【作者】 赵明勋；

【导师】 楚尔鸣；

【作者基本信息】 湘潭大学 ， 政治经济学， 2003， 硕士

【摘要】 本文从理论发展和实证结论两方面就金融抑制政策对经济增长的作用进行了深入分析。中国在较长时期内采取金融抑制政策，这种政策却有着不同于其他发展中国家的本质特征和抑制程度变迁的历史过程。从中国的经验用约翰逊协整检验可以说明，中国金融抑制的放松可以较强地正向促进金融深化，并以此推动经济的长期增长。本文的主要内容分为三个层次。第一层次是就发展中国家广泛存在的金融抑制这一现象进行了分析，并对金融抑制(深化)理论形成和发展三个阶段的理论成果进行文献回顾。第二个层次是本文研究的重点。文中笔者选择了利率手段和法定存款准备金率的历史数据，用主成分分析法，来构建金融抑制的综合指标。之后，从金融深化指标与经济增长指标的直观比较及对二者的相关分析，得出二者正相关的结论。在此结论的基础上又利用德米居艾兹的模型对中国金融深化、经济增长、金融抑制、实际利率等变量进行了协整检验。得出金融抑制的放松可以较强地促进金融深化的结论。经验证明，中国的金融抑制政策妨碍了中国经济的长期增长。第三层次对拉丁美洲和亚洲国家和地区金融自由化实践进行回顾，总结正反两方面的经验和教训，本文建议根据经济发展的阶段，适当的放松金融抑制将会有利于储蓄动员，并以此促进经济增长。金融渐进自由化是我国金融改革的方向。更多还原

【Abstract】 The article deeply analyzed the effects that financial repression policy has on the economic growth from two respects of theory development and positive research. China adopts the financial repression policy over a long time. This kind of policy has essential characteristic and historical changing course of repression degree different from other developing countries. It can be proved using Johnson co-integration that the relaxation of financial repression in China promote the financial deepening thus advance economic long-term growth. The article composes of three parts.The first part analyzes the phenomenon of financial repression existing extensively in developing countries and carries on the documents retrospection on the three stages of the financial repression theory achievements of taking shape and developing. Part two is the key point that the article studies. The author selected the means of interest rates and historical data of the legal deposited reserve rates in the article, structured the synthetic index of financial repression using principle components analysis approach. The author utilizes the Demetriades-Model to carry on co-integration examination on financial deepening, economic growth, financial repression and the real deposit interest rate and drew the conclusion that the financial repression policy was not good to the financial deepening. Experiences proved that the financial repressions formed barrieres to the long-term economy growth in China. Part three reviews Latin-Amer- ica and Asia countries and regions financial liberalization practices. Summarizing the experiences and lessons of positive and negative respects, the article proposes to relax financial repression gradually with economic development. Gradual financial liberalization is the direction of financial reform of our country.更多还原