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The contribution of financial liberalisation to rapid economic growth in China (1995-2005)

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  • Robert K. McCleery
  • Fernando De Paolis

Abstract

China's reported economic growth since 1979 has surpassed all sustained performances in recorded history. We ask how China's financial system changed and how large a role financial liberalisation played in China's growth over the 1995-2005 period, in part to contribute to the debate regarding China's long-term, sustainable growth rate. After separately estimating the comparative static effects of interest rate decontrol, improved efficiency of capital allocation, and foreign capital inflows as a result of financial liberalisation in a computable general equilibrium model, we conclude, conservatively, that 1.5 to 2 percentage points of China's annual growth rate of almost 10% is attributable to financial liberalisation.

Suggested Citation

  • Robert K. McCleery & Fernando De Paolis, 2012. "The contribution of financial liberalisation to rapid economic growth in China (1995-2005)," International Journal of Economics and Business Research, Inderscience Enterprises Ltd, vol. 4(6), pages 719-737.
    • Handle: RePEc:ids:ijecbr:v:4:y:2012:i:6:p:719-737
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