A Study of the Relationship between Financial Development and Economic Growth in the “Belt and Road”Countries

杨权，厦门大学经济学院教授、博士生导师，经济学博士；郭雅恒，思特沃克软件技术有限公司业务分析师。【中文摘要】“一带一路”倡议是汇集了亚、欧、非大陆在内的沿线国家一同构建区域经济合作共同体的重大战略部署。随着全球金融的迅猛发展，金融发展与经济增长成为学界关注的重点课题。金融发展沿着金融深化与金融包容两个层面展开。利用2004 — 2014年国际货币基金组织（IMF) 的国际金融统计（IFS)数据库和金融可得性调査（FAS)数据库，采用差分广义矩估计方法，可对 “一带一路”沿线国家金融深化、金融包容的经济增长绩效进行考察。实证结果发现：“一带一路”沿线国家的金融深化对经济增长的作用为正,尤其以金融部门授予私人部门信贷占GDP比重衡量的作用更为显；而金融包容对经济增长则为反向作用。 【Abstract】 The “Belt and Road” Initiative is a major regional cooperation initiative that brings together the countries a¬long the “Belt and Road” in Asia，Europe and Africa to build a regional economic cooperation community. With the rapid development of global finance，the relationship between financial development and economic growth has become the focus of academic attention. Financial development is carried out on two fronts: financial deepening and financial inclusion. Using the data from IFS and FAS datasets to investigate the relationship among financial deepening，financial inclusion and economic growth along the “Belt and Road” countries. The empirical results show that the relationship between financial depth and economic growth in the “Belt and Road” countries is positive and is especially obvious when using PC as the agent variable for financial depth，while the relationship between financial inclusion and economic growth in the Belt and Road countries is negative.国家社会科学基金项目“‘一带一路’沿线国家金融合作研究”（16BJL091)；国家社会科学基金重大项目“中国国际援助和开发合作体系创新研究”（16ZDA037