中国金融发展与经济增长关系的区域差异研究

经济发展论坛工作论文
FED Working Papers Series
No. FC20050081
中国金融发展与经济增长关系的区域差异研究
──基于面板数据的单位根检验、协整检验与误差纠正模型
冉光和 李敬 熊德平 温涛中国金融发展与经济增长关系的区域差异研究*
——基于面板数据的单位根检验、协整检验与误差纠正模型
冉光和1 李 敬1 熊德平2 温涛3
(1.重庆大学贸易与行政学院 400044； 2.扬州大学经济学院 225009，3.西南大学经济管理学院 400716)
摘 要：本文基于东部和西部的省级数据，运用面板数据单位根检验、协整检验与误差纠正模型，对
东部和西部金融发展与经济增长的长期关系和短期关系进行了比较研究。结果显示，中国东部和西
部金融发展与经济增长关系具有明显差异：西部地区金融发展与经济增长之间具有金融发展引导经
济增长的单向长期因果关系，而无明显的短期因果关系；东部地区金融发展与经济增长之间具有明
显的双向长期因果关系和双向短期因果关系。在此基础上，文章提出促进中国区域经济与区域金融
协调发展的简要政策建议。
关键词：金融发展 经济发展 因果关系 区域差异
Study on the Regional difference of Relation of Financial Development and Economic Growth in China
─── based on the unit root tests、cointegration tests and error correction models in panel data
RAN Guanghe Li Jing XIONG Deping WEN Tao
(1.College of Trade and Administration, Chongqing University; 2.College of Economics, Yangzhou University
3.Southwest University )
Abstract：Based the unit root tests、cointegration tests and error correction models in panel data and eastern
and western regional data of province, This paper aims to identify the long term and short term relations
between the financial development and economic growth in eastern and western region of China. The
empirical results show the obvious difference in eastern and western region of China: There is a
unidirectional long term causality from financial development to growth and no short term causality in
western region. However, a bi-directional long term relation and a bi-directional short term causality are
found in eastern region. Some synopsis policies are put forward to promote the coordination development
of the regional economy and finance.
Keyword: Financial Development Economic Growth relation Regional difference