Abstract: This paper adopted the Granger causality test and co-integration method to analyze the relationship between the Hunan rural finance and economic growth empirically.The research demonstrated the existence of co-integration from 1997 to 2008 in the rural real money balances growth rate (M/P),the deposit rates (R) and the township enterprise loan (FL),among which the M/P and the FL could affect the gross output of the agriculture,forestry,animal husbandry and fishery but the other can’t.Besides,based on regressive analysis,this paper accomplished the quantitative analysis about the three factors.These testified that deepening rural financial and the agricultural loan could facilitate the rural economic growth in certain degree in Hunan province.

Key words: rural finance, economic growth, co-integration, Granger causality test