Finance and growth in China, 1995–2013
More liquidity or more development
Dados Bibliográficos
| ID | 12913601 |
|---|---|
| Autores | Lu Zhang (0000-0002-8855-8492, University of Groningen), Dirk Bezemer (0000-0003-1049-9370, University of Groningen) |
| Ano | 2016 |
| Páginas | rsw022-rsw022 |
| Data de publicação | 2016-08-30 |
| Peer Reviewed | Sim |
| Open Access | Não |
| Tipo | ARTICLE |
| Periódico | Cambridge Journal of Regions Economy and Society (JOURNAL) |
| Identificadores do periódico | ISSN: 1752-1386 • E-ISSN: 1752-1378 |
| Editora | Oxford University Press (OUP) (PUBLISHER) |
| DOI | 10.1093/cjres/rsw022 |
| OpenAlex | W2507210610 |
| Idioma | EN |
| Referências citadas | 32 |
We study the relation of financial development with income growth in China over 1995-2013. In panel and GMM analyses of province-level data, we find that accounting for the short-term spending effect of credit flows on growth, the effect of credit stocks to GDP (the traditional measure of financial development) is negative or insignificant. To identify the channels, we study the effects on GDP aggregates. Our findings suggest that credit expansion held back consumption growth by claiming resources for investment in gross capital formation and net exports. This effect is stronger with more rapid credit growth. The findings are consistent with an investment bias in China's development path
China · Consumption (sociology · Econometrics · Economics · Foreign direct investment · Gross fixed capital formation · Investment (military · Macroeconomics · Market liquidity · Monetary economics · Panel data · Real gross domestic product · Banking stability, regulation, efficiency · Fiscal Policy and Economic Growth · Housing Market and Economics
| Velocidade de citação | historical |
|---|---|
| Altamente citado | Não |