( ) GMM, Lucas(1998) Barro(1992) 1997,Easton and Walker(1997) Mankiw, Romer and Weil(1992)

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1 0 4 4 ( 77 ) China Industrial Economics Apr., 0 No.4 : ( ), (, 36005) [ ],,,,,,, GMM,, [ ] ; ; [ ]F06.3 [ ]A [ ] X(0) ,,North(97,990), Lucas(998), Barro(99), 997,Easton and Walker(997) Mankiw, Romer and Weil(99), (Nelson and Singh,998;Aron,000;Dawson,998;Vijayaraghavan and Ward,00; Cole,003;Gwartney,Lawson and Holcombe,999),,, Stiglitz(004), [ ] [ ] ( 009JJD790039); 60 ( 09BJL00) [ ] (979 ),,, ; (964 ),,, 5

2 ,,. : y(t)=a(t) k(t)/a(t) α h(t)/a(t) β (),y,k,h,a α,β α>0,β>0,α+β< (), : r y =(-α-β)a(t 觶 )/A(t)+α k(t 觶 )/k(t) +β h(t 觶 )/k(t) (), Solow,, :k(t 觶 )=s k y(t)-()k(t) h(t 觶 )=s h y(t)-()h(t),n,δ,s k,s h s h +s k =s,s (), : r y =(-α-β) A(t 觶 )/A(t) +α s k y(t)/k(t)-() +β s h y(t)/h(t)-() (3),, : r y =c+α k+α h+α 3 ()+α 4 s+α 5 free+ε (4)., Johnson and Sheehy(995) 00,,,, Johnson and Sheehy(995),,,,, :,, 3, 7 :, GDP, GDP, 3 6,,, (Barro,99), Fraser,,

3 , 3,,,, 4, GDP, 5, 6, GDP 7,,, GDP : (r y ), (Devarajan,996), 3 5 (k), (,000),, K t = (-δ)k t- +I t,,δ, 5%,I t Chow(993) 3 (h),,, 4 (s), GDP 5 (n) 6 (δ),, 5%, 5% , ,,,,, 3, 3, (998) (000) Wang and Yao(003) 5% Young(000) 6% (003),, 7

4 r y lnk lnh lns ln() free open taxfree inflation fisexp coucity finfree fnation ; 7, ;,. ( ),,,,,, 7,,, %, 3, 4 5,,,,, % 8

5 , 6 7, ( 4 6 ), lnk.6***.057***.060***.063*** 0.764***.048***.0*** (0.090) (0.084) (0.084) (0.09) (0.08) (0.08) (0.09) lnh 0.557*** 0.309*** 0.307*** 0.30*** 0.5*** 0.350*** 0.308*** (0.08) (0.030) (0.030) (0.09) (0.03) (0.030) (0.037) s 0.065*** 0.08*** 0.075*** 0.07*** 0.063*** 0.036** 0.06*** (0.00) (0.08) (0.08) (0.07) (0.09) (0.07) (0.09) ln() *** -0.66*** *** *** *** *** -0.85*** (0.096) (0.086) (0.087) (0.080) (0.095) (0.08) (0.096) free 0.34*** 0.300*** 0.378*** 0.38*** 0.37*** 0.389*** free 0.07 (r y : ) (0.03) (0.036) (0.033) (0.06) (0.09) (0.05) (0.08) lnk free 0.09* (0.4) lnk free 0.05*** (0.03) lnh free 0.049*** (0.008) lnh free 0.0*** (0.003) c 3.743*** 5.6*** 5.3*** 5.65*** 5.0*** 5.337*** 5.30*** (0.40) (0.39) (0.43) (0.4) (0.58) (0.35) (0.57) R s.e F Wald hausman obs note FE FE FE FE FE RE FE :***,** * %,5% 0% 3 3, 3,, 4 6, 5 7,, 9

6 ,, lnk lnh s 3 ln() (r y : ) *** 0.649*** 0.65*** 0.589*** 0.46** 0.60*** 0.6***.68***.007***.008***.58*** 0.5***.05*** 0.896*** 0.884*** 0.689*** 0.67*** 0.667*** 0.696*** 0.665*** 0.740*** 0.377*** 0.6*** 0.6*** 0.64*** 0.089** 0.58*** 0.88*** ** 0.030* 0.034** ** *** 0.553*** 0.56*** 0.66*** 0.806*** 0.460*** 0.796*** *** ** -0.6*** -0.60*** *** *** -0.56*** *** free 0.86*** 0.6*** 0.85*** 0.3*** 0.89*** 0.0*** 0.348*** *** 0.378*** 0.63*** 0.39*** free lnk free *** lnk free 0.034** 0.073*** lnh free *** lnh free 0.007* 0.00*** :***,** * %,5% 0%,,,,,,,,,,,,.,, 0

