Fiscal Support for Agriculture,Rural Finance and Agricultural Economy Development
Based on provincial panel data,this study constructs a two-way fixed effect model to empirically analyze the relationship between fiscal subsidies for agriculture and rural finance in the process of agricultural economic development,and uses the deviation correction LSDV estimator and FGLS estimator with both provincial fixed effect and time fixed effect,as well as the difference GMM model and system GMM model to test the stability of such relationship,and then analyzes the regional heterogeneity.The empirical study shows that:the interaction term between the level of fiscal subsidies for agriculture and the level of rural financial development has a positive effect on agricultural development at the level of 1％significance,which shows that there is a significant comple-mentary relationship between fiscal subsidies for agriculture and rural finance,and the relationship still exists after multiple model stability tests.Therefore,the complementary synergistic relationship between fiscal subsidies for agriculture and rural finance is revealed;And it is found that rural finance has an inhibiting effect of water-pum-ping on agricultural development,while fiscal support for agriculture has an inapparent positive effect.Regional heterogeneity analysis shows that the complementary relationship between fiscal subsidies for agriculture and rural finance is obvious in the eastern and central areas of China,while in the western area is less obvious,the water-pumping effect of rural finance prevails in the three areas,and the financial policy of fiscal subsidies for agriculture in the eastern and central areas has negative effect.Based on the above findings,this paper puts forward the policy suggestions of strengthening complementary synergistic relationship between fiscal subsidies for agriculture and rural finance,enabling the two to accomplish the optimal implementations respectively.
fiscal subsidies for agriculturerural financeagricultural economic developmentcomplementary relation
万方数据
维普
