Credit as an Instrument for Growth: A Monetary Explanation of the Chinese Growth Story
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- This study describes the Chinese growth model over the past 40 years. We show that China's growth model, with its dominant role of the banking system and "the banker", is a perfect illustration of the necessity and power of Schumpeter's "monetary analysis". This approach has allowed us to elaborate theoretically and empirically the uniqueness of the Chinese model. In our empirical analysis, we use a new dataset of Chinese provincial data to analyze the impact of the financial system, especially banks, on Chinese economic development. We alsoThis study describes the Chinese growth model over the past 40 years. We show that China's growth model, with its dominant role of the banking system and "the banker", is a perfect illustration of the necessity and power of Schumpeter's "monetary analysis". This approach has allowed us to elaborate theoretically and empirically the uniqueness of the Chinese model. In our empirical analysis, we use a new dataset of Chinese provincial data to analyze the impact of the financial system, especially banks, on Chinese economic development. We also empirically assess the role of the financial system in Chinese industrial policy and provide case studies of the effects of industrial policy in specific sectors. Finally, we also discuss macroeconomic dimensions of the Chinese growth process and lessons that can be drawn from the Chinese experience for other countries.…
Autor(en): | Peter Bofinger, Lisa Geißendörfer, Thomas Haas, Fabian Mayer |
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URN: | urn:nbn:de:bvb:20-opus-328804 |
Dokumentart: | Report (Bericht) |
Institute der Universität: | Wirtschaftswissenschaftliche Fakultät / Volkswirtschaftliches Institut |
Sprache der Veröffentlichung: | Englisch |
Erscheinungsjahr: | 2023 |
Schriftenreihe (Bandnummer): | Würzburg Economic Papers (W. E. P.) (107) |
Seitenangabe: | 148 |
DOI: | https://doi.org/10.25972/OPUS-32880 |
Allgemeine fachliche Zuordnung (DDC-Klassifikation): | 3 Sozialwissenschaften / 33 Wirtschaft / 339 Makroökonomie und verwandte Themen |
Normierte Schlagworte (GND): | Industriepolitik; China; Wirtschaftswachstum; Wirtschaftsentwicklung |
Freie Schlagwort(e): | Bank credit; Bank-led Growth; China; Economic development; Economic growth; Finance; Finance-growth nexus; Industrial Policy; Strategic Emerging Industries |
Fachklassifikation (JEL): | E Macroeconomics and Monetary Economics |
Datum der Freischaltung: | 18.10.2023 |
Lizenz (Deutsch): | Deutsches Urheberrecht |