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本文基于面板向量自回归模型运用69个国家2000-2014年的面板数据考察了法治环境冲击和贸易开放冲击对金融发展的动态影响及这一影响在不同收入水平国家和金融危机前后的差异。研究表明,一方面,法治环境冲击在短期内对金融发展有正向影响,且这一影响在金融危机后更明显。另一方面,贸易开放对金融发展的影响与国家收入水平和金融危机影响有关:高收入国家的贸易开放积极影响金融发展;金融危机后,全球经济失衡尤其是国际贸易市场持续萎缩造成的贸易扭曲抑制了金融发展。
Based on panel vector autoregressive model, panel data of 69 countries from 2000 to 2014 are used to examine the dynamic impact of the impact of the rule of law and the impact of trade liberalization on financial development and the impact of this impact on countries with different income levels and before and after the financial crisis. Research shows that on the one hand, the impact of the rule of law environment on the financial development in the short term have a positive impact, and the impact of the more obvious after the financial crisis. On the other hand, the impact of trade liberalization on financial development is related to the level of national income and the impact of the financial crisis. The opening up of trade in high-income countries has a positive impact on financial development. After the financial crisis, global economic imbalances, especially in the international trade market, have caused the trade distortions Inhibit financial development.