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| Financial Development and Industrial Structure Upgrading:the Perspective of Endogenous Technological Change |
| Deng Jing,Guan Yue |
| (School of Economics and Management, Nanjing University of Aeronautics and Astronautics, Nanjing 210000,China) |
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Abstract Based on the perspective of endogenous technological change, this paper uses data from 1985-2016 China's industrial structure upgrading, financial development, labor, and technological innovation to establish a VAR model for impulse response function analysis and variance decomposition, and further construct a VEC model. The conclusions of the study indicate that financial development and industrial structure upgrading have a long-term equilibrium and a significant positive relationship, while industrial structure upgrading and technological innovation have a lag in response to financial development disturbances. In the long run, the contribution of financial development to the upgrading of industrial structure will exceed the contribution of labor. In the short run, the short-term deviation of financial development and industrial structure upgrading is small, the recovery equilibrium is slow, and financial development has a significant impact on short-term fluctuations in industrial structure upgrading.
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Received: 19 June 2019
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