There are many defects in researches on the relationship of the regional financial development (FD) and economic growth of China, such as simply assuming the causality direction, not highlighting financial institution...There are many defects in researches on the relationship of the regional financial development (FD) and economic growth of China, such as simply assuming the causality direction, not highlighting financial institution, using incomplete financial indicator, etc. This article, taking Suzhou City of Jiangsu Province, China as a case, builds a simple model to study the level of FD from three aspects of financial scale, structure and institution. Three original indicators of PRIVY (private investment/aggregate investment), DEPTH (aggregate loan/GDP) and FDIVG (FDI/GDP) are used to construct the FD economic indicator through Principal Component Analysis approach. Then we use Granger method to analyze the relationship between the FD and the economic growth of Suzhou. Empirical test results show that the FD of Suzhou is the Granger reason of economic growth, while economic growth is not the reason for FD, because the relationship between the FD and the economic growth of Suzhou is just in the ″supply-leading″ period. In terms of Suzhou experiences, the local government should strengthen the protection of private investment, improve the institutional environment, and establish the reasonable financial structure. So we can concluded that FD could play a great role in promoting economic growth at the economy takeoff stage.展开更多
The idea of this survey on microfinance in Panama arises from the importance of this financial sector in Latin America, in particular this paper analyzes the system of microcredit and estimate, among other things, the...The idea of this survey on microfinance in Panama arises from the importance of this financial sector in Latin America, in particular this paper analyzes the system of microcredit and estimate, among other things, the financial needs of the institutions of microcredit as a potential target of international investment. The present paper aims to provide a cognitive framework on microcredit in Panama. It wants to demonstrate how this country can be an area in which international investors can operate considering that this form of credit can improve their yields especially in countries, such as Panama, characterized by high interest rates. Under the methodological point of view, the paper considers the financial variables of microcredit in Panama. In this way, it reaches the goal of the research to identify MFIs (micro finance institutions) as a potential target of investors.展开更多
基金Under the auspices of China Postdoctoral Science Foundation (No. 20070420271, 20018801012)
文摘There are many defects in researches on the relationship of the regional financial development (FD) and economic growth of China, such as simply assuming the causality direction, not highlighting financial institution, using incomplete financial indicator, etc. This article, taking Suzhou City of Jiangsu Province, China as a case, builds a simple model to study the level of FD from three aspects of financial scale, structure and institution. Three original indicators of PRIVY (private investment/aggregate investment), DEPTH (aggregate loan/GDP) and FDIVG (FDI/GDP) are used to construct the FD economic indicator through Principal Component Analysis approach. Then we use Granger method to analyze the relationship between the FD and the economic growth of Suzhou. Empirical test results show that the FD of Suzhou is the Granger reason of economic growth, while economic growth is not the reason for FD, because the relationship between the FD and the economic growth of Suzhou is just in the ″supply-leading″ period. In terms of Suzhou experiences, the local government should strengthen the protection of private investment, improve the institutional environment, and establish the reasonable financial structure. So we can concluded that FD could play a great role in promoting economic growth at the economy takeoff stage.
文摘The idea of this survey on microfinance in Panama arises from the importance of this financial sector in Latin America, in particular this paper analyzes the system of microcredit and estimate, among other things, the financial needs of the institutions of microcredit as a potential target of international investment. The present paper aims to provide a cognitive framework on microcredit in Panama. It wants to demonstrate how this country can be an area in which international investors can operate considering that this form of credit can improve their yields especially in countries, such as Panama, characterized by high interest rates. Under the methodological point of view, the paper considers the financial variables of microcredit in Panama. In this way, it reaches the goal of the research to identify MFIs (micro finance institutions) as a potential target of investors.