Financial Intermediation Development and Economic Growth:Does the Chinese Counterexample Exist?  

作　　者：Yaojun Yao 

机构地区：[1]College of Finance, Zhejiang Gongshang University, Hangzhou, China

出　　处：《China & World Economy》2010年第5期22-36,共15页中国与世界经济（英文版）

基　　金：supported by the Social and Humanity Sciences Foundation of the Ministry of Education of the People's Republic of China for young people (No.09YJC790243);the National Natural Science Foundation of China (No. 70773103);the Project of Key Research Base of Human and Social Sciences (Finance) for Colleges in Zhejiang Province (Grant Number of Academic Education of Zhejiang [2008]255)

摘　　要：In terms of the degree-of-freedom of bank loan decision-making, the ratio of loans of private enterprises and individuals to total loans is used to measure the development of China ＇s financial intermediation. Applying generalized method of moments estimation developed for dynamic panel data models, the present paper finds that the effect of financial intermediation development on economic growth is positive and statistieally significant when controlling for other variables, such as human capital foreign direct investment, securitization and foreign trade. The empirical results indicate that the concept of the so-called Chinese counterexample in financial development is questionable. Financial system reforms, including encouraging banks to operate independently, reducing or eliminating mandatory loans, and maldngfinancial decision-making more market-oriented, are important for China＇s economic growth.In terms of the degree-of-freedom of bank loan decision-making, the ratio of loans of private enterprises and individuals to total loans is used to measure the development of China ＇s financial intermediation. Applying generalized method of moments estimation developed for dynamic panel data models, the present paper finds that the effect of financial intermediation development on economic growth is positive and statistieally significant when controlling for other variables, such as human capital foreign direct investment, securitization and foreign trade. The empirical results indicate that the concept of the so-called Chinese counterexample in financial development is questionable. Financial system reforms, including encouraging banks to operate independently, reducing or eliminating mandatory loans, and maldngfinancial decision-making more market-oriented, are important for China＇s economic growth.

关 键 词：economic growth financial intermediafion generalized method of moments-system estimation 

分 类 号：F124[经济管理—世界经济] X322[环境科学与工程—环境工程]