摘要
开放经济中,金融发展在促进经济增长的同时,也把影响经济波动的国际因素传导到了国内。而这种负面影响在金融发展理论中却被忽略了,正因为如此,许多发展中国家出现了超越其经济发展水平的“过度金融发展”问题。金融深化可以促进金融市场发展和金融中介机构的发展,通过资产组合、财富效应、国际资本借贷把国外影响经济波动的效应传导至国内;另外,金融发展还可通过促进国际贸易的发展而传导外部影响。对样本国家进行分析的结果证实金融发展的确导致经济波动内生化。
In the open economy, financial development accelerates the economic growth, at the same time conducts the international factor which influences the economic fluctuation to domestic economy. However, this kind of negative influen ce is ignored in the financial development theory. Due to this ignorance, many d eveloping countries come up the problem of Over-finance-development which tran scendes their economic development level. Financial deepenning may accelarate th e development of financial market and financial mediate institution, conducts th e effects of economic fluctuation abroad to the domestic economy, through asset portfolio, wealth effect and the lending and borrowing of international capital. Besides, the financial development can also conduct the external influence thro ugh the development of international trade. The analysis on the sample countries indicates that financial development indeed brings about the internalization of economic fluctuation.
出处
《经济学家》
CSSCI
北大核心
2004年第2期87-93,共7页
Economist
