一国经济发展初期,区际资本流动通常是导致区域发展差距形成、扩大的重要原因——资本往往从发展条件较差的地区流向发展条件较好的地区,从而产生“好者更好、差者更差”的马太效应。银行间信贷资本流动是区际资本流动的重要形式。本文通过构建计量方法对中国区域发展差距扩大阶段(1978-2003 年) 银行间信贷资本的区际流动方向进行测度,并分析其成因。计量结果发现,存在区际间信贷资本流动的年份,资本并未从发展条件较差的中西部地区流向发展条件较好的东部地区,而呈现相反的流动。这表明银行间信贷资本的区际流动至少在一定程度上缩小而不是扩大了区域发展差距。进一步分析发现,政府对信贷的管制以及市场环境的变化分别导致了1994年以前以及1994 年以后的银行间信贷资本流动。
陈东, 樊杰
. 区际资本流动与区域发展差距——对中国银行间信贷资本流动的分析[J]. 地理学报, 2011
, 66(6)
: 723
-731
.
DOI: 10.11821/xb201106001
It is commonly believed that so far as countries at the early stage of economic development are concerned, capital usually flows from areas with unfavorable conditions to those with favorable conditions, which leads to the Matthew effect and the widening of regional development gap. Inter-bank credit flows are an important form of inter-regional capital flows. This paper used a measuring method to disclose the direction of the inter-bank credit flows between eastern China which has favorable conditions and central and western China which have unfavorable conditions during the period of widening of regional development gaps (1978-2003), and analyzed the causes. It was found that in the years of inter-regional capital flows, no net credit outflows from the underdeveloped areas to the developed areas but the reverse patterns were found. This indicated that the inter-bank credit flow narrowed rather than widened the regional development gap at least to some extent. Further analysis found that the credit control by the Central Government and the changes of market environments formed two periods of inter-bank credit flows before and after 1994 respectively.
[1] Hudson R. Regions and regional uneven development forever? Some reflective comments upon theory and practice.Regional Studies, 2007, 41: 1149-1160.
[2] The World Bank. World Development Report 2009: Reshaping Economic Geography. http://www-wds.worldbank.org/external/default/WDSContentServer/IW3P/IB/2008/12/03/000333038_20081203234958/Rendered/PDF/437380REVISED01BLIC1097808213760720.pdf.
[3] Myrdal G. Economic Theory of Underdeveloped Regions. London: Duckworth, 1957.
[4] Williamson G J. Regional inequality and the process of national development: A description of the patterns. EconomicDevelopment and Cultural Change, 1965, 13: 1-84.
[5] Lu Dadao, Xue Fengxuan. Regional Development Report of China. Beijing: The Commercial Press, 1997. [陆大道, 薛凤旋. 1997 中国区域发展报告. 北京: 商务印书馆, 1997.]
[6] Lu Dadao. Theory and Practice of Regional Development in China. Beijing: Science Press, 2003. [陆大道. 中国区域发展的理论与实践. 北京: 科学出版社, 2003.]
[7] Lu Dadao. New factors and new patterns of regional development in China. Geographical Research, 2003, 22(3): 261-271.[陆大道. 中国区域发展的新因素与新格局. 地理研究, 2003, 22(3): 261-271.]
[8] Lu Dadao, Fan Jie. Regional Development Research in China: A Roadmap to 2050. Beijing: Science Press, 2010.
[9] Fan Jie, Taubmann W. An analysis of the economic features and regional difference of China's rural industrialization. ActaGeographica Sinica, 1996, 51(5): 398-407. [樊杰, 陶普曼W. 中国农村工业化的经济分析及省际发展水平差异. 地理学报, 1996, 51(5): 398-407.]
[10] Zhang Lei, Lu Dadao. Progress of China's industrial geography in the 20th century. Acta Geographica Sinica, 1999, 54(5):391-400. [张雷, 陆大道. 我国20 世纪工业地理学的发展. 地理学报, 1999, 54(5): 391-400.]
[11] Liu Hui. Factor decomposition of rural regional income inequality changes in China. Acta Geographica Sinica, 2008, 63(8): 799-806. [刘慧. 中国农村居民收入区域差异变化的因子解析. 地理学报, 2008, 63(8): 799-806.]
[12] Yang Xiaoguang, Fan Jie, Zhao Yanxia. Factors of production in regional economic growth of China in the 1990s. ActaGeographica Sinica, 2002, 57(6): 701-708. [杨晓光, 樊杰, 赵燕霞. 20 世纪90 年代中国区域经济增长的要素分析. 地理学报, 2002, 57(6): 701-708. ]
[13] Wang Xiaolu, Fan Gang. Analysis on the regional disparity in China and the influential factors. Economic ResearchJournal, 2004, (1): 33-44. [王小鲁, 樊纲. 中国地区差距的变动趋势和影响因素. 经济研究, 2004, (1): 33-44.]
[14] Lee J. Changes in the source of China's regional inequality. China Economic Review, 2000, 11: 232-245.
[15] Bao S, Chang G H, Sachs J D et al. Geographic factors and China's regional development under market reforms,1978-1998. China Economic Review, 2002, 13: 89-111.
[16] Lopez-mejia A. Large capital flows: A survey of the causes, consequences, and policy response. International MonetaryFundWorking Paper No. 99/17,Washington DC, 1999.
[17] Clark G L. Money flows like mercury: The geography of global finance. Geografiska Annaler: Series B, HumanGeography, 2005, 87: 99-112.
[18] Martin R. Money and the Space Economy. Oxford: Blackwell Press, 1994.
[19] Hoti S. An empirical evaluation of international capital flows for developing countries. Mathematics and Computers inSimulation, 2004, 64: 143-160.
[20] Fonseca M, Mendonca A, Passos J. The investment development Path Hypothesis: Evidence from the Portuguese case: Apanel data analysis. Technical University of LisbonWorking Paper No.021/2007/DE, Lisbon, 2007.
[21] Edison H, Warnock F. Cross-border listings, capital controls, and equity flows to emerging markets. Journal ofInternational Money and Finance, 2008, 27: 1013-1027.