Financial deepening can improve economic growth by facilitating capital liquidity and promoting efficiency of allocating resource, which has played an important role in the development of the Pearl River Delta and the...Financial deepening can improve economic growth by facilitating capital liquidity and promoting efficiency of allocating resource, which has played an important role in the development of the Pearl River Delta and the Yangtze River Delta in China. As a new economic growth pole, Circum-Bohai-Sea Region should focus on internal financial deepening. In this paper, SWOT analysis is used to observe the level of financial deepening in Circum-Bohai-Sea Region, and some related policy suggestions are given in the end.展开更多
A necessary condition for realizing macroeconomics is to rationally upgrade the industrial structure.In this process of upgrading,financial capital deepening and technological progress are important ways to promote th...A necessary condition for realizing macroeconomics is to rationally upgrade the industrial structure.In this process of upgrading,financial capital deepening and technological progress are important ways to promote the upgrading of industrial structure.From an endogenous perspective,this essay explores the internal links between financial capital deepening,technological progress,and industrial structure upgrading.The analysis shows that factors of technological progress have not make a tremendous impact on the upgrading of Chinese industrial structure,nor are they a positive reason for promoting the development of the industry to a higher level.The deepening of financial capital obviously promotes the optimization and upgrading of industrial institutions,which is its main factor.展开更多
Financial repression usually exists in developing countries. By nature, it as like a hidden tax and can liquidate public debt of the government effectively. The policy of financial repression will likely hinder financ...Financial repression usually exists in developing countries. By nature, it as like a hidden tax and can liquidate public debt of the government effectively. The policy of financial repression will likely hinder financial deepening, negatively influence the building-up of efficient and inclusive financial systems, and eventually harm sustainable economic growth in the long run. The fine legal infrastructure plays an important role in financial deepening and development. In China the major measures to reduce financial repression and improve the legal governance in finance are the following： the strict respect and protection of private property rights, including the obligation rights of the common depositors against the banks and the shareholders＇ rights of the common investors, the respect and protection of the contract freedom and contract enforcement, the sequential openness of financial market entry and introduction of the principle of free and equal competition in the financial market, and the improvement of the judicial system to increase the adaptability of Chinese law, such as the strengthening of judicial independence and the establishment of case law.展开更多
In this paper,we analyze the role of macroeconomic management in developing countries'economic take-off and structural transformation.We argue that developing countries face three leading challenges:market immatur...In this paper,we analyze the role of macroeconomic management in developing countries'economic take-off and structural transformation.We argue that developing countries face three leading challenges:market immaturity,lack of a developed financial system,and severe information asymmetry between international investors and domestic players.If not properly dealt with,these challenges can lead to macroeconomic volatility and fragility in economic development.Therefore,the government must intervene appropriately to address these challenges.By analyzing China s experiences in the era of reform and opening up(1978-2018),we find three important lessons:(i)It is important for the government to facilitate the entry and exit of enterprises in macroeconomic cycles,relying not only on market signals but also on administrative orders and measures of institutional reform;(ii)Financial reforms should be implemented in order to promote financial deepening and channel savings into investment;and(iii)The government should carefully manage capital account liberalization in order to preserve financial stability while promoting foreign investment,international trade,and industrial upgrading.展开更多
文摘Financial deepening can improve economic growth by facilitating capital liquidity and promoting efficiency of allocating resource, which has played an important role in the development of the Pearl River Delta and the Yangtze River Delta in China. As a new economic growth pole, Circum-Bohai-Sea Region should focus on internal financial deepening. In this paper, SWOT analysis is used to observe the level of financial deepening in Circum-Bohai-Sea Region, and some related policy suggestions are given in the end.
文摘A necessary condition for realizing macroeconomics is to rationally upgrade the industrial structure.In this process of upgrading,financial capital deepening and technological progress are important ways to promote the upgrading of industrial structure.From an endogenous perspective,this essay explores the internal links between financial capital deepening,technological progress,and industrial structure upgrading.The analysis shows that factors of technological progress have not make a tremendous impact on the upgrading of Chinese industrial structure,nor are they a positive reason for promoting the development of the industry to a higher level.The deepening of financial capital obviously promotes the optimization and upgrading of industrial institutions,which is its main factor.
文摘Financial repression usually exists in developing countries. By nature, it as like a hidden tax and can liquidate public debt of the government effectively. The policy of financial repression will likely hinder financial deepening, negatively influence the building-up of efficient and inclusive financial systems, and eventually harm sustainable economic growth in the long run. The fine legal infrastructure plays an important role in financial deepening and development. In China the major measures to reduce financial repression and improve the legal governance in finance are the following： the strict respect and protection of private property rights, including the obligation rights of the common depositors against the banks and the shareholders＇ rights of the common investors, the respect and protection of the contract freedom and contract enforcement, the sequential openness of financial market entry and introduction of the principle of free and equal competition in the financial market, and the improvement of the judicial system to increase the adaptability of Chinese law, such as the strengthening of judicial independence and the establishment of case law.
文摘In this paper,we analyze the role of macroeconomic management in developing countries'economic take-off and structural transformation.We argue that developing countries face three leading challenges:market immaturity,lack of a developed financial system,and severe information asymmetry between international investors and domestic players.If not properly dealt with,these challenges can lead to macroeconomic volatility and fragility in economic development.Therefore,the government must intervene appropriately to address these challenges.By analyzing China s experiences in the era of reform and opening up(1978-2018),we find three important lessons:(i)It is important for the government to facilitate the entry and exit of enterprises in macroeconomic cycles,relying not only on market signals but also on administrative orders and measures of institutional reform;(ii)Financial reforms should be implemented in order to promote financial deepening and channel savings into investment;and(iii)The government should carefully manage capital account liberalization in order to preserve financial stability while promoting foreign investment,international trade,and industrial upgrading.