7 , 4 4 open taxfree inflation fisexp coucity finfree fnation T R Adj-R 0.367** (0.034) Average 3 0.3*** (0.09) Average *** (0.05) *** (0.076) Average *** (0.066) Average *** (0.057) * (0.075) Average *** (0.066) Average ** (0.063) *** (0.085) Average *** (0.073) Average ** (0.06) *** (0.45) Average ** (0.8) Average 5 0.5*** (0.) *** (0.07) Average 3 0.6** (0.095) Average *** (0.08) *** (0.07) Average *** (0.059) Average ** (0.049) ,, 0.3, %,,,, 3.,,? 30(T=30), Judson and Owen(999), 30, LSDV, : ***,** * %,5% 0% -,Average 3 3,Average 5 5 7,,,,

8 , Granger(969), (GMM) 5 5 free(-) 0.596*** 0.798*** 0.500** 0.873*** 0.569*** 0.794*** (0.08) (0.006) (0.7) (0.07) (0.097) (0.0) pgdp(-) 0.654*** 0.086*** 0.688*** 0.058*** 0.66*** 0.083*** (0.008) (0.00) (0.078) (0.005) (0.035) (0.004) C.66*** -0.65***.434*** ***.574*** *** (0.054) (0.04) (0.594) (0.048) (0.5) (0.034) Wald test Sargan test Obs pgdp free pgdp free pgdp free pgdp free(-) pgdp(-) :***,** * %,5% 0% 5, 5%,,,,,,,, ,, :, 3,,,,,,,, 3 Granger y y t-,, x x t-,, t, x y, x y, x y,,,00 730, 3%, GDP 9%

9 ,,,,,,,, GDP,,,, 3,,,,, (,004),,,,,,,,, 4,,,, (Bekaert and Harvey,000), ( ) ( ),,, 30,,,,,,,,,, Aron, J. Growth and Institutions: A Review of the Evidence[M]. The World Bank Research Observe,000. Barro,T. Democracy. Growth, Growth. A Cross-Country Empirical Study[M]. Cambridge,MIT Press,99. 3 Bekaert,G.,and C.R. Harvey. Foreign Speculators and Emerging Equity Markets [J]. Journal of Finance,000, (55). 4 Cole J.H. The Contribution of Economic Freedom to World Economic Growth, [J]. CATO Journal,

10 003,(3). 5 Dawson J.W. Institutions, Investment, and Growth: New Cross-County and Panel Data Evidence [J]. Economic Inquiry,998,(36). 6 Easton S.T., and M.A. Walker. Income, Growth, and Economic Freedom[J]. American Economic Review, 997, (87). 7 Granger, C. W. J. Investigating Causal Relations by Econometric Models and Cross -spectral Methods [J]. Econometrica,969,(37). 8 Gwartney J.G., R.A. Lawson, and R.G. Holcombe. Economic Freedom and the Environment for Economic Growth[J]. Journal of Institutional and Theoretical Economics,999,(55). 9 Judson R.A., and A.L. Owen. Estimating Dynamic Panel Data Models: A Guide for Macroeconomists [J]. Economic Letters,999,(65). 0 Johnson,Bryan T., and Sheehy, Thomas P. The Index of Economic Freedom [M]. Washington D.C, Heritage Foundation,995. Mankiw N.G., D. Romer, and D.N. Weil. A Contribution to the Empirics of Economic Growth [J]. Quarterly Journal of Economics,99,(07). North D.C. Institutions, Institutional Change and Economic Performance [M]. Cambridge: Cambridge University Press, North D.C. Institutional Change and Economic Growth[J]. Journal of Economic History,97,(3). 4 Nelson,M., Rising. Democracy, Economic Freedom, Fiscal Policy and Growth in LDCs:A Fresh Look [M]. Economic Development and Cultural Change, Vijayaraghavan,M., W. Ward. Institutions and Economic Growth: Empirical Evidence from a Cross -National Analysis[M]. Clemson University, : [J].,998,(3). 7,. [J]. ( ),007, (6). 8. [J].,003,(). 9. [J].,000,(7). 0,. : [J].,009,(5). Economic Freedom and Sustainable Economic Growth: China s Test ( ) ZHANG Jian-hui, JIN Tao (Institute of Economic Research of Xiamen University, Xiamen 36005, China) Abstract: The relationship between economic freedom and economic growth is tested since the reform and opening up based on the framework of neoclassical growth theory. The empirical results show that economic freedom will increase economic growth. Economic freedom not only directly impact on economic growth, and indirectly impact on economic growth through physical capital and human capital. Sub-index shows that trade freedom, ruralurban migration, financial freedom and nationalization is conducive to economic growth, and inflation, tax burden and local government intervention is not conducive to economic growth. The GMM method of dynamic panel data shows that economic freedom is the Granger-casualty for economic growth and the inverse causality does hold. This shows that economic freedom is not simply to promote system construction; There is an interactive logical evolution between economic freedom and economic growth. Key Words: economic freedom; the sustainable economiy; the effect of growth : 4

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