2010•Commercial ResearchRequires access

Mechanism and Dynamics Effect of Financial System Promoting Technological Innovation in China

Jianjun Xu

Abstract

Technological innovation is the central link of economic growth mode change and industrial structure adjustment in China. Firstly, this paper reveals the effect mechanism of financial development promoting technological innovation from the perspective of finance functions; Secondly, this paper uses a polynomial distributed lag model and the state-space model to analyze the dynamic effect of financial development promoting technological innovation with time-series data from 1985 to 2008. The results obtained by the two methods show that financial intermediation loans promote technological innovation in China.

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Key concepts: China, Financial intermediary, Mechanism (biology), Financial innovation, Mode (computer interface), Economic system, Technological change, Perspective (graphical)