Phd thesis on financial development and economic growth rate
Ren, Jia The relationship between financial development and economic growth in China: PhD thesis, University of Leeds. China began its current economic reform in the late s.
Since initiating its reforms, China has restructured its banking sector from the old Soviet-style and monopoly banking system. Meanwhile, since China launched its equity market in the early s, selling new stocks phd thesis on financial development and economic growth rate bonds appeared to be another significant channel for enterprises to raise phd thesis on financial development and economic growth rate funds.
phd thesis on financial development and economic growth rate
This thesis investigates the influence of financial development on economic growth in China mainly by examining the banking sector and stock market performance. This study employs a consolidated dataset covering 30 provinces for 18 years to conduct the panel technique.
Meanwhile, a monthly dataset of 10 years has also been established to explore Granger-causality tests of the financial development and economic growth linkages. The main findings of the research are that at first China's economic growth is driven by the quickly accumulated capital stock attributed to the rapid increase of fixed assets investment while the contribution of labour input to GDP growth is statistically modest.
Secondly, on aggregated level, the Granger-causality estimated result does not support the hypothesis that China's sector has been playing a leading role see more the process of economic growth.
Meanwhile, based on phd thesis on financial development and economic growth rate introduction of five banking sector indicators, the panel estimation result indicated that China's banking sector has not statistically generated any contribution to the economic development.
Thirdly, the Granger-causality estimated results concluded phd thesis on financial development and economic growth rate economic growth is the Granger-cause of the stock market capitalisation while no causality relationship exists between stock market development and economic click to see more when in term of market click here and volatility. The causality relationship was finally testified on the basis of investigating the whole financial market, in which circumstance the estimated result further confirmed that financial development is the effect rather than cause of China's economic growth.
Overall, the thesis presents enough evidence to support the argument that the financial sector development has been acting the demand- following role in economic growth process in the context of China. Thesis PhD Academic Units: Ethos Import Date Deposited: More information and software credits. The relationship between financial development and economic phd thesis on financial development and economic growth rate in China:
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