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内容
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| 金融自由化、政策一致性与金融脆弱性 |
| 理论框架与经验证据 |
| 作者:章奇,何帆,刘明兴 访问次数: 更新日期:2006-12-2 20:04:40 来源:博士咖啡 |
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Rgdp -1.240** -1.231*** -0.842 -0.870* -0.806* 1.002 0.494 0.486 0.711 0.451 0.421 1.000 TCI 1.700** 1.904* 59.779 0.496 0.717 84.798 0.741 0.785 42.705 0.874 0.828 114.686 TCI2 -0.341 -0.410 -35.895 -0.288 -0.402 -49.525 0.212 0.219 22.946 0.375 0.354 55.142 Fil•TCI -2.441*** -2.464*** -59.653 -1.836** -1.725** -84.936 0.794 0.825 42.462 0.725 0.764 114.728 Fil•TCI2 0.644*** 0.644*** 36.858 0.497** 0.500** 50.615 0.246 0.252 22.902 0.239 0.246 55.158 Fil 1.977*** 2.048*** 19.741 2.017*** 1.873*** 28.906 0.551 0.561 19.517 0.487 0.542 58.939 CapFil•TCI -0.327 -0.285 -0.409 0.425 0.393 0.747 CapFil•TCI2 -0.135 -0.138 -0.341 0.313 0.292 0.808 CapFil -0.414** -0.326* -0.341 0.208 0.196 0.436 Bp 1.812*** 1.914*** 1.258** 1.346*** 1.469*** 1.230 0.391 0.413 0.619 0.361 0.377 0.556 Inf 1.857*** 2.043*** -4.013 1.955*** 2.348*** -3.244 0.670 0.667 2.639 0.646 0.802 2.690 Sei -1.443*** -1.524*** -3.307*** -1.148** -1.075** -3.274 *** 0.450 0.482 1.085 0.463 0.529 0.970 Corr -0.725 -0.696 0.560 -0.759 -0.769 -0.452 0.516 0.535 1.106 0.607 0.657 1.332 Bl -1.598** -1.125** -1.616** -1.183* 0.784 0.794 0.762 0.707 Fl -1.575*** -1.167*** -1.676** -1.306* 0.592 0.585 0.678 0.677 Gl -3.761*** -3.517*** -3.722* -3.375** 1.074 1.091 1.292 1.317 Pright 2.886 3.666 2.234 3.840 Gq 0.613 4.820 * 3.815 2.469 Nobs 425 425 169 412 412 169 Prob(>Chi2) 0.000 0.000 0.04 0.000 0.000 0.02 注释:同表2 参考文献: 北大中国经济研究中心发展战略组,(2002): 《技术选择指数的构造与计算》,北京大学中国经济研究中心论文打印稿(未发表)。 林毅夫、蔡昉和李周(1994): 《中国的奇迹:发展战略与经济改革》,上海三联出版社。 林毅夫、章奇和刘明兴(2003),《金融结构与经济增长:以制造业为例》,《世界经济》,第1期。 Allen, Franklin and Gale, Douglas.(1999), Comparing Financial Systems. Cambridge, MA: MIT Press, 1999. Barth, James R., Gerard Caprio, Jr. and Ross Levine (1999), “Banking systems around the globe: Do regulation and ownership affect performance and stability?” in Frederic S. Mishkin, (edit), Prudential Supervision: What works and What Doesn’t, University of Chicago Press. Bekaert, Geert, Harvey, Campbell R. and Lundblad, Christian (2001), “Does Financial Liberalization spur Growth,” NBER Working Papers, No. w8245. Caprio, G., and L. Summers, 1993, “Finance and its Reform: Beyond Laissez-Faire”, Policy Research Working Paper No. 1171, the World Bank. Cetorelli, Nicola, and Michele Gambera (1999),“Banking Market Structure, Financial Dependence and Growth: International Evidence from Industry Data”,Federal Reserve Bank of Chicago,Working Papers Series Research Department (WP-99-8). Menzie D. Chinn and Hiro Ito (2002), “Capital Account Liberalization, Institutions and Financial Development: Cross Country Evidence”, the World Bank’s Working Paper Series, No. 8967. Chari, V.V., and R. Jagannathan. (1988). “Banking Panics, Information, and Rational Expectations Equilibrium.” Journal of Finance 43: 749–61. Asli Demirgüç-Kunt and Enrica Detragiache (1998), “Financial | |
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