Financial Development, Growth, and Regional Disparity in Post‐Reform China
Financial Development, Growth, and Regional Disparity in Post‐Reform China
Deepening financial development and rapid economic growth in China have been accompanied by widening income disparity between the coastal and inland regions. This chapter examines the impacts of financial development on China's growth performance by employing panel data covering twenty-nine Chinese provinces over the period of 1990-2001 and applying the generalized method of moment (GMM) techniques. The empirical results show that financial development significantly promotes economic growth in coastal regions but not in the inland regions; the weak finance-growth nexus in inland provinces may help aggravate China's regional disparities.
Keywords: income disparity, coastal regions, inland regions, finance-growth nexus, regional disparities
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