New Structural Financial Economics: A Framework for Rethinking the Role of Finance in Serving the Real...

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Justin Yifu Lin (Peking University, Beijing) Jiajun Xu (Peking University, Beijing)

New Structural Financial Economics

A Framework for Rethinking the Role of Finance in Serving the Real Economy

Justin Yifu Lin (Peking University, Beijing), Jiajun Xu (Peking University, Beijing), Zirong Yang (Chinese Academy of Social Sciences, Beijing) , Yilin Zhang (Sun Yat-Sen University, Guangzhou)

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English

Cambridge University Press
29 February 2024

Economic growth; Development economics; Economic systems & structures; Finance

Series: Elements in Development Economics

Summary
Details

This Element proposes an alternative framework for rethinking the role of finance in serving the real economy from the perspective of New Structural Financial Economics. It challenges the conventional wisdom that developing countries should take the financial structure of developed countries as the benchmark and financial structure does not matter in spurring long-run economic development. As a sub-discipline of New Structural Economics, New Structural Financial Economics has three tenets. First, examining the appropriate financial structure should take an economy's factor endowment structure as the starting point of analysis, which identifies its latent comparative advantage. Second, the appropriate financial structure is determined by the financing needs of the prevailing production structure. Third, a government should provide development financing to address market failures, and make tailored financial regulations in line with the characteristics of specific financial arrangements. This title is also available as Open Access on Cambridge Core.

By: Justin Yifu Lin (Peking University Beijing), Jiajun Xu (Peking University, Beijing), Zirong Yang (Chinese Academy of Social Sciences, Beijing), Yilin Zhang (Sun Yat-Sen University, Guangzhou)
Imprint: Cambridge University Press
Country of Publication: United Kingdom
Dimensions: Height: 235mm, Width: 158mm, Spine: 10mm
Weight: 250g
ISBN: 9781009501712
ISBN 10: 1009501712
Series: Elements in Development Economics
Pages: 72
Publication Date: 29 February 2024
Audience: College/higher education , Further / Higher Education
Format: Hardback
Publisher's Status: Active