Research on the Role of Financial Development in the Formation of China’s Economic Efficiency ——An Empirical Analysis Based on Spatial Econometric Model
Abstract：
Using provincial macroeconomic data from 2005 to 2016 and the spatial econometric model, this article measures the function of financial development in the formation of economic efficiency. The results show that: 1) Financial development has an important impact on the improvement of China’s economic efficiency, especially on the increase of total factor productivity. 2) The existing development pattern of banking system is generally not conducive to the overall improvement of economic efficiency, and the development of the financial market begins to reveal its guiding effect on economic efficiency. 3) Financial development has a significant effect on China’s regional economic efficiency, which varies greatly among different regions due to varied reasons. Based on the these, this article proposes that financial development should be the key of current supply-side structural reform and financial services for the real economy.
TANG Wen-Lin, LI Xiong-Shi, CHANG Ya-li.Research on the Role of Financial Development in the Formation of China’s Economic Efficiency ——An Empirical Analysis Based on Spatial Econometric Model[J] Economic Survey, 2019,V36(3): 157-164
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