Financial Development,Technological Progress and Economic Growth——Based on Panel VAR Model Dynamic Test
DUAN Jun-shan1,WEI You-lan1,MA Yu2
1.School of Finance,Guangdong University of Business Studies,Guangzhou 510320,China;2.School of Economics,Shandong Institute of Business and Technology,Yantai 264005,China
Abstract This paper tests provincial data with the panel VAR empirical methods and dynamic panel robustness. It is found that firstly, our current technology output does not take full advantage of the inducement effect of technological progress; Macro prosperity gives commercial banks good expectation as well as raises the capabilities of enterprise mortgage; however,the number of patents granted doses not enhance the bank credit,the region's economic development and technological progress shows a positive correlation. Secondly,long-term impact of technological progress on economic growth is more significant; economic growth and technological progress exists positive interaction which technological progress has been with the development of self-accumulation mechanism. Thirdly, from the impulse response,short-term financial development does affect the performance of economic growth,currency non-neutral in the short term is established; in short term,the macro-economic climate will affect the commercial bank credit behavior; good economic development can stimulate technology development and investment which bring technological progress,but technological progress may be harm itself because of patent laws and regulations.
2013, Vol. 1 
