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China's financial intermediary role in the economic growth path analysis

Author: QiuPeng
Tutor: DuKuanQi
School: Nanjing University of Technology and Engineering
Course: International Trade
Keywords: Financial intermediation Economic growth Channel analysis Co-integration analysis Causal relationship
CLC: F832.39
Type: Master's thesis
Year: 2006
Downloads: 276
Quote: 1
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Abstract


The role that finance plays is getting more and more important in modern economy. Development of various countries around the world has shown that the development of financial intermediation positively correlate with the growth of economy. In China, banking system holds a dominant position in financial industry and it is particularly important for the development of economy. The aim for China’ s financial reform is to facilitate the banking system giving its full play in promoting the country’ s economic growth. Since China is now undertaking its economic transformation, deep understanding of the relationship between financial intermediation and the growth of economy is of great significance. So, both theoretical and empirical researches on the relationship between the development of financial intermediation and the economic growth are carried out in the article to achieve the goal.The article mainly consists of the following parts. First, the specialty of financial intermediation is analyzed in accordance with modern theory of the subject. And Bencivenga and Smith’ s (1991) model of endogenous growth is employed to have a deep study on the relationship between financial intermediation and economic growth. Also, through analyses of functions of financial intermediation, channels via which it influences the economy are studied theoretically. Second, "Supply-leading" and "Demand-following" models are employed to study the channels through which financial intermediation and economic growth influence each other. Then, considering both the situation of China’ s financial intermediation and that of other countries, BANK, which indicates the scale of financial intermediation, and PRIVY, which represents the operating efficiency of financial intermediation, are chosen to study here the relationship between the intermediation and economic growth in China. The two indicators are combined with the indicators representing economic growth to form a three-variable VAR system and then researches are carried out. Results show: (1) There is a long-term equilibrium relationship between the operating efficiency of financial intermediation and real investment; (2) Mutual causal relationship exists between the scale of financial intermediation and economic growth, while only causation from the scale of financial intermediation and real investment shows; (3) It is because of the expansion of financial

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CLC: > Economic > Fiscal, monetary > Finance, banking > China's financial,banking > Financial organizations, banks > Other financial organizations
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