Dynamic Effects of Trade Openness on Financial Development in China
By employing generalized impulse response function and variance decomposition method, with time series data from 1982 to 2009, this paper analyzed the dynamic effects of trade openness on financial development in China. The results of impulse response function analysis show that foreign trade and foreign capital promote financial development in China, but there exists time lag and obvious difference between the positive effects. The results of variance decomposition reveal that foreign trade and foreign capital are both important for Chinas financial development, and the contributions of foreign trade and foreign capital on bank credit and securities market are different. In addition, the researches also verify that income growth of residents is important for the development of securities market in China.
tradeopenness financialdevelopment impulseresponsefunction variancedecompositionanalysis.
Jianjun Xu
Department of Economics College of Science and Technology, Ningbo University Ningbo, China,315211
国际会议
广州
英文
1-5
2011-05-13（万方平台首次上网日期，不代表论文的发表时间）