Banks, Stock Markets, and China's 'Great Leap Forward'
19 Pages Posted: 27 Jul 2006
Date Written: July 21, 2006
Abstract
Using quarterly data for 1995-2005, we examine the role of financial factors in China's recent increases in real sector activity. A series of cointegrated VAR models indicate that banking sector development was central to these successes, but that stock market development, as measured by market size and trading volume, did not contribute significantly to them.
Keywords: finance-growth nexus, investment, stock markets and growth, VAR
JEL Classification: E44, O53
Suggested Citation: Suggested Citation
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