Study On The Relationship Among The Financial Development,technological Innovation And Economic Growth--

The Guangdong-Hong Kong-Macao Greater Bay Area has received extensive attention from scholars since the concept was put forward.The "Guangdong-Hong Kong-Macao Greater Bay Area Development Planning Outline" released on February 18,2019 has further defined the Guangdong-Hong Kong-Macao Greater Bay Area's strategy for national development status and future development direction,however,the development of the Guangdong-Hong Kong-Macao Greater Bay Area also faces many challenges.Therefore,studying the relationship between the financial development,technological innovation and economic growth of the Guangdong-Hong Kong-Macao Greater Bay Area has great significance for the future development of the Guangdong-Hong Kong-Macao Greater Bay Area.By combing,analyzing,and summarizing domestic and foreign literature,we find that domestic and foreign scholars' research on the relationship between financial development,technological innovation and economic growth is mainly focused on two,and few scholars put the three in the same framework.The research on the relationship between financial development,technological innovation and economic growth has attracted the attention of a large number of scholars,but the academic community has not yet formed a unified research system.Therefore,after reviewing the domestic and foreign research literature on the relationship between financial development,technological innovation,and economic growth,this paper uses the PVAR model to put the three in the same framework to conduct empirical research and empirically analyze the relationship between the three.This paper uses the data from 11 cities in the Guangdong-Hong Kong-Macao Greater Bay Area from 2000 to 2018 as a sample,and uses the PVAR model to analyze the relationship between financial development,technological innovation and economic growth.The results show that: 1.there is a two-way Granger causality between economic growth and financial development.The past economic growth can greatly promote the current economic growth;economic growth can promote financial development in the short term;the impact of economic growth on technological innovation increases over time,and economic growth can significantly increase the level of technological innovation.2.There is a two-way Granger causality between technological innovation and economic growth.The impact of technological innovation on financial development is small;technological innovation has a continuous positive impact on economic growth,and the improvement of technological innovation capabilities can effectively promote economic growth,but the positive feedback effect of technological innovation on economic growth has a certain lag effect.3.Financial development has a certain positive impact on technological innovation,and financial development has a positive impact on economic growth,but the impact has decreased over time.In terms of innovation,this article selects the Guangdong-Hong Kong-Macao Greater Bay Area,which is unique in terms of economic development,cultural education and financial development,as the research area,and uses the method of combining PVAR model and Granger causality test to analyze the relationship between financial development,technological innovation and economic growth.