A Measurement of China Financial Development Level Based on the Relationship between the Finance and the Real Economy

Abstract

Abstract:

This paper discusses the financial development level and its impact on the real economy in China through building a DSGE model with contracts and a VAR model of the main developed countries and the BRICS. The results show that:The main developed countries have a better financial environment, while the BRICS shows a short financial transmission chain and a lower financial development degree; the financial development level of China doesn't reach an absolute low, reflecting a strong potential for development in the future; there exits needs to ameliorate the problem of credit constraints, the relationship between the supervision and costs, and hence expand the capital chain between the financial sector and the enterprises in the real economy.

Key words: financial development, credit constraints, multiplier effect, Dynamic Stochastic General Equilibrium (DSGE)

Xu Shudan. A Measurement of China Financial Development Level Based on the Relationship between the Finance and the Real Economy[J]. , 2019, 31(10): 60-71.

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