金融发展与经济增长：来自总量、市场和效率的解释——以黑龙江省为例

摘要

This paper explores the relationship between financial development and growth in a multiple regression and VAR causality framework, and analysis the actual situation of Heilongjiang Province based on the theory of financial structure. The results indicate that financial deepening is to a significant positive related to growth, and two - way Granger causality. The stock market has a positive correlation with growth, yet statistically non - significant. The efficiency of private credit from banks is to a negative related to growth, and has no significant Granger causality. Generally, financial development in Heilongjiang is to a significant extent related to growth.%根据黑龙江省的实际情况，基于金融结构理论，建立多元回归分析模型，并利用VAR因果关系检验分析了黑龙江金融发展与经济增长之间的关系。结论表明：黑龙江省金融深化程度与经济增长之间存在显著的正向相关关系，且二者存在双向的格兰杰因果关系；证券市场与经济增长存在正相关，但统计意义不显著；金融中介对私人经济部门的贷款效率对经济增长产生消极影响，且二者之间并不存在显著的格兰杰因果关系。总体而言，黑龙江省金融发展对经济增长的解释力度较强。