金融发展、技术进步与经济增长

Financial Development、Technological Innovation and Economic Growth

摘要:

本文基于中国30个省市1998--2014年的数据为样本，运用系统GMM（SYS-GMM）估计方法检验了金融发展、技术进步和经济增长三者之间的关系。研究结果表明：无论从全国层面还是地区层面，金融发展对经济增长均具有显著促进作用；技术进步仅在全国层面对经济增长具有显著促进作用。引入金融发展和技术进步的交互项后，金融发展与技术进步在全国层面和地区层面均显著促进经济增长，且金融发展影响经济增长的技术进步渠道负效应十分显著。

Abstract:

The purpose of this paper is to investigate how economic growth responses to financial development and technological innovation by SYS-GMM method based on the statistics of China’s thirty provinces and cities from 1998 to 2014. The results indicate that economic growth reacts positively and significantly :(1) to financial development from national or regional perspective;(2) to technological innovation only from national perspective;(3) to financial development and technological innovation from national and regional perspective after considering interaction between financial development and technological innovation. Additional analysis indicates that financial development negatively and significantly affects economic growth through technological innovation channel.