Article2012

Financial deregulation, credit allocation across sectors, and economic growth: evidence from China

15 citations0/0 files storedJournal of Economic Policy Reform

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Monetary Policy and Economic Impact China's Socioeconomic Reforms and Governance Banking stability, regulation, efficiency

Abstract

This paper investigates whether financial deregulation causes economic growth through financial development. Financial development is measured by two channels: (1) changes in the allocation of credit across sectors, and (2) changes in savings and investment rates. We measure financial deregulation in China at the provincial level from 1981 to 1998. Our results suggest that financial reform causes economic growth in China. Further, its effect largely comes through the reallocation of credit across sectors, rather than changes in savings and investment rates.

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References

1992A Contribution to the Empirics of Economic Growth 1993Finance and Growth: Schumpeter Might Be Right 2001The Colonial Origins of Comparative Development: An Empirical Investigation 2012The Colonial Origins of Comparative Development: An Empirical Investigation: Reply 2000Financial intermediation and growth: Causality and causes 1996Stock Markets, Banks, and Economic Growth 2004Finance and Growth: Theory and Evidence 1974Money and Capital in Economic Development.

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