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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
 

            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.
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            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,
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