Financial Development and Economic Growth: Evidence from Russia
Financial Development and Economic Growth: Evidence from Russia
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金融发展与经济增长：来自俄罗斯的证据
DOI：
10.1080/09668136.2012.635484
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发表时间：
2012
影响因子：
1.4
通讯作者：
Shigeki Ono
中科院分区：
文献类型：
--
作者：
Iiboshi;Hirokuni;飯星 博邦;片桐昭司;片桐昭司;片桐昭司;片桐昭司;片桐昭司;原田裕治;Hironori Tohyama and Yuji Harada;H. Uemura and Y. Harada;Yuji HARADA;Yuji HARADA and Hironori TOHYAMA;Yuji HARADA and Hironori TOHYAMA;Yuji HARADA;Hironori TOHYAMA and Yuji HARADA;遠山弘徳・原田裕治;Hironori TOHYAMA and Yuji HARADA;H. Tohyama and Y. Harada;植村博恭・宇仁宏幸・磯谷明徳・山田鋭夫編;中原隆幸編;Shigeki Ono;大野成樹;Shigeki ONO;Shigeki Ono;大野成樹;大野成樹;Shigeki Ono
本文探讨了金融发展与经济增长之间的关系。相对于国内生产总值（GDP）的货币供应量和贷款被用作金融发展的指标。货币供应量拉动经济增长、经济增长拉动贷款的实证结果反映了俄罗斯经济的特点。石油价格上涨和卢布升值增加了在冲销工具不足的情况下的货币供应量，从而促进了经济增长。另一方面，俄罗斯经济繁荣刺激了银行增加贷款，其对经济增长的拉动作用有限。
This article examines the relationship between financial development and economic growth. Money supply and loans relative to Gross Domestic Product (GDP) are used as indicators of financial development. The empirical results, that money supply leads economic growth while economic growth leads loans, reflect the characteristics of the Russian economy. Oil price increases and the appreciation of the ruble increased money supply under insufficient sterilisation instruments, which, in turn, fostered economic growth. On the other hand, the Russian economic boom provided an incentive for banks to increase loans and their role in initiating economic growth is limited.