Empirical Study Of The Influence On Shandong Economic Growth In The Financial Crisis

The global financial crisis which triggered by U.S.subprime mortgage sweeping the globe market, major markets fluctuated volatily. The crisis not only shocked the financial markets, but also directly impacted the real economy. The global financial crisis has far-reaching implications,it became a hot topic not only people keen to discussed but governments response positively,many governments have taken measures to prevent the further expansion of the crisis and affect on the economy. Nest devastated, no hesitation eggs will survive.In the environment of economy of globalization, both developed and developing countries, and regardless of the emerging market economies which still in transition, as long as the world economic system, a member of the influences of the financial tsunami are far-reaching and enormous.At first, the world's financial crisis and the economic crisis since the 18th century, especially since the 20th century were reviewed, and they were divided into four stages, and analyzed the situation of the current round of the U.S.financial crisis. Then analyzed the effects on the global economy, and described the impact on both real economy and financial industry of Chinese economy.Chapter III of this paper detected the Economic interdependence between Shandong province and the whole world. First, tested the Chinese economy with the world economy as a whole through the variable ADF test and Granger causality test at the same time, calculated China's opening degree, then established distributed lag model between China's GDP and the GDP of Shandong,tested out the trend of economic situation in Shandong Province is affected by China's overall economic situation.Eventually given a conclusion that there are dependencies between Chinese economy and the world economy as a whole, between Shandong Economic and Chinese economy, and pointed out that the development trend of world economic impact China's macroeconomic development, which further affected the economic growth of Shandong province.Chapter IV of this paper is the empirical part,it combined three factors affecting macroeconomic:investment, consumption and import and export for analysis.Then used these three factors and the world economy to build VAR model separately, analyzed world economic fluctuations'impact on the three factors of Shandong province using impulse response function. Finally, made empirical research using data the three macroeconomic indicators of Shandong Province in 2008 and 2009, analyzed the impact of the 2009 financial crisis on macroeconomic changes in the structure and growth of Shandong Province.The last chapter summarized the changes of economic growth in Shandong Province in the financial crisis, Pointing out that although the growth of economic output remained at a high level, but the growth structure has changed, this change has some negative effects on the future economic growth of Shandong province, and gave some policy recommendations for how to eliminate the adverse effects.