Financial Deepening, Asset Price Inflation, and Economic Convergence: Empirical Analysis Based on China’s Experience

Autor:	Han Wu, Tomoko Kinugasa, Wanjun Yao
Rok vydání:	2015
Předmět:	Macroeconomics Government Depression (economics) Financial analysis Economics Convergence (economics) Asset (economics) China General Economics Econometrics and Finance Finance Financial deepening Asset price inflation
Zdroj:	Emerging Markets Finance and Trade. 51:S275-S284
ISSN:	1558-0938 1540-496X
DOI:	10.1080/1540496x.2014.998927
Popis:	In this study, we test for convergence in financial development and economic growth in China’s financial deepening reform process by using system GMM method. The results show strong evidence of the mutually interactive and systematic relationship between financial development and economic growth, and the system is in a condition of long-run divergence. The main cause of divergence in the system changed after 2008 from financial depression to asset price expansion. This study provides evidence that the government should intensify financial deepening reforms and pay attention to financial resource flows to prevent excessive asset price expansion.
Databáze:	OpenAIRE
Externí odkaz:	https://explore.openaire.eu/search/publication?articleId=doi_________::def4888452ed6872ae311805d467ccba https://doi.org/10.1080/1540496x.2014.998927 Zobrazit plný text záznamu Plný text ve formátu PDF Plný text ve formátu HTML
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