【正文】 本科畢業(yè)論文外文翻譯 外文題目： The role of financial sector in economic development: the Malaysian case 出 處： Springerverlag 作 者： Risaburo Nezu 原 文： The role of the ?nancial sector in economic development: the Malaysian Case Risaburo Nezu Springerverlag Abstract :In this paper, we empirically examine the ?nanceeconomic development relations for the case of Malaysia. Using a battery of time series econometric techniques, we document robust evidence suggesting favorable output effects of ?nancial market development. Likewise, there are consistent results showing the adverse real effects of ?nancial volatility. The results of the development of ?nancial intermediaries, however, are fragile. Moreover, the development of the ?nancial markets hinges crucially on macroeconomic performance and ?nancial stability of the country. However, the process of ?nancial market development is likely to be acpanied by ?nancial volatility, leaving Malaysia with the tradeoff between ?nancial development and ?nancial volatility. Lastly, we obtain limited evidence indicating the plementarity between ?nancial market and banking sector developments. 1 Introduction Financial liberalization and development has been a major ?nancial feature in many developing countries. The impetus for much of the interest of many nations to develop and liberalize ?nancial markets is the view that the development of the ?nancial sector can promote growth. Since the seminal work by Schumpeter (1911) that stresses the positive effects of ?nance on growth, the theoretical literature on the subject has identi?ed several mechanisms underlying the long run relations between ?nance and growth. The ?nancial repression hypothesis of McKinnon (1973) and Shaw (1973) posits the negative in?uence of ?nancial repression such as interest rate control on savings. They argue for ?nancial liberalization as a way to increase saving rates, capital accumulation and, consequently, growth. Moreover, specializing in information processing, the presence of wellfunctioning ?nancial institutions has greatly reduced transaction and information costs. Accordingly, more funds are made available for investments. Lastly, it is argued that the ?nancial markets can channel funds more ef?ciently to productive investments through effective fund pooling, better identi?cation and monitoring of pro?table investments, and risk diversi?cation (see, for instances, Bencivenga and Smith 1991。 Greenwood and Jovanovic 1990。 However, not all economists prescribe to the view that ?nancial development has positive causal effects on economic development. For instance, Robinson (1952) attributes a passive role to the ?nancial sector in a nation’s economic development. More speci?cally, according to Robinson (1952), the expansion of real activities creates the demand for ?nancial services which, in turns, results in ?nancial sector growth. Further, some even argue that ?nancial development may have adverse repercussion on economic growth. As noted by Singh and Weisse (1998) and Diaz Alejandro (1985), the deregulation of repressed ?nancial markets can impose risks of ?nancial collapses and, consequently, lead to econom