[1]王俏茹,刘金全,刘达禹.经济增长“俱乐部收敛”中的金融门限效应——基于动态面板门限模型的分析[J].南开经济研究官网,2020,(01):154-175.
 Wang Qiaoru,Liu Jinquan and Liu Dayu.The Threshold Effect of Financial Development in the Formation of Club Convergence: Analysis Based on Dynamic Panel Threshold Model[J].Nankai Economic Studies,2020,(01):154-175.
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经济增长“俱乐部收敛”中的金融门限效应——基于动态面板门限模型的分析(  )
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《南开经济研究》官网[ISSN:1001-4691/CN:12-1028/F]

卷:
期数:
2020年01
页码:
154-175
栏目:
出版日期:
2020-02-22

文章信息/Info

Title:
The Threshold Effect of Financial Development in the Formation of Club Convergence: Analysis Based on Dynamic Panel Threshold Model
作者:
王俏茹刘金全刘达禹
王俏茹,吉林大学商学院(邮编: 130012), E-mail: 861514243@qq.com;刘金全,广州大学经济与统计学院(邮编: 510000), E-mail: jinquan@jlu.edu.cn;刘达禹,吉林大学商学院,吉林大学数量经济研究中心(邮编: 130012), E-mail: liuyuchris@163.com
Author(s):
Wang Qiaoru1 Liu Jinquan2 and Liu Dayu13
1. Business School, Jilin University, Changchun 130012, China; 2. School of Economics and Statistics, Guangzhou University, Guangzhou 510000, China; 3. Center for Quantitative Economics, Jilin University, Changchun 130012, China
关键词:
金融发展经济增长收敛技术差距
Keywords:
Financial Development Economic Growth Convergence Dynamic Panel Threshold Model
文献标志码:
A
摘要:
本文在存在技术转移的熊彼特增长模型中考虑了非完美信贷市场,对经济增长的“俱乐部收敛”特征进行了理论阐释,并通过技术差距的动态演变推导出金融发展与经济增长的非线性关系。随后,本文利用动态面板门限模型对理论结果进行检验,结果表明,金融发展水平存在双门限效应,当金融发展水平低于第一门限值时,一国的经济增长无法向前沿增长率收敛,体现出金融发展的瓶颈效应;而当金融发展水平高于第一门限值时,一个国家向前沿增长率收敛的可能性将大幅增加;最后,当金融发展水平超越第二门限值后,其对经济增长的牵拉作用逐渐衰减,体现出明显的边际效用递减特性。这一结果与理论猜想高度耦合,也为我国的金融发展提供了借鉴。
Abstract:
By introducing the imperfect credit market into the Schumpeterian growth model with technology transfer, this article makes some theoretical explanations on the “club convergence” of economic growth. And then, we obtain the nonlinear correlation between financial development and economic growth from the dynamic evolution of technological gap. To further test the theoretical conjecture, we use a dynamic panel threshold model to make an empirical test, and find that the impact of financial development on economic growth has a double threshold characteristic. Specifically, when the level of financial development is lower than the first threshold, one country’s economic growth will not converge to the growth rate of global frontier, exhibiting a financial constraint effect; when the level is between the two thresholds, the probability of convergence will improve a lot; finally, when the counterpart exceeds the second threshold, the pulling effect will gradually decline, showing a prominent property of diminishing margin, which coincides with the theoretical conjecture and provide an important reference for the financial development in China.

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更新日期/Last Update: 2020-01-13