Financial Development,Economic Growth and Adaptive Efficiency:A Comparison between China and Pakistan

作     者：Ying Ma Abdul Jalil YING MA ABDUL JALIL PROFESSOR;CENTRE FOR ECONOMIC DEVELOPMENT RESEARCH;WUHAN UNIVERSITY;WUHAN;CHINA. ASSISTANT DIRECTOR;RESEARCH DEPARTMENT;STATE BANK OF PAKISTAN;KARACHI;PAKISTAN.

作者机构：Professor Centre for Economic Development Research Wuhan University Wuhan China Assistant Director Research Department State Bank ofPakistan Karachi Pakistan 

出 版 物：《China & World Economy》 (中国与世界经济（英文版）)

年 卷 期：2008年第16卷第6期

页      面：97-111页

核心收录：

学科分类：12[管理学] 02[经济学] 0202[经济学-应用经济学] 1201[管理学-管理科学与工程(可授管理学、工学学位)] 020204[经济学-金融学（含∶保险学）] 

主　　题：adaptive efficiency financial development growth 

摘      要：The strong economic growth in China is difficult to reconcile with its inefficient financial system. The puzzle of China＇s financial development and growth can be explained through a dynamic criterion of adaptive efficiency, rather than through allocative efficiency. Using the framework of an autoregressive distributed lag model, the present paper tests the hypothesis that the GDP growth rate is dependent on financial development along with other variables in China and Pakistan. The hypothesis cannot be rejected in both cases. However, the results show that economic growth has a negative relationship with credit to the private sector in China. We conclude that financial development is a source of China＇s high growth rate and that the banking system is still under an evolutionary process, involving the pursuit of social objectives instead of the sole objective of profit maximization. Our results provide some implications for other developing countries like Pakistan.