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Endowment, industrial structure, and appropriate financial structure: a new structural economics perspective

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  • Justin Lin
  • Xifang Sun
  • Ye Jiang

Abstract

This paper proposes a demand-side theory on the appropriate financial structure for an economy. As argued in the new structural economics, the factor endowment structure in an economy determines its optimal industrial structure. Firms operating in different industries and applying different technologies have different characteristics in firm size and risk. Since various financial institutions have their own strengths and weaknesses in providing financial services, there is an appropriate financial structure for the economy at its particular development level. As the economy develops, the appropriate financial structure for the economy evolves correspondingly. The basic patterns of actual financial structure in the real world are consistent with these predictions.

Suggested Citation

  • Justin Lin & Xifang Sun & Ye Jiang, 2013. "Endowment, industrial structure, and appropriate financial structure: a new structural economics perspective," Journal of Economic Policy Reform, Taylor and Francis Journals, vol. 16(2), pages 109-122.
    • Handle: RePEc:taf:jecprf:v:16:y:2013:i:2:p:109-122
    DOI: 10.1080/17487870.2013.799035
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    Cited by:

    1. Jiajun XU & Kedi WANG & Xinshun RU, 2020. "Funding Sources of National Development Banks," Working Paper 035349fb-de1d-4334-8a86-8, Agence française de développement.
    2. Kuznetsov, B. & Simachev, Yu., 2014. "Evolution of State Industrial Policy in Russia," Journal of the New Economic Association, New Economic Association, vol. 22(2), pages 152-178.
    3. Guoping Ding & Jingqian Hua & Juntao Duan & Sixia Deng & Wenyu Zhang & Yifan Gong & Huaping Sun, 2022. "Research on the Strategy of Industrial Structure Optimization Driven by Green Credit Distribution," Sustainability, MDPI, vol. 14(15), pages 1-17, July.
    4. Clifton, Judith & Díaz-Fuentes, Daniel & Revuelta, Julio, 2014. "Financing utilities: How the role of the European Investment Bank shifted from regional development to making markets," Utilities Policy, Elsevier, vol. 29(C), pages 63-71.
    5. Furong Jin & Keun Lee, 2017. "Dynamics of the growth–inequality nexus in China: roles of surplus labor, openness, education, and technical change in province-panel analysis," Journal of Economic Policy Reform, Taylor & Francis Journals, vol. 20(1), pages 1-25, January.
    6. Zhao, Guo, 2021. "Determining Capital Structure within Arbitrage-Based Production Framework," MPRA Paper 108492, University Library of Munich, Germany.
    7. Ye, Dezhu & Huang, Yunjue & Zeng, Fanqing, 2021. "Does structural matching between finance and the real economy promote economic growth?," International Review of Economics & Finance, Elsevier, vol. 73(C), pages 11-29.
    8. Yumin Shu & Zhongying Qi, 2020. "The Effect of Market-Oriented Government Fiscal Expenditure on the Evolution of Industrial Structure: Evidence from Shenzhen, China," Sustainability, MDPI, vol. 12(9), pages 1-17, May.
    9. Jiajun XU & Kedi WANG & Xinshun RU, 2020. "Sources de financement des banques nationales de développement," Working Paper 035349fb-de1d-4334-8a86-8, Agence française de développement.
    10. Wen, Shiyan & Lin, Boqiang & Zhou, Yicheng, 2021. "Does financial structure promote energy conservation and emission reduction? Evidence from China," International Review of Economics & Finance, Elsevier, vol. 76(C), pages 755-766.
    11. Zhao, Qiuyun & Jiang, Mei & Zhao, Zuoxiang & Liu, Fan & Zhou, Li, 2024. "The impact of green innovation on carbon reduction efficiency in China: Evidence from machine learning validation," Energy Economics, Elsevier, vol. 133(C).
    12. Pan, Jiadong & Lin, Gaobang & Xiao, Wen, 2022. "The heterogeneity of innovation, government R&D support and enterprise innovation performance," Research in International Business and Finance, Elsevier, vol. 62(C).
    13. Stephany GRIFFITH-JONES & Shari SPIEGEL & Jiajun XU & Marco CARRERAS & Natalya NAQVI, 2020. "Matching risks with instruments in development banks," Working Paper 7a25229b-7178-4739-9f22-c, Agence française de développement.
    14. Justin Yifu Lin, 2013. "New structural economics: the third wave of development thinking," Asian-Pacific Economic Literature, The Crawford School, The Australian National University, vol. 27(2), pages 1-13, November.
    15. Shao, Hanhua & Wang, Yuansheng & Wang, Yao & Li, Yuanjia, 2022. "Green credit policy and stock price crash risk of heavily polluting enterprises: Evidence from China," Economic Analysis and Policy, Elsevier, vol. 75(C), pages 271-287.
    16. Yi Shen & Xiaoxin Yang, 2022. "Study on the Impact of Breakthrough and Incremental Innovation on Firm Capacity Utilization," Sustainability, MDPI, vol. 14(22), pages 1-17, November.
    17. Stephany GRIFFITH-JONES & Shari SPIEGEL & Jiajun XU & Marco CARRERAS & Natalya NAQVI, 2020. "Matching risks with instruments in development banks," Working Paper 7a25229b-7178-4739-9f22-c, Agence française de développement.
    18. Dezhu Ye & Yunjue Huang & Xian Ye, 2023. "Financial Structure, Technology, and Economic Growth: A Structural Matching Perspective," China & World Economy, Institute of World Economics and Politics, Chinese Academy of Social Sciences, vol. 31(1), pages 119-148, January.
    19. Yilin Zhao & Feng He & Ying Feng, 2022. "Research on the Industrial Structure Upgrading Effect of the Employment Mobility of Graduates from China’s “Double First-Class” Colleges and Universities," Sustainability, MDPI, vol. 14(4), pages 1-18, February.
    20. Liu, Guanchun & Zhang, Chengsi, 2020. "Does financial structure matter for economic growth in China," China Economic Review, Elsevier, vol. 61(C).

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