金融发展与经济增长：以上海为例——基于误差修正模型的实证研究

he paper did an empirical research of the financial development and the economic growth based on the error correction model as an example of Shanghai. The study found that, the financial interrelations ratio, the financial efficiency and the development level of the stock market is a negative correlation to the growth of economy, and the degree of development of the insurance market and economic growth showed a positive correlation; the effects of the financial development to economic growth is stronger in the long-term than that in the short-term; when the short-term fluctuations of the effects of the financial development to the economic growth deviate from the long-term equilibrium, it will be closed to one unit adjusted effect to pull back non-equilibrium state to the balance state.