中国における政策金融の実証分析 [in Japanese] An empirical analysis of policy based finance in China [in Japanese]
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Chinese policy finance system, established in 1994, has been facing its own reform. Thus it is indispensable to evaluate how well the policy finance system has been playing the role after the establishment. This paper concretely discusses the role of the policy based system in China after 1994, focusing on the function and effects. First, this paper proves how the long or middle fund money through the term conversion function of the policy finance has played a main role to achieve the industrial development after 1990s. Second, this paper analyzes the direct effects of the policy finance to clarify whether the financing of Chinese Nation Development Bank has induction effects using the Granger Causality Test, and proves the validity in an industry. The past ten years of Chinese policy finance should be well evaluated because the financing system has accomplished a definite role to develop Chinese economy. However it has not accomplished an effective role to reduce the economic gap between the regions. Far from that, as this paper proves, much more money on financing has extremely been distributed to the shoreline regions, and the shortage of financing money emerged under such a distribution policy led to further deterioration of the economic conditions of the inland regions. For the reconstruction of Chinese policy finance, to revise the economic gap among regions would be the most significant action. Consequently, it would be a better way of reforming the system to rebuild the financing mechanism that distributes more money to the middle-western regions, and to shift a key point of the function of the financing system from an industry-oriented policy to a region-oriented policy.
- St. Andrew's University economic and business review
St. Andrew's University economic and business review 48(4), 231-251, 2007-03