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Financial Development and Industrial Growth: an empirical investigation of the manufacturing sector in China - Literature review Example

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Over a period of time, economists have claimed that financial institutions have an important role to play in the industrial development of a country. The development process enhances due to the allocation of resources that speed up the productive process…
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Financial Development and Industrial Growth: an empirical investigation of the manufacturing sector in China
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Download file to see previous pages The growth rate of manufacturing sectors plays an important role in the economic development of a nation and depicts its economic potential. The manufacturing sector has been the engine of growth since the 18th century. However, recently the service sectors accounts for 70% of GDP in the advanced economies. Particularly in India the ITC services have become an important source of growth. Although the US economy has been badly hit by the recent global meltdown, its manufacturing sector still remains one of the most vital sectors .The manufacturing sectors, helped in creating 14 million jobs in the nation in the year 2007, causing 10.1% of the total employment. Manufacturing sector in US is responsible for generating $1.6 trillion as GDP in the year 2006 .Hence it contributes a major portion of economic production. Manufacturing sector is the dynamic sector of the economy as it is responsible for 60% of spending in research and development in 2003.This strong association between research and development as well as manufacturing, throws light on the fact that the manufacturing sector is vital for maintaining an innovating economy. Manufactured goods are an important source, which creates demand in other sectors, ranging from natural resources to energy and to construction of factories as well as software and engineering firms. Manufacturing sector in Taiwan had experienced a strong growth since the 1950’s;...
sector still remains one of the most vital sectors .The manufacturing sectors, helped in creating 14 million jobs in the nation in the year 2007, causing 10.1% of the total employment. Manufacturing sector in US is responsible for generating $1.6 trillion as GDP in the year 2006 .Hence it contributes a major portion of economic production. Manufacturing sector is the dynamic sector of the economy as it is responsible for 60% of spending in research and development in 2003.This strong association between research and development as well as manufacturing, throws light on the fact that the manufacturing sector is vital for maintaining an innovating economy. Manufactured goods are an important source, which creates demand in other sectors, ranging from natural resources to energy and to construction of factories as well as software and engineering firms. Manufacturing sector in Taiwan had experienced a strong growth since the 1950’s; specially the chemical, steel and the shipbuilding industries have helped in raising its GDP growth rate. For the emerging economies, it has been seen that there exists a strong correlation between the income levels and industrialisation. As compared to the agricultural sector, the productivity in the manufacturing sector is more. The shift of resources to the manufacturing industries from the agricultural sectors results in structural shift. From 1950 to 2005, the Asian economies as well as the Latin American economies have seen such a radical shift. Manufacturing industries also provide opportunities for economies of scale as well as technological progress. The spill over effect and the linkage effect is more in the manufacturing industries than in the agricultural sectors. With the rise of income, share of expenditure in the manufacturing ...Download file to see next pagesRead More
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