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A. Guariglia, and P. Sandra, “Could Financial Distortions Be No Impediment to Economic Growth after All? Evidence from China,” Working Paper No. 06/36, Leverhulme Centre for Research on Globalization and Economic Policy, Nottingham, 2006,

has been cited by the following article:

• TITLE: Financial Intermediation Development and Total Factor Productivity Growth: Evidence from Chinese Mainland Provincial Panel Data

  AUTHORS: Yaojun Yao

  KEYWORDS: Financial Intermediation Development, Technological Progress, Total Factor Productivity

  JOURNAL NAME: Modern Economy, Vol.2 No.5, November 25, 2011

  ABSTRACT: Modern financial development theories suggest that, financial development can promote technological progress and long-term economic growth. Based on the Chinese mainland provincial panel data, the paper tests empirically the relationship between financial intermediation development and total factor productivity growth. In terms of the degree-of-freedom of bank loan decision-making, the ratio of loans of private enterprises and individuals to total loans is used to measure the development of Chinese financial intermediation. This paper finds that financial intermediation development significantly promotes total factor productivity growth when controlling for other variables, such as capital formation rate, foreign direct investment, government intervention and the urbanization level.