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金融与增长关系的主流即新古典主义框架,侧重于阐释金融制度通过减少信息和交易成本在内的市场摩擦来提高资源配置效率,将金融视作引导储蓄转化为投资资金过程的渠道。而熊彼特-凯恩斯理论则将金融和金融过程均视为动态的生产效率,其主要功能是内生性地在市场上创造出货币与信贷,即所谓内源性金融,金融将投资引导成储蓄。两种效率说的逻辑出发点和研究对象均不同,两种效率之间的关系更可能是相互补充而非替代。因此,采用主流研究方法进行的中国金融制度与增长关系的实证研究,只能合理地解释部分现状。
The mainstream of the relationship between finance and growth is the neoclassical framework, which focuses on explaining that the financial system should improve the efficiency of resource allocation by reducing market friction such as information and transaction costs and regard finance as a channel to guide savings into investment funds. Schumpeter-Keynesian theory regards both financial and financial processes as dynamic production efficiencies. Its main function is to endogenously create money and credit in the marketplace, the so-called endogenous finance, which guides investment into savings . The two logical points of departure for efficiency and research are different, the relationship between the two efficiency is more likely to be complementary rather than alternative. Therefore, the empirical research on the relationship between China’s financial system and growth using the mainstream research methods can only explain part of the status quo reasonably.