This paper uses the time series data from 1978 to 2013 in Guangdong to explore the impact of local gov-ernment intervention and regional financial development on theeconomic growth in the context of the research of fiscal decentralization. The result finds that there is a long-term equilibrium relationship among them. The promotion of the fi-nancial process is conducive to improving the total factor productivity in the region. However,within the framework of fiscal decentralization, the"championship"interregional competition will prompt the local government to interfere the micro-level resource allocation of financial institutions. And this intervention is divorced from the formation mecha-nisms of the market, which reduced the efficiency of the allocation of financial resources and enlarged the financial structure fluctuations. These will do a lot of damage to the economic growth. These arguments all imply that the finan-cial control boundary reasonably framed by the government is conducive to promoting economic growth,but the finan-cial system reform should be coordinated with the reform of the fiscal and taxation system and the government system.%本文采用1978—2013年广东省的时间序列数据，探讨财政分权背景下地方政府干预和金融发展对经济增长产生的影响。研究发现：三者之间存在着长期均衡关系，金融进程的推进有利于提高地区的全要素生产率。但在财政分权的框架内，“锦标赛”式的区际竞争会促使地方政府对金融机构的微观资源配置进行干预，这种干预脱离了市场形成的内在机理，降低了金融资源的配置效率，加之金融结构较大的波动性，对经济增长而言，损害颇多。这些论据都隐含了合理框定政府的金融控制边界有利于促进经济增长，但这种金融体系革新应和财税体系及政府体制变革协同进行。
展开▼
