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A Study of The Impact of Financial Development on the Country¡¯s Monetization

Author

Listed:
  • Hao Liu
  • Shijin Chen

Abstract

Based on dynamic panel data from 45 countries, this article makes an empirical analysis of the determinants of M2/GDP ratio. It reveals that indirect financing dominated by banking system and direct financing dominated by financial markets jointly contribute to the rise of the M2/GDP ratio of a country, while the improvement of efficiency of banking industry and securities market helps reduce it. Finally it offers some suggestions on upgrading China¡¯s financial market and structure in terms of promoting its financial efficiency, innovation and reform.

Suggested Citation

  • Hao Liu & Shijin Chen, 2016. "A Study of The Impact of Financial Development on the Country¡¯s Monetization," International Journal of Social Science Studies, Redfame publishing, vol. 4(4), pages 69-77, April.
    • Handle: RePEc:rfa:journl:v:4:y:2016:i:4:p:69-77
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    More about this item

    Keywords

    monetization; financial structure; determinant; empirical analysis;
    All these keywords.

    JEL classification:

    • R00 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General - - - General
    • Z0 - Other Special Topics - - General

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