金融一体化与全要素生产率:机制及经验证据

众多文献对金融一体化的经济增长效应进行了分析,但鲜有文献研究金融一体化通过何种中间渠道对经济增长产生作用.拓展的纳尔逊-菲尔普斯(Nelson-Phelps)模型研究显示,金融一体化的技术外溢效应依赖于特定国家的发展水平.基于1975-2010年80国面板数据模型的实证结果表明,金融一体化对全要素生产率的影响随不同类型国家而表现不一.具体表现为金融一体化对发达国家的全要素生产率具有不确定性,而对于新兴和发展中国家有显著的促进作用,且主要通过FDI和债务资本来实现.上述结论对于不同国家的金融一体化政策安排具有重要的政策内涵.

Financial integration and TFP: Mechanism and empirical evidence

There are a large number of literatures which have tested the relationships between economic growth and financial integration, but the middle channels have been neglected greatly. The expanded Nelson-Phelps model shows that the technological spillover effect of financial integration depends on the economic development. Based on 1975-2010 years panel data of 80 countries, the relationships between financial integration and TFP have been tested. The results show that financial integration of the total factor productivity in developed countries is uncertain, but for emerging and developing countries have significant role in promoting TFP, and mainly through FDI and debt capital. These conclusions for different countries financial integration policy arrangements have important policy implications.