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China’s Financial Development, Financial Structure and Output Stability

Author: YuanZhiPeng
Tutor: FangHongSheng
School: Zhejiang University of Finance
Course: Western Economics
Keywords: Financial Development Trade shocks Inflation shock Cross correlation Privatization
CLC: F124;F224
Type: Master's thesis
Year: 2012
Downloads: 97
Quote: 0
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Abstract


This paper focuses on China's financial development, financial structure and the relationship between output stability, the Chinese government tried to correct application of financial and economic means to promote stability in output provides a useful theoretical framework. The framework by addressing the following four questions which began: (1) Since the reform and opening up China's economy suffering from the impact of trade shocks and inflation problems, but why is this one were often multi-hit countries can achieve long-term growth? Is not really there is some mechanism to play the role of shock absorber? Beck and Luo Zhen heart and other types of impact on financial development governance role of contradiction view in the end which is closer to the reality of China concluded it? (2) financial development is bred and raised in a large environment, economic structure, then the changes in economic structure will affect its governance role of various shocks do? specific effects is how? (3) financial development is endogenous to the financial structure, then the financial structure manifested, governance, the role of various types of impact the direction and how is it? (4) In view of the economic structure and stability of the financial structure of the complex linkages on output, we can extract a major impact on law? The law is affected by the reality of data support it? first class of problems, in Chapter 2 of this section, respectively, from the theoretical analysis and empirical data of both been answered, the answer is as follows: Since the reform and opening up China's economy adversely affected by trade and inflation shocks troubled, so a multi-hit countries were often able to achieve long-term rapid economic growth, because the Chinese financial development to some extent, could rule out trade shocks, it is this mechanism plays a shock absorber effect. The results of the study with Beck transnational trade shocks on financial development and the relationship coincide. The second class of problems, financial development is the birth and growth in the economic structure of a large environment, changes in economic structure affects the impact of financial development on various governance role, and we Chapter 2 The second part of empirical results also proved this point. And found that the economic structure of the non-nationalization tendencies are conducive to enhancing the impact of financial development on trade reduction effect. On the third class of problems, in Chapter 3 of this article results show that the denationalization of financial structure helps to reduce the impact of inflation stabilizing influence on output, but it will increase the stability of trade shocks adverse effects on output . The fourth class of problems, in Chapter 4 of this section, for the financial and economic structures more complex and close relationship, and the reference structure optimization theory Lin Yifu financial results, we propose a \and economic structures more conducive to economic stability match, on the contrary, is not conducive to economic stability. To prove our hypothesis, this paper, Chinese provincial panel data, combined with Driscoll and Kraay regression methods and tools do a rigorous empirical method, empirical results are basically supported our hypothesis. In addition, we also found several valuable conclusions, such as: (1) Chinese local government intervention in the economy is not conducive to economic stability. (2) a region's economic scale, the more conducive to stability. (3) adhere to the outside world is the right choice.

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CLC: > Economic > Economic planning and management > Economic calculation, economic and mathematical methods > Economic and mathematical methods
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