In this paper, we evaluate the development level of internet finance by focusing on three major virtual economies, internet "Baby" fund, internet financial credit and Shanghai Composite Index for the first time. We examine the disequilibrium relations between the development of both internet finance and real economy by using Vector Autoregression (VAR) model, and measure the level of the deviation between them by using Financial Interrelations Ratio (FIR). We obtain the following results: 1) There is no Granger causality between internet finance and real economy, and the characteristics of non-balanced development is shown; 2) Their synergy is in the development stage of "mismatch"; 3) During the later stage of sample observation, internet financial credit is the key element of the mutual restraint between internet finance and real economy, and the deviation between stock market and real economy is within the controllable range.
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