金融发展、FDI溢出效应与河南省经济发展——基于协整分析和误差修正模型的检验

从河南省金融市场的规模和金融市场配置资源的效率出发,基于河南省1990～2011年的时间序列数据,并利用协整检验和误差修正模型的分析方法,对河南省的金融市场的发展程度在FDI溢出效应促进河南省经济发展过程中的作用进行实证研究,结果显示FDI无论长期还是短期都具有明显的资本积累效应,但无论长期还是短期金融市场的规模和金融市场配置资源的效率对FDI溢出效应都具有显著的抑制作用.

Financial Development,FDI Spillovers and Economic Development in Henan Province

This paper employing the methods of co - integration analysis and ECM model analysis, uses the data of Henan Province from 1990 to 2011 to test the influence of financial development on the spillover effect of FDI based on the perspective of the size of financial markets and the efficiency of the financial market allo- cation of resources. Empirical results show that even though both in the long term and in the short term FDI promotes the capital accumulation in Henan Province. However, the size of financial markets and that of re- source allocation play an obviously constraining role on the spillover effect of FDI both in the long term and in the short term.