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The Analytics of Region Financial Development and Economical Growth

Author: JiFaJun
Tutor: BaiYongPing
School: Northwest Normal University
Course: Population, Resources and Environmental Economics
Keywords: regional finance ESDA technology cointegration analysis Granger causality test impulse response function analysis variance decomposition
CLC: F832.7;F127
Type: Master's thesis
Year: 2010
Downloads: 215
Quote: 0
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Abstract


Economic and financial globalization can be said is this era’s main theme, then what kind of relationship between financial development and economic growth exists? But China should be how to face the big wave of economic and financial globalization? Particularly, that the financial crisis which is resulted from the U.S. subprime mortgage crisis triggered in 2008 sweeped across the world and resulted in the global economic recession is triggering the depth study of the relationship between the financial development and economic growth. China’s regional economic development is uneven, which also leads to the "Orient West weak" pattern of financial development. The economic development of eastern coastal regions, especially the three big economic circle "Yangtze River Delta", "Bohai Sea," "Pearl River Delta" in development is remarkable, however, the economic and financial development in central and western regions is very backward, which is not conducive to long-term steady development of China’s economy.This paper chooses "Northwest Inland of five provinces" and "the eastern coast of the five provinces" to do the comparative study, which explores the deep-rooted relationship between financial development and economic growth. Northwest inland region is typical undeveloped regions of China, while the eastern coastal region is China’s most developed areas, and the comparative study on the two regions can describe the internal mechanism between financial development and economic growth. Certainly, that the paper can propose the meaningful reference and effective reform measures based on the comparative study of the two regions is more important. At the same time, the paper can find imperfections in the process of the development of economic and financial in the eastern region and put forward ideas for future development, which has important theoretical and practical significance to China’s regional economic growth and financial development. Based on the valuable experience of foreign and hom’s experts and scholars in, the paper chooses typical economic and financial-related indicators and illustrates the status quo of China’s economic and financial development with a lot of statistical data and examples. Then, based on ESDA techniques, the paper depicts China’s spatial distribution of regional financial development and economic growth from the point of spatial concentration. Finally, the author uses cointegration analysis, Granger causality test, impulse response function analysis and variance decomposition and so on to analyze the financial development and economic growth relationship of two regions "Northwest inland" and "east coast" as objects of study.By the comparative research, the paper explains the internal mechanisms between financial development and economic growth and draws the following conclusions: For nearly three decades of the Chinese opening and reforming policy, the process of China’s economic finance has been deepening. Financial development and economic growth mutually are interdependence and the financial development and economic growth of north-west inland region is lagging behind that of eastern coastal region, however, the gap is bigger and bigger. Cointegration analysis shows that there is a close relationship among economic growth and financial deepening, the regional relative savings and the efficiency of financial development, but long-run equilibrium relationship between regional financial development and regional economic growth of east coast region is more stable than that of the north-west. Granger causality test and impulse response functions show that the regional financial development level of northwest inland of five provinces as undeveloped level is at Patrick’s "supply-leading" phase , while that of the eastern coast of the five provinces as developed level is at "demand-following" phase. Variance decomposition results show that Northwest region lacks funds which constrains financial development, which restrain economic growth, while the financial deepening is high, and abundant funds of eastern region supports economic growth.

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