The Financial Deepening-Productivity Nexus in China: 1987–2001

Jun Zhang · Guanghua Wan · Yuying Jin

26 citations0/0 files storedJournal of Chinese Economic and Business Studies

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Monetary Policy and Economic Impact Economic Theory and Policy Economic Growth and Productivity

Abstract

The financial intermediation-growth nexus is a widely studied topic in the literature of development economics. Deepening financial intermediation may promote economic growth by mobilizing more investments, and lifting returns to financial resources, which raises productivity. Relying on provincial panel data from China, this paper attempts to examine if regional productivity growth is accounted for by the deepening process of financial development. Towards this end, an appropriate measurement of financial depth is constructed and then included as a determinant of productivity growth. It finds that a significant and positive nexus exists between financial deepening and productivity growth. Given the divergent pattern of financial deepening between coastal and inland provinces, this finding also helps explain the rising regional disparity in China.

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References

2003Testing for unit roots in heterogeneous panels 1957Technical Change and the Aggregate Production Function 1993Finance and Growth: Schumpeter Might Be Right n.d.Financial Development and Economic Growth: Views and Agenda 2005Law, finance, and economic growth in China 1974Money and Capital in Economic Development.2000Finance and the sources of growth 1974Shaw, Edward S., Financial Deepening in Economic Development, New York, Oxford University Press, 1973, xii + 260 pp. ($7.50 cloth, $3.50 paper)

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