The Study On Relationship Between Economic Growth And Finance Resources Deployment In Bohai Sea Ring Area

The relationship between the financial development and economic growth has always been a hot topic among the economic scholars.Although the scholars han carried out in-depth research on this hot issue,because of the connotation of the financial resources has been defineded differently,the statistical index and models ara also not the same.Therefore, the relationship between the allocation of financial resources and economic growth has not reach a unanimous conclusion.This paper studies the mechanism between the allocation of the financial resources and economic growth on the basis of the reality of the two,on the one hand, enriching and improving the theory between the two,one the other hand,inhancing the synergies effect between the two,and speed up the level of the economic development in Bohai Sea Ring Area.This paper analysis the relationship between the allocation of financial resources and economic development in Bohai Sea Ring Area from the theoretical and empirical aspect.Firstly,reviewd the rate of progress of the existing papers on the allocation of financial resourcesnd economic development,then point out the inadequacy of existing research papers and definitude the direction and focus to this paper;Secondly,defined the meaning of the financial resources,used the classical economic theories and methods to analysis the mechanism of interaction on the allocation of financial resources and economic decelopment from the two perspectices of the"supply guides"and"needs follows",thirdly,analysis the status level of economic development and the allocation of financial resources, then decomposes financial resources to the four indicators,that is the level of financial deepening,the development level of financial intermediation,the development level of the financial market and the degree of the financial openness,using cointegraton test,Granger causality test,impulse response function and variance decompositon etc econometric models to do the empirical analysis。And the empirical analysis educed the following conclusions:(1)There is a long-term cointegration relationship between the level of economic development and the allocation of the financial resources,the development level of financial intermediation and the financial oppening degree have a positive impact to the economic development in the case of the lag in the two cases;(2)There ia a one-way Granger causality from the elements of the financial resources to the economic growth,we regarde the economic growth of Bohai Area as the"supply-oriented"type;(3)There is a long-term cointegration relationship between the financial developmeng level and the output rate of investment in fixed assets in Bohai Area.Finally,in accordance with the conclusion of the empirical analysis,this paper presents some targeted policy suggestions to optimize the level of financial resource allocation and accelerate the pace of economic development.In a word,the financial resources allocation to promote economic growth is a long-term process,the paper only from the macro level to do the empirical analysis and give some targeted recommendations.Promote market-oriented reform of financial intermediation,inhance the efficiency of financial resources deployment,promote competition on financial institutions,perfect the operation mechanism of capital market,improve the financial enviroment,strengthen the social credit system,establish the mutual promote mechanism between the financial system and economic system,will be an important task of Bohai Area in the future.