FINANCIALIZATION AND STAGNANT CAPITAL ACCUMULATION IN CHINA

Guanchun Liu () and Chien-Chiang Lee ()
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Guanchun Liu: School of Public Economics & Administration, Shanghai University of Finance & Economics, Shanghai, P.R. China

Bulletin of Monetary Economics and Banking, 2018, vol. 21, issue 1, 23-32

Abstract: Using a semi-annual data of listed non-financial corporations from 2007 to 2015, this paper investigates the effect of financialization on capital accumulation in China. The results show that increased financial profit crowds out real investment, especially for small and private firms. Furthermore, the effect of financialization reverts to be positive in the long-run and its cumulative effect manifests a “U-type” pattern

Keywords: Financialization; Capital accumulation; Polynomial inverse lag; China (search for similar items in EconPapers)
JEL-codes: D21 E22 G11 (search for similar items in EconPapers)
Date: 2018
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Persistent link: https://EconPapers.repec.org/RePEc:idn:journl:v:21:y:2018:i:1:p:23-32

DOI: 10.21098/bemp.v21i1.941

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