(gòu)尤其是資本市場的發(fā)展,會對經(jīng)濟增長產(chǎn)生不利影響,這一點在發(fā)展中國家尤為明顯。本研究探討銀行業(yè)、股票市場發(fā)展和經(jīng)濟增長之間的因果及協(xié)整關(guān)系。它從一個全面的理論和實證文獻角度出發(fā),建立起這一宏觀關(guān)系框架。我們對四個國家進行實證分析,分別是：克羅地亞、塞爾維亞、斯洛文尼亞和中國,這些國家在規(guī)模、地理位置和經(jīng)濟發(fā)展階段方面都各異,我們對其銀行業(yè)、股票與增長之間的關(guān)系進行了觀察與比較。這項研究的目的在于結(jié)合重點遺漏變量條件,在不同的向量自回歸（VAR）環(huán)境中,通過檢驗因果關(guān)系,對經(jīng)濟增長過程中的銀行業(yè)和股票市場發(fā)展進行實證分析。如Coporal e和Pitis在1997年時指出的,在分析銀行業(yè)發(fā)展與經(jīng)濟增長之間的因果關(guān)系... 

【文章來源】：首都經(jīng)濟貿(mào)易大學北京市

【文章頁數(shù)】：215 頁

【學位級別】：博士

【文章目錄】：
ABSTRACT
摘要
ACKNOWLEDGEMENTS
CHAPTER 1:INTRODUCTION
    1.1. INTRODUCTION
    1.2. AIM, OBJECTIVES AND RESEARCH QUES
    1.3. INNOVATION POINTS
    1.4. RESEARCH METHODS
    1.5. OVERVIEW OF THE STUDY
CHAPTER 2:LITERATURE REVIEW
    2.1. ECONOMIC GROWTH THEORIES
        2.1.1. Neoclassical Growth Model
        2.1.2. Endogenous Growth Model
    2.2. CREDIT MARKETS AND ECONOMIC GROWTH
        2.2.1. Relation between capital allocation and productivity
        2.2.2. Saving rates and financial development
    2.3. STOCK MARKETS AND ECONOMIC GROWTH
    2.4. BANKS, STOCK MARKETS AND ECONOMIC GROWTH
    2.5. REVIEW OF THEORETICAL AND EMPIRICAL STUDIES FOR COUNTRIES OFCROATIA, SERBIA, SLOVENIA AND CHINA
        2.5.1. Croatia
        2.5.2. Serbia
        2.5.3. Slovenia
        2.5.4. China
CHAPTER 3:DATA ANALYSIS AND MODEL THEORETICAL SPECIFICATION
    3.1. DATA AND DEFINING VARIABLES
    3.2. INDEPENDENT VARIABLES
    3.3. SUMMARY STATISTICS OF DATA
        3.3.1. Croatia
        3.3.2. Serbia
        3.3.3. Slovenia
        3.3.4. China
    3.4. DEPENDENT VARIABLES
        3.4.1. Croatia
        3.4.2. Serbia
        3.4.3. Slovenia
        3.4.4. China
    3.5. ESTIMATION METHODS
        3.5.1. Unit Root Test
        3.5.2. Vector Autoregression (VAR)
        3.5.3. Johansen Co-integration Test
        3.5.4. Causality Test
        3.5.5. Impulse Response Function (IRF)
CHAPTER 4:NEXUS BETWEEN BANKS, STOCK MARKETS AND ECONOMICGROWTH:EMPIRICAL ANALYSIS
    4.1. INTRODUCTION
    4.2. CROATIA
        4.2.1. Unit Root Test
        4.2.2. Lag Selection
        4.2.3. Banking-economic growth bivariate VAR model
        4.2.4. Stock market-economic growth bivariate VAR model
        4.2.5. Banking-stock market-growth trivariate VAR model
        4.2.6. Johansen Co-integration
        4.2.7. Impulse Response Function(IRF)
    4.3. SERBIA
        4.3.1. Unit Root Tests
        4.3.2. Lag Selection
        4.3.3. Banking-economic growth bivariate VAR model
        4.3.4. Johansen Co-integration
        4.3.5. Impulse Response Function(IRF)
    4.4. SLOVENIA
        4.4.1. Unit Root Tests
        4.4.2. Lag Selection
        4.4.3. Banking-economic growth bivariate VAR model
        4.4.4. Stock market-economic growth bivariate VAR model
        4.4.5. Banking-stock market-economic growth trivariate VAR model
        4.4.6. Johansen Co-integration
        4.4.7. Impulse Response Function(IRF)
    4.5. CHINA
        4.5.1. Unit Root Tests
        4.5.2. Lag Selection
        4.5.3. Banking-economic growth bivariate VAR model
        4.5.4. Stock market-economic growth bivariate VAR model
        4.5.5. Banking-stock market-economic growth trivariate VAR model
        4.5.6. Johansen Co-integration
        4.5.7. Impulse Response Function(IRF)
CHAPTER 5:COMPARISON OF EMPIRICAL RESULTS
    5.1. BIVARIATE BANKING-GROWTH VAR MODELS
    5.2. BIVARIATE STOCK-GROWTH VAR MODELS
    5.3. TRIVARIATE BANKS-STOCK-GROWTH VAR MODELS
    5.4. IMPULSE RESPONSE FUNCTION (IRF)
CHAPTER 6:CONCLUSION
BIBLIOGRAPHY
APPENDIX
    Appendix 1:Croatia VAR models
    Appendix 2:Serbia VAR models
    Appendix 3:Slovenia VAR models
    Appendix 4:China VAR models
    Appendix 5:Impulse Response Function (IRF)



本文編號：3242592