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引用
期刊论文
Financial development and economic growth: Evidence from China
China Economic Review 17 (2006) 395-411,-0001,():
This paper investigates the relationship between financial development and economic growth for the case of China over the period 1952-2001. After considering the time series characteristics of the dataset, a multivariate vector autoregressive (VAR) framework is used as an appropriate specification and the long-run relationship among financial development, growth and other key growth factors is analyzed in a theoretically based high dimensional system by identification of co-integrating vectors through tests of over-identifying restrictions. The empirical results suggest that there exists a unidirectional causality from economic growth to financial development, conclusions departing distinctively from those in the previous studies.
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