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The Impact of Bank and Non-Bank Financial Institutions on Local Economic Growth in China |
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| Authors: | Xiaoqiang Cheng Hans Degryse |
| Institution: | 1. LICOS, Katholieke Universiteit Leuven, Debériotstraat 34, Leuven, Belgium 2. Center for Economic Studies, Katholieke Universiteit Leuven, Naamsestraat 69, Leuven, Belgium 3. International Center for Financial Research, Lally School of Management, Rensselaer Polytechnic Institute, Troy, NY, 12180, USA 4. CentER, EBC, TILEC, Tilburg University, P.O. Box 90153, NL-5000, LE, Tilburg, The Netherlands |
| Abstract: | This paper provides evidence on the relationship between finance and growth in a fast growing country, such as China. Employing data of 27 Chinese provinces over the period 1995–2003, we study whether the financial development of two different types of financial institutions — banks and non-banks — have a (significantly different) impact on local economic growth. Our findings indicate that banking development shows a statistically significant and economically more pronounced impact on local economic growth. |
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