摘要
大量文献研究了资源禀赋对经济增长的作用及其传导机制，但资源禀赋对金融发展的影响机制却被现有文献所忽略。本文构建一个动态博弈模型研究了地区资源禀赋对地区金融发展的影响，发现制度质量好的地区，资源禀赋并不会影响金融发展；但在制度质量差的地区，外生资源禀赋会通过降低地方政府的契约执行强度来抑制金融的发展。本文基于1997-2009年间中国省级面板数据，构建以制度质量为内生门限变量的动态门限面板数据模型进行了实证研究，研究结果证实了本文的理论分析。在此基础上，我们进一步分析了资源禀赋通过抑制金融发展对经济增长所产生的影响，发现资源禀赋与金融发展对地区经济增长均有显著促进作用，但资源禀赋会由于抑制金融发展而弱化自身对经济增长的促进作用。
The effect of resource endowment on economic development and its regime are widely discussed in existing literatures. However, whether financial development is also a transmission channel has been left in the basket by the existing literatures. This paper sets up a dynamic game to research the effect of resource endowment on regional financial development, which shows that the effect depends on the regional institational quality; natural resource does not have effect on financial development in regions with high institutional quality, while significantly inhibit the financial development in regions with low institutional quality. Based on the provincial panel data from 1997 to 2009, this paper uses a dynamic threshold panel data model whose threshold variable is institutional quality to testify the theoretical conclusion. The empirical results for China＇s provincial panel data are consistent with the theoretical conclusion. Furthermore, we test the effect of natural resource on regional economic growth through the channel of financial development, which finds that natural resource can significantly promote the economic growth directly, while natural resource also lowers the economic growth indirectly because of the inhibiting effect of natural resource on financial development.
出处
《金融学季刊》
CSSCI
2018年第3期1-27,共27页
Quarterly Journal of Finance
基金
国家自然科学基金青年项目“人口老龄化下的技术进步方向与要素收入份额”(71503220)
教育部人文社会科学重点研究基地重大项目“集聚经济下的中国地方政府财税行为研究”(15JJD790029)
厦门大学校长基金“要素市场扭曲、偏向性技术进步与要素收入份额”(项目编号:20720171028)的资助
关键词
资源禀赋
地区金融发展
制度质量
内生门限变量
动态门限面板数据模型
Resource Endowment
Regional Financial Development
Institutional Quality
Endogenous Threshold Variables
Dynamic Threshold Panel Data Model
