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本文基于国际比较视野,以金融深度,股票市值比重、国内银行信用比重等指标来反映金融发展水平及金融结构,运用面板数据分析14个国家和地区在1996～2007年间金融发展对经济增长的影响。分析表明,金融发展对经济增长的影响具有滞后性。在经济发展不同阶段上,金融发展对经济增长的推动作用是不同的,在经济欠发达阶段,优化金融结构对经济增长的促进作用更加明显。因此政府应创造条件引导鼓励金融业发展,扩大直接融资比重;同时金融政策的制定与实施应考虑其长期影响。
Based on the international comparative perspective, this paper reflects the level of financial development and financial structure based on the indicators of financial depth, stock market value, domestic banking credit ratio, and other panel data to analyze the impact of financial development on economic growth in 14 countries and regions from 1996 to 2007 . The analysis shows that the impact of financial development on economic growth is lagging behind. In different stages of economic development, financial development plays a different role in promoting economic growth. In the undeveloped stage, the role of optimizing financial structure in promoting economic growth is even more pronounced. Therefore, the government should create the conditions to guide and encourage the development of the financial industry and expand the proportion of direct financing. Meanwhile, the formulation and implementation of financial policies should take into consideration their long-term impact.