地区执法水平对中国区域金融发展的影响
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| Title | Impact of Law Enforcement on Financial Development across Chinese Regions
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| 作者 | 罗煜 何青 薛畅 |
| Author | Luo Yu,He Qing and Xue Chang |
| 作者单位 | 中国人民大学；香港中文大学 |
| Organization | Renmin University of China; Renmin University of China; Chinese University of Hong Kong |
| 作者Email | luoyu2011@ruc.edu.cn |
| 中文关键词 | 执法；金融发展；政法委书记；工具变量 |
| Key Words | Law Enforcement；Financial Development；Secretary of the Political and Legislative Affairs Committee of the CPC；Instrumental Variable |
| 内容提要 | 本文试图解决“法与金融”文献中经典的工具变量无法用于地区研究的难题，探究在单一的法系渊源和统一的法制框架下，不同地区的执法水平如何影响金融发展。我们基于中国1997-2009年的省级面板数据，以各省政法委书记受法律相关教育的情况为工具变量剔除了内生性，分析了执法水平对信贷市场、资本市场以及金融市场化的影响。我们发现，执法水平的上升对各地区银行信贷市场的规模发展有显著促进作用，对金融业市场化和资本市场发展的影响较不显著。但当我们将样本期以2003年作为断点分成前后两段后，后一段执法水平对各金融发展指标的影响，要比前一段更显著，原因是政法委的地位在2003年之后有显著提高。 |
| Abstract | We study the impact of the law enforcement on financial development across Chinese regions. Using the legal education background of the secretaries of the Political and Legislative Affairs Committee of the Committee of the Communist Party of China as the instrumental variable, we isolate the causal effect of legal enforcement on financial development. We find that better legal enforcement has significantly improved the development of credit market, but hasn’t the similar impacts on the marketization of financial industry and stock market development. Moreover, we find a stronger effect of legal enforcement on financial development during the sub-sample period from 2003 afterwards. |
| 文章编号 | WP1135 |
| 登载时间 | 2016-11-29 |
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