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Effects of Financial Development on Real Economic Growth

In: Proceedings of the 2022 2nd International Conference on Financial Management and Economic Transition (FMET 2022)

Author

Listed:
  • Huadong Xiao

    (Jianghan University, Business School
    Manufacturing Industry Development Research Center on Wuhan City Circle)

Abstract

In recent years, China’s economy had reached a new normal of development, and was transitioning from a stage of high-speed growth to a stage of high-quality development. The COVID-19 pandemic had taken its toll on the global real economy. The high-quality development of China’s economy needs the support from the financial sector more than ever. By using China’s financial data and real economic data from 2001 to 2020, establishing Vector Autoregression (VAR) model and carrying out Johanson cointegration test, we discuss the effects of the financial development on the real economic growth. We find that there is a long-term stable equilibrium relationship between them, and believe that the financial development has supported the growth of the real economy in China.

Suggested Citation

  • Huadong Xiao, 2023. "Effects of Financial Development on Real Economic Growth," Advances in Economics, Business and Management Research, in: Vilas Gaikar & Min Hou & Sikandar Ali Qalati (ed.), Proceedings of the 2022 2nd International Conference on Financial Management and Economic Transition (FMET 2022), pages 734-743, Springer.
    • Handle: RePEc:spr:advbcp:978-94-6463-054-1_80
    DOI: 10.2991/978-94-6463-054-1_80
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