| The relationship between financial development and economic growth has been the focus of academic circles.After the Second World War,the United States developed rapidly in finance and economy.It was once considered to be the representative of the most advanced market economy model.The former Soviet Union was considered to be the representative of the socialist planned economy model.However,the collapse of the German "Berlin Wall" in 1989 and the disintegration of the Soviet Union in 1991 made the academic community feel awkward.Is the choice of economic development model so simple? At the time,Dr.Michel Albert,a member of the French Bank's Monetary Policy Committee,pointed out in his book in 1991 that this is perhaps the biggest event of the century.Isn't it too naive to simplify our complex world like this? Capitalism is not a piece of iron,and we will find many problems with many opinions.These ideas can be incorporated into a set of confrontational ideas: the opposition between two capitalisms.Great changes have taken place in today's international economic structure,which highlights the theoretical and practical significance of comparing the advantages and disadvantages of various financial development models with economic growth.The existing research results have obvious academic contributions to the objective understanding of the general promotion and sustainability of financial development to economic growth,and its negative impact on economic growth after exceeding a certain limit.However,most of these scholars only demonstrate the possible non-linear variation between them,but have not yet touched into the following questions: Is there any difference in the promotion and sustainability of financial development to economic growth in different legal system countries? If there are differences,what are the differences in the promotion and sustainability of financial development to economic growth among various legal systems? and What are their respective action mechanisms and key advantages and disadvantages?At present,the academic research on such issues is not sufficient.Based on the classification of major legal groups in Britain&America,Germany and France,this study examines the differences in the promotion and sustainability effects of financial development on economic growth under the characteristics and influence mechanisms of each law system,belonging to the category of “Law andFinance”.This paper first expounds the core concepts of the main legal origins and the social and adaptive mechanisms that drive and constrain the financial development of the various legal families,and then analyze its impact mechanism.Next this study uses the dynamic panel generalized moment estimation method to test the promotion and sustainability effects of financial development on economic growth of the 98 total sample countries and the legal families of Britain&America,Germany and France.Based on the results of the above empirical studies,the conclusions are as follows:The core concepts and characteristics of the legal origins will affect the financial development of such countries through two channels: social mechanism and adaptation mechanism,thus making their financial development different in promoting economic growth.In terms of the promotion and sustainability effects of financial development on economic growth,the German legal origin has the highest sustained contribution to economic growth,the sustained strength of the Britain&America legal origin is middle,and the impact of sustainability of the French legal origin is the lowest among the three.This study finally puts forward policy suggestions on the reform of China's financial development model and how to effectively promote economic growth. |
PDF Full Text Request