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
A systematic analysis of Shanghai and Japan stock indices for the period of Jan. 1984 to Dec. 2005 is performed. After stationarity is verified by ADF （Augmented Dickey-Fuller） test, the power spectrum of the data e...A systematic analysis of Shanghai and Japan stock indices for the period of Jan. 1984 to Dec. 2005 is performed. After stationarity is verified by ADF （Augmented Dickey-Fuller） test, the power spectrum of the data exhibits a power law decay as a whole characterized by 1/f^β processes with possible long range correlations. Subsequently, by using the method of detrended fluctuation analysis （DFA） of the general volatility in the stock markets, we find that the long-range correlations are occurred among the return series and the crossover phenomena exhibit in the results obviously.Further, Shanghai stock market shows long-range correlations in short time scale and shows short-range correlations in long time scale. Whereas, for Japan stock market, the data behaves oppositely absolutely. Last, we compare the varying of scale exponent in large volatility between two stock markets. All results obtained may indicate the possibility of characteristic of multifractal scaling behavior of the financial markets.展开更多
This article is based on growth, financial multidimensional perspective of redundancy and product market competition, focus on growth as a key variable, to explore the growth of financial redundancy and product market...This article is based on growth, financial multidimensional perspective of redundancy and product market competition, focus on growth as a key variable, to explore the growth of financial redundancy and product market competition. The data of 326 real estate companies were selected for empirical analysis. The research finds that the financial redundancy promotes competition in the product market, and the relationship between the growth of the enterprise growth and the competition between the financial redundancy and the competition of the product market.展开更多
The paper set off from the nature characteristics of rural cooperation finance, analyzing the finance cooperation in our rural areas. It points out that the supporting strength is difficult to maintain the need of sim...The paper set off from the nature characteristics of rural cooperation finance, analyzing the finance cooperation in our rural areas. It points out that the supporting strength is difficult to maintain the need of simple reproduction, disturbing the consistence between the intense need of the important peasant household and the market-oriented development of enterprise produce What is more, and functional cultivating becomes reverse circulation, forming shoulders adjustment mechanism in the majority of our rural areas. In the long run, if we want to break the influence of the long-term effect of dual economy between urban and rural areas, plan the development of urban and rural as a whole, build socialism new rural area, the key is to comply with the principle ＂root in rural area, originally in the peasant, quality in cooperation ＂, build and perfect the serve system of rural cooperation finance.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.
基金supported in part by National Natural Science Foundations of China under Grant Nos.70571027,70401020,10647125,and 10635020by the Ministry of Education of China under Grant No.306022
文摘A systematic analysis of Shanghai and Japan stock indices for the period of Jan. 1984 to Dec. 2005 is performed. After stationarity is verified by ADF （Augmented Dickey-Fuller） test, the power spectrum of the data exhibits a power law decay as a whole characterized by 1/f^β processes with possible long range correlations. Subsequently, by using the method of detrended fluctuation analysis （DFA） of the general volatility in the stock markets, we find that the long-range correlations are occurred among the return series and the crossover phenomena exhibit in the results obviously.Further, Shanghai stock market shows long-range correlations in short time scale and shows short-range correlations in long time scale. Whereas, for Japan stock market, the data behaves oppositely absolutely. Last, we compare the varying of scale exponent in large volatility between two stock markets. All results obtained may indicate the possibility of characteristic of multifractal scaling behavior of the financial markets.
文摘This article is based on growth, financial multidimensional perspective of redundancy and product market competition, focus on growth as a key variable, to explore the growth of financial redundancy and product market competition. The data of 326 real estate companies were selected for empirical analysis. The research finds that the financial redundancy promotes competition in the product market, and the relationship between the growth of the enterprise growth and the competition between the financial redundancy and the competition of the product market.
文摘The paper set off from the nature characteristics of rural cooperation finance, analyzing the finance cooperation in our rural areas. It points out that the supporting strength is difficult to maintain the need of simple reproduction, disturbing the consistence between the intense need of the important peasant household and the market-oriented development of enterprise produce What is more, and functional cultivating becomes reverse circulation, forming shoulders adjustment mechanism in the majority of our rural areas. In the long run, if we want to break the influence of the long-term effect of dual economy between urban and rural areas, plan the development of urban and rural as a whole, build socialism new rural area, the key is to comply with the principle ＂root in rural area, originally in the peasant, quality in cooperation ＂, build and perfect the serve system of rural cooperation finance.
