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本文用修正后的AK模型建立经济增长与二元金融市场(信贷市场、股票市场)之间的计量经济学模型。采用1994-2004年共11年的季度资料,探讨我国金融发展中信贷市场和股票市场在经济增长过程中的作用途径。实证分析表明我国经济增长中信贷市场的发展对经济增长存在明显的正效应;股票市场的发展在经济增长中作用则不显著。
In this paper, a modified AK model is used to establish a econometric model between economic growth and binary financial markets (credit markets, stock markets). Using quarterly data from 1994 to 2004 for a total of 11 years, this paper explores the role of credit markets and stock markets in economic growth in China’s financial development. Empirical analysis shows that the development of China’s credit market in economic growth has obvious positive effect on economic growth; the development of stock market plays an insignificant role in economic growth.