| 摘要: |
| 本文从金融开放过程中我国金融风险与国际金融风险的相互影响入手，分析我国金融开放在经济金融发展的不同阶段对金融风险的影响。研究表明，在金融业发展程度很低时,金融开放和经济增长会加剧风险,而在金融业高度发达时，资本市场开放表现出促进风险相互传染的通道功能，货币市场开放和经济增长表现出抑制国内风险功能，但这种风险抑制功能只在短期有效。因此，本文提出深化金融业开放过程中，我国要平衡好金融业开放、金融业发展与经济增长之间的关系。 |
| 关键词: 西部大开发；金融发展；双重差分模型；倾向得分匹配 |
| DOI： |
| 分类号:F830.2 |
| 基金项目:国家自然科学基金项目“CAFTA对区域经济影响效应及机制——基于夜光遥感数据的经验研究”（71764001）；教育部青年基金项目“南海争端对中菲越经济影响效应及机制——基于合成控制方法的经验研究”（17XJC790012）。 |
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| Has the Western Development Program Promoted the Financial Development of Western Region? ——Empirical Study Based on PSM-DID |
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TANG Jing-jing，XU Yong-jia
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Business School of Guangxi University
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| Abstract: |
| Evaluating the Western Development Program has important theoretical and practical significance for the financial development of western region in China，but there are few literatures paying attention to this issue with empirical analysis.This paper examines the impact of western development strategy on regional financial development and its influential mechanism by using the method of difference in difference and PSM-DID method based on a panel data of 278 prefecture-level cities in China from 1994 to 2012.The results indicate that the western development program has not promoted the financial development of western region.The mechanism tests illustrate that the local government of the western region attaches excessive importance to infrastructure construction and investment in fixed assets，crowding out credit resources after the implementation of Western Development Program.And without sufficient investment of human capital，regions of western China cannot effectively attract foreign investment to upgrade industrial structure and are incapable of deepening regional financial development. |
| Key words: Western Development；Financial Development；Difference-in-Difference；Propensity Score Matching |
