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ID:
090110
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| Publication |
2009.
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| Summary/Abstract |
This paper investigates the impacts of financial intermediary (or banking) development on village-level per capita income using a Chinese dataset for selected years between 1993 and 2006. The empirical results from a random effect regression model indicate that mean per capita income in rural villages follows an inverted U-shaped path as financial intermediation develops. However, using a pooled quantile regression approach, we find that median per capita income in rural villages follows a positive linear path, rather than an inverted U-shaped path, as financial intermediation develops. The positive linear effect of financial intermediary development is observed at the lower and higher ends of the conditional per capita income distribution. This suggests that development of financial intermediation in China might not have statistically significant differential effects in low-income or high-income rural villages.
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| 2 |
ID:
130915
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| Publication |
2014.
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| Summary/Abstract |
The article empirically evaluates the role of financial intermediation in India's economic development. An assessment of various indicators of financial development reveals that both the bank-based and market-based intermediation processes have undergone remarkable improvements in the last six decades. While credit disbursement by Indian banks has increased sharply in the past decades, it is still below the world average level and even below the level of its emerging market and developing economies (EDEs) peers. However, in recent years, the market capitalisation of the Indian stock market has increased indicating greater reliance on market-based sources of funding. One-way Granger causality from private sector credit to real GDP confirms the supply-leading process of bank intermediation, while no causality was found between stock market capitalisation and real GDP. The ARDL co-integration test suggests that both the bank-based and market-based financial deepening have positive roles in driving India's economic development, while the former has a stronger role in driving India's economic growth. The findings indicate that in a relatively bank-centric financial sector, Indian banks have the potential of further channelisation of credit to productive sectors of the economy.
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| 3 |
ID:
099156
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| Publication |
2010.
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| Summary/Abstract |
In terms of the degree-of-freedom of bank loan decision-making, the ratio of loans of private enterprises and individuals to total loans is used to measure the development of China's financial intermediation. Applying generalized method of moments estimation developed for dynamic panel data models, the present paper finds that the effect of financial intermediation development on economic growth is positive and statistically significant when controlling for other variables, such as human capital, foreign direct investment, securitization and foreign trade. The empirical results indicate that the concept of the so-called Chinese counterexample in financial development is questionable. Financial system reforms, including encouraging banks to operate independently, reducing or eliminating mandatory loans, and making financial decision-making more market-oriented, are important for China's economic growth.
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