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Lending for Growth? A Granger Causality Analysis of China's Finance-Growth Nexus

In English

Författare

Summary, in English

China’s banking sector is dominated by four distinct organizational forms: policy banks (PBs), state-owned commercial banks (SOCBs), joint stock commercial banks (JSCBs), and rural credit cooperatives (RCCs). Economic analyses have especially focused on the development of bank efficiency and profitability over time. The equally important question, which of China’s banking institutions promote economic growth, has not been explored using macroeconomic data. Our study uses a novel data set covering the period 1997 to 2008 and employ Granger causality tests to estimate the finance-growth nexus of each of these bank types. Our results show that SOCBs and RCCs do not Granger-cause GDP growth and that SOCBs even have a negative effect on manufacturing growth. By contrast, PBs and JSCBs promote economic growth.

Publiceringsår

2016-11

Språk

Engelska

Sidor

897-920

Publikation/Tidskrift/Serie

Empirical Economics

Volym

51

Issue

3

Dokumenttyp

Artikel i tidskrift

Förlag

Physica Verlag

Ämne

  • Economics

Nyckelord

  • China
  • Economic growth
  • Government-owned banks
  • Banking sector

Status

Published

ISBN/ISSN/Övrigt

  • ISSN: 0377-7332