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Applied Economics Letters Volume 22, 2015 - Issue 8
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Original Articles

Economies of scale in the demand for money by firms in China

Yujun LianDepartment of Finance, Lingnan College, Sun Yat-Sen University, Guangzhou City, Guangdong Province510275, ChinaView further author information
,
Terence Tai-Leung ChongDepartment of Economics, The Chinese University of Hong Kong Shatin, New Territories, Hong KongView further author information
,
Fangping PengDepartment of Finance & Investment, Sun Yat-Sen Business School, Sun Yat-Sen University, Guangzhou City, Guangdong Province510275, ChinaCorrespondence[email protected]
View further author information
&
Richard J. CebulaDepartment of Finance and Accounting, Davis College of Business, Jacksonville University, Jacksonville, FL, 32211, USAView further author information
Pages 641-645 | Published online: 08 Dec 2014
 
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Abstract

This empirical study investigates the magnitude of economies of scale in the demand for money by firms in China. A panel threshold model is estimated. It is found that the estimated elasticity of scale in small firms is lower than that in large firms, indicating that small firms have larger economies of scale in demand for money in China.

JEL Classification:

Notes

1 However, they found no evidence of such scale economies for the United Kingdom and Spain.

2 For detailed interpretation of the threshold model, one is referred to Hansen (Citation1999).

Additional information

Funding

We would like to express our sincere gratitude to the National Natural Science Foundation of China [71201174, 71002056] and Construction of Theory ‘Yuejun’ Foundation [LLYJ1313] for its financial support.

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