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An Empirical Study on Relationship between Financial Development and Economic Growth in Our Country

Author: ZuoQiaoLi
Tutor: SunSen
School: Tianjin University of Finance and Economics
Course: Finance
Keywords: Financial development Economic growth Financial deepening Efficiency of financial development
CLC: F124F224
Type: Master's thesis
Year: 2010
Downloads: 143
Quote: 1
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Abstract


For a long time, the theoretical research about the relationship between financial development and economic growth has been one of hotspots of Western academic. The economic growth and develop experience of countries around the world shows that there is indeed a certain correlation between financial development and economic growth. Financial system played an important role in the economic growth. More and more governments and economists give a high degree attention to the role of financial development in economic growth. As the reform and development of economics and financial sectors, our country’s economy has developed rapidly. But in the face of continued international financial crisis and domestic complex financial issues, how to guide our country’s finance to service to the national economy has become the focus of the study. Therefore, it is necessary to conduct a comprehensive and systematic research on the relationship between finance and economics combined with the development of China’s economic and financial situation.The article firstly summarized the research results at home and abroad, analyzed the China’s financial development and economic growth situations, pointed out the problems in the development of China’s finance, analyzed the interaction mechanism between financial development and economic growth from the theoretical point. Then the article examined the causality of financial development and economic growth mainly from the views of the financial deepening and financial efficiency combing with the actual situation in our country.Based on theoretical analysis, the latest econometric method such as ADF test, Granger causality test, co-integration, VAR model, vector error correction model, variance decomposition is used to analyze the relationship between financial development and economic growth. From the analysis we can find that financial development can do promote economic growth, the impact on banking sector to economic is far greater than that of the stock market. That shows that our stock market is nor perfect and dose not play its due role.Finally, based on the results of theoretical and empirical research, the article provided a series of suggestions that China should deepen financial reforms to improve the efficiency of financial intermediation, develop and improve capital markets, strengthen financial innovation and improve the financing environment of non-state economy. The article hopes these have certain significance for our financial and economic sustainable development.

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CLC: > Economic > The world economic profiles,economic history,economic geography > China's economy > Economic construction and development
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