金融自由化指數之建立及對中國大陸經濟成長的影響

Financial Liberalization Index's Building up and It's Effect on Economic Growth of China

沈中華(Chung-Hua Shen)；王儷容(Lee-Rong Wang)；程思(Si Cheng)

金融自由化 ； 經濟成長 ； 中國大陸 ； Financial Liberalization ； Economic Growth ； China Mainland

兩岸金融季刊

2卷3期（2014 / 09 / 01）

79 - 105

繁體中文

本文討論金融自由化是否能夠促進一國的經濟發展，首先，我們建構了六個金融自由化指標，接著我們討論它們如何影響經濟發展。六個不同的指標為：信貸自由化、利率自由化、外資進入自由化、證券市場自由化、私有化和國際化。由實證結果可知，金融自由化對中國大陸經濟有正面顯著的影響。在金融自由化的六個指標中，除了利率自由化對經濟成長的影響不確定外，其餘五個指標都對中國大陸的經濟成長有顯著的正面影響。可見金融自由化在很大程度上推動了中國大陸的經濟成長。

In order to verify whether financial liberalization has a positive effect on economic growth in China, in this essay, firstly, we build up financial liberalization index, and then, we discuss how it affects the economic growth of China. The financial liberalization index include six dimensions-liberalization of credit, liberalization of interest rate, liberalization of foreign entry barriers, liberalization of security market, privatization and internationalization. Based on the result of empirical study, financial liberalization has a positive effect on China's economic growth. Except the liberalization of interest rate has an uncertain effect on China's economic growth, the other five dimensions all have a significant positive effect on China's economic growth among six dimensions of financial liberalization index. In conclusion, financial liberalization has accelerated China's economic growth to some extent.

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