3 2005 4 ( 2 9 8 ) No 1 4, 2 0 0 5 GeneralNo1298 (, 100872 ;, 100089), ; ; F83019 A 1002-7246(2005) 04-0068 - 11,, 2005-02 - 22 (1968 - ),,, (1975 - ) 3 2004 ( 04BJL019),,2004 68
2005 4 69? Laeven (2000) 1988-1998 13,,, 1, 0, 0 6, ;,, Bandiera (2000), 0-1, 1, 0,,,Mor2 ley (1999) 1970-1995 Kamin2 sky Schmukler (2001) 28, (1999) (2003), Bandiera 5 Bandiera,, (2001) 8, 5, 1 2 3 4 5 40 %, (2002), Bandiera 9
70 298,, (1), ; (2) ; (3) ( Finan2 cialliberalization Index) ( ), l 0 (2001) (2002) 0-10 ( ), (Vi - Vmin) / (Vmax - Vmin) 10 (Vi,Vmax 1978-2003,Vmin 1978-2003 ) 10 ;,,
2005 4 71 (Vmax - Vi) / (Vmax - Vmin) 10, 2 SPSS12, VAR00010 01921 VAR00001 01921 VAR00002 01954 VAR00003 01972 VAR00004 01921 VAR00005 01811 VAR00006 01645 VAR00007 01908 VAR00008 01952 VAR00009 01972 VAR00001 VAR00009 9,VAR00010,, 5 6, 8111 % 6415 % (1978-2003) 1978-1104577 1979-1104577 1980-0193184 1981-0193184 1982-0193184 1983-0177231 1984-0169909 1985-01615 1986-0138774
72 298 1987-0138774 1988-0173446 1989-0184775 1990-0161302 1991-0159796 1992-0127171 1993-0131896 1994 0102292 1995 0111266 1996 0164427 1997 0195257 1998 1120702 1999 1143508 2000 1170682 2001 1166963 2002 116395 2003 1174233,1978, 1987 1992,, 11 (0 1), 9 21 2 ( ), 1,,,,
2005 4 73 ;, Levine (1997) Demirguc - Kunt Levine (2001),,,,,,?, (1999) (2003) 1978-2001, ; (2003), 1990,, -
74 298, 11 (FIR) ; 21 (FM) ; 31 (FS), 3, 3, GDP 111 112 113 114 IRGDP IRGDP IRGDP IRGDP t t t t C 01097 3137 3 01049 1131 01053 1156 3 3 01072 2146 3 IRINV 01380 6113 3 01482 6187 3 01493 7103 3 01481 7127 3 IPEOPLE - 31159-1145 3 3-11595 - 0171-21249 - 1108-31609 - 1184 3 IFIR 01251 2108 3 IFIR2 01302 2125 3 IFM 01327 2171 3 IFS - 01034-2102 3-01025 - 1156 3 3-01009 - 0162 R 2 01651 01717 01727 01739 DW 21297 21395 21453 21391 3 5 %, 3 3 10 % 11 111 D - W 5 % 1117 1154,1154 < 11812 < (4-1154), 111 112 D - W 5 % 0193 1181 (, 111 2 ),0193 < 11587 < 1181, 112
2005 4 75 113 D - W 5 % 0193 1181 (, 111 2 ),0193 < 11555 < 1181, 113 114 D - W 5 % 0193 1181 (, 111 2 ),0193 < 11468 < 1181, 114 21 4 10, 4 31 R 2 4, GDP, GDP, 114 10 % GDP GDP, 114, GDP GDP P 211 212 t P t P C( ) 01042 11337 01197 01051 11473 01161 IRINV 01337 01851 61908 01000 01391 01967 61985 01000 IPEOPLE 11003 01056 01437 01667 0142 01024 0118 0186 FREE 01007 01181 11426 0117 01008 01221 11696 01111 IFIR - 01069-0108 - 01608 01552
76 298 IFIR2 IFM IFS - 01032-01228 - 11667 01116 R 2 01677 01699 DW 21141 21017 Condition index ( ) 111586 141168 213 214 t P t P C( ) 01059 11769 01097 01052 11741 01102 IRINV 01395 01977 71292 01000 01405 11001 71563 01000 IPEOPLE 01296 01017 01133 01896 01987 01056 01464 01649 FREE 01008 0122 11749 01101 01008 01231 11885 01079 IFIR IFIR2-01155 - 01145-11181 01256 IFM - 01206-01191 - 11536 01145 IFS - 01035-01248 - 11885 01079-01045 - 01314-2129 01037 R 2 01718 01734 DW 11959 11866 Condition index ( ) 131939 12196 11 4 D - W 2, 4 21 4 10, 4 31 R 2, 4 R 2 4 GDP 4 4, GDP ; GDP
2005 4 77 10 %, 4 719 %, ( ) GDP 10 %, 4 317 %,, GDP 4, 1415 % GDP GDP, 1978 9,1978, 1987 1978-1987, 1987, 1992,, 117,, GDP 114,,,,,,,,,
78 298,,, 1 Bandiera,Oriana, Gerard Caprio Jr1,Patrick Honohan and Fabio Schiantarelli1 DOES FINANCIAL REFORM RAISE OR RE2 DUCE SAVINGS? Review of Economics and Statistics,2000,82(2),pp 239-263 2 Demirguc - Kunt, A1 and R1 Levine (eds1) 1 Financial Structure and Economic Growth A Cross - Country Comparison of Banks, Markets, and Development1 The MIT Press1 Cambridge, Massachusetts, London, England, 20011 3 Kaminsky, Graciela Laura and Sergio L1 Schmukler1 On Booms and Crashes Financial Liberalization and Stock Market Cycles1 The World Bank working paper, http / / gwu1edu/ graciela and http / / www1worldbank1org/ research/ bios/ schmukler1htm1 20011 4 Laeven, Luc1 Does Financial Liberalization Relax Financing Constraints on Firms? World Bank working paper no1 2467, 20001 5 Levine, R11 Financial structures and economic development1 Revista de Analisis Economico, 1993,8(1) 1 6 Morley,Samuel A1,Roberto Machado and Stefano Pettinato1 INDEXES OF STRUCTURAL REFORM IN LATIN AMERICA1 the ECLAC Economic Development Division, SERIE REFORMAS ECONO MICAS 12, 19991 7,1999 8 (1978-2001) 2003 9 (2000 ),2001 10,2001 11 http / / www1drcnet1com1cn 10/ 10/ 20021,2002 (9) 12 2003 13,1999 (10) Abstract The paper, by introducing principal component analysis, establishes the index of China s financial liberal2 ization based on the previous studies. Then the authors use the index to test the impact of financial liberalization on e2 conomic growth and find that the financial liberalization index can reflect the fluctuations in the reformation of China s financial markets. However, the test doesn t support some existing studies that there is a relationship between fi2 nancial development and economic growth. When we consider the financial structure and financial liberalization to2 gether, it is found that there is a positive relationship between financial liberalization and economic growth, but a neg2 ative relationship between financial structure and economic growth. The conclusion is that financial liberalization af2 fects economic growth. Key words financial liberalization index,financial development, economic growth ( ) ( YY)