We revisit the relationship between financial development and economic growth in a panel of 52 middle income countries over the 1980-2008 period, using pooled mean group estimator in a dynamic heterogeneous panel setting. We show that financial development does not have a linear positive long-run impact on economic growth in this sample. When we consider a non-linear relationship between financial development and growth, we find an inverted U-shaped relationship between finance and growth in the long run. In the short-run, the relationship is insignificant. This finding suggests that middle income countries face a threshold point after which financial development no longer contributes to economic growth.

https://papers.ssrn.com/sol3/Delivery.cfm/SSRN_ID2434445_code459177.pdf?abstractid=2434445&mirid=5&type=2

Is the Relationship between Financial Development and Economic Growth Monotonic? Evidence from a Sample of Middle Income Countries

A performance evaluation of the energy, environmental, and economic efficiency and productivity in China: An application of global data envelopment analysis

The performance of a decision making unit (DMU) can be evaluated in either a cross-sectional or a time-series manner, and data envelopment analysis (DEA) is a useful method for both types of evaluation. In order to eliminate the inconsistency caused by using different frontier facets to calculate efficiency, common-weights DEA models have been developed, under which a group of DMUs can be ranked for a specific period. This study proposes a common-weights DEA model for time-series evaluations to calculate the global Malmquist productivity index (MPI) so that the productivity changes of all DMUs have a common basis for comparison. The common-weights global MPI not only has sound properties, but also produces reliable results. The case of Taiwan forests after reorganization shows that the MPIs calculated from the conventional DEA model produce misleading results. The common-weights global MPI approach, on the other hand, correctly identifies districts with unsatisfactory performance before the reorganization and those with unsatisfactory productivity improvement after the reorganization.

Malmquist productivity index based on common-weights DEA: The case of Taiwan forests after reorganization

The debate on the role of total factor productivity (TFP) in China's rapid economic growth has led to the emergence of a large pool of papers on this topic. There is however hardly any consensus in the literature. This paper surveys 74 studies published from the 1990s onwards and employs meta-analysis to investigate whether the empirical findings are systematically affected by the choice of methods, selection of samples, and objectives of individual studies. Insights gained are used to draw implications for further studies.

Total factor productivity growth in China: a review

For decades, African economies have embarked on financial sector reforms. However, the empirical implications of these reforms have been divergent. This paper investigates the impact of financial development on Economic growth using time series data in Cameroon. This investigation was carried out using three common indicators of financial development (broad money, deposit/GDP and domestic credit to private sector). Using the Auto Regressive Distributive Lag (ARDL) technique of estimation, it was discovered that there exist a short-run positive relationship between monetary mass (M2), government expenditure and economic growth, a short run negative relationship between bank deposits, private investment and economic growth equally exists. However in the long run, all indicators of financial development show a positive and significant impact on economic growth. This paper thus confirms the existence of a positive and long-term impact of all the indicators of financial development on economic growth through bound test. It is therefore proposed that the financial reforms in Cameroon should be pushed forward in order to boost the development of the financial sector thus an increase in its role on economic growth.

/pdf/financial-sector-development-and-economic-growth-evidence-q18xpksljk.pdf

Financial sector development and economic growth: evidence from Cameroon

Financial development might lead to productivity improvement in developing countries. In the present study, based on the Data Envelopment Analysis approach, we use the Malmquist index to measure China's total factor productivity change and its two components (i.e., efficiency change and technical progress). We find that China has recorded an increase in total factor productivity from 1993 to 2001, and that productivity growth was mostly attributed to technical progress, rather than to improvement in efficiency. Moreover, using panel dataset covering 29 Chinese provinces over the period from 1993 to 2001 and applying the Generalized Method of Moment system estimation, we investigate the impact of financial development on productivity growth in China. Empirical results show that, during this period, financial development has significantly contributed to China's productivity growth, mainly through its favorable effect on efficiency.

https://halshs.archives-ouvertes.fr/halshs-00562630/document

Financial Development, Economic Efficiency and Productivity Growth: Evidence from China

Financial development may lead to productivity improvement in developing countries. In this paper, based on the Data Envelopment Analysis (DEA) approach, we use the Malmquist index to measure China's total factor productivity change and its two components (i.e., efficiency change and technical progress). We find that China has recorded an increase in total factor productivity from 1993 to 2001, and that productivity growth was mostly attributed to technical progress, rather than to improvement in efficiency. Moreover, using panel data set covering 29 Chinese provinces over the period of 1993-2001 and applying the Generalized-Method-of-Moment system estimation, we investigate the impact of financial development on productivity growth in China. Empirical results show that, during this period, financial development has significantly contributed to China's productivity growth, mainly through its favourable effect on efficiency.

In view of the current situation that the method for estimating the quality of the depth generalization in chart cartography is simple and extensive, a series of the quality quantitative indices and evaluation methods are proposed for evaluating the quality of the depth generalization. On the basis of “Specification for Chinese Nautical Charts”, three kinds of the quality indices, including the probability of adequate depth, the representativeness of depth and the distribution of depth, are proposed and designed for respectively evaluating the ship’s navigational safety, the available navigation resource and the arrangement of charted depth. Correspondingly, the quantitative evaluation methods of the comprehensive quality of nautical chart are proposed. The experimental results demonstrate that: (1) compared with the traditional method, the proposed method can accurately analyze and evaluate the quality of each depth for ensuring the navigational safety; (2) compared with the accuracy assessment method, the proposed method can accurately calculate the depth for representing the navigable resource such as in the sea channel, narrow channel; (3) compared with the average spacing method, the proposed method can quantitatively evaluate the location distribution of each depth annotation expressed on the chart, and accurately determine whether the distribution of each depth point is clear and reasonable.

Comprehensive indices and methods for estimating the quality of the depth generalization in chart cartography

Reinforcement learning method for the multi-objective speed trajectory optimization of a freight train

: In the process of promoting the reform of the market economy system, China's comprehensive strength has been improving very fast. All along, China has paid great attention to the adjustment and reform of the market economy, focusing on the current situation of economic development, and through the analysis and research of the development law to better improve its comprehensive competitive strength, so as to effectively meet the challenges of the times and achieve good and fast growth. The market and the government play a key role in the reform of the market economy management system. The government needs to take the initiative to focus on the spirit of the development of the times, strengthen macro-control and management, build perfect management rules and systems, and flexibly use economic and administrative means to promote the smooth development of economic activities. The market is an invisible hand, which can better compensate for the various deficiencies of government management. However, the frequent emergence of market failure makes the government start to readjust its working mode and management means, focusing on the realistic conditions of high-tech industry development, understanding the specific causes of industrial regulation, and then better realize the right remedy to truly achieve effective interaction between the market and the government, so as to create a good external space and environment for the positive and stable operation and development of the market.

Zhicheng Liang

Papers

Financial Development, Economic Efficiency and Productivity Growth: Evidence from China

Financial Development, Economic Efficiency and Productivity Growth: Evidence from China

Comprehensive indices and methods for estimating the quality of the depth generalization in chart cartography

Reinforcement learning method for the multi-objective speed trajectory optimization of a freight train

Market Failure - The Origin of Government Regulation on High-tech Industry