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Financial Liberalization in China and Its Effect on Economy Growth

Author: ZhaoXiaoJing
Tutor: ZhangZhiYuan
School: Shandong Institute of Economics
Course: Finance
Keywords: Financial liberalization Economic growth Risk prevention
CLC: F832.0;F124
Type: Master's thesis
Year: 2011
Downloads: 124
Quote: 0
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Abstract

Financial liberalization originated from theory of financial deepening that made great break through in developing economics and financial theory field developed by American economists R.J.Mckinnon and E.S.Show in 1970s.Through deep research, they found it necessary to carry out the reform of financial liberalization if they want to break the phenomenon of“financial repression“in developing countries, that is government should release the interfere and restrict to financial system, and in the main running of financial department, market power should take the place of government control, thus realized the optimization of resource distribution, improved the financial market efficiency, realized the financial deepening and promote economic growth. The mention of financial liberalization theory was aimed directly at developing countries initially, but with the development of the world economy, developed countries started the liberalization step one after another in order to suit the requirements of economic development after the“stagflation”in 1970s,even we can say that the theory of financial liberalization in developing countries was based on in developed countries, the theory of financial liberalization has already been a problem involve developing countries and developed countries.But because of the financial crisis in 2008, people started to discuss the problem of financial liberalization again, after all, what role did it play in the developing of economy? Based on the new view, we are well worth making more exploration and research on the problem of financial liberalization too. This article would mainly integrate the analysis of qualitative and quantitative with the results of previous research to explore what we should look upon and make full use of the effect of financial liberalization in nowadays economic environment. First, this article mainly comments on some results of research about financial liberalization mentioned by the scholars home and abroad through summarizing the literature. Then it simply shows the meaning and basic content of financial liberalization, and based on this, from the view of comparison, this article also reviews and comments on the process of financial liberalization. In the 5th part of this article systematically compiled the index of China’s liberalization and used the method of Granger causality test、Cointegraion test、Correction Model and so on, to make demonstration analysis between China’s financial liberalization reform and economic growth after illustrating sufficient theory and practice. At last, this article talked about the enlightenment to China in international financial liberalization and the deficiency in China’s financial liberalization reform, integrating with the understanding of financial crisis, then advised how to against the risk.What we can say from this article is that financial liberalization reform plays the most important role in promoting economic growth. But in dialectical way, everything has dual character. we should also realize the importance of exploring native reform steps and taking in essential inspection in the process of financial liberalization.

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