外文翻譯----金融業(yè)和經(jīng)濟(jì)發(fā)展的關(guān)系-金融財(cái)政-wenkub
2023-05-19 11:19:49 本頁(yè)面
【正文】 nversely, market losses at major stock exchanges at the beginning of the new millennium demonstrated the potentially volatile impacts of financial systems on development and challenged economic policies on national and international levels. Several diverging theoretical concepts and empirical studies have investigated whether a nexus between finance and economic growth or finance and economic development actually does exist. Yet, the main focus of research has been to analiyse the impact of the finance sector on growth or on economic development, and in particular, the role of banks and stock markets therein. Other aspects, albeit they could be considered important for an overarching development point of view, have been only partially included, among them the versatile reciprocal relationship of finance and development and a capital market perspective covering both stock and bond markets. The main obstacle to constructing a prehensive model of the financegrowth or financedevelopment linkage consists of the plex causalities between finance and economic activity, not to mention the broader scope of developmental approaches that integrate social and environmental dimensions. Having these considerations in mind, this work will proceed wdth brief notes on some essential aspects which form the basis of any financial system design (Chapter ) and an outline of theoretical concepts and empirical studies pertinent to the finance and economic growth or finance and economic development linkage (Chapter ). Thereafter, a look at the capital market and development connection follows. China39。 However, the parative studies of Germany and Japan on the one side and England and the United States on the other lack the range of information and depth of insight that an investigation focussing on a broader range of countries would allow. Actually, the four countries are characterised by similar per capita GDP and longterm growth rates. This allows the conclusion that the prevalence of either a bankbased or a marketbased system is not of major significance for longrun growth. This was also the result of a crosscountry study by Ross Levine, covering fortyeight countries with large differences in financial systems and growth rates from 1980 to 1995. After measuring the financial structure in terms of activity, size, and efficiency and considering regulatory constraints on mercial banks, the results showed no significant relationship between a particular financial structure and economic growth and did not support the bankbased versus marketbased perspective. Instead, the investigation demonstrated that an altogether better developed financial system has a positive impact on economic growth and that the predominant legal system is a major factor influencing the financial system. Similar conclusions were reached by Sergio Schmukler and Esteban Vesperoni when examining the financing choices made by nonfinancial firms in five emerging countries that were challenged by a sequence of financial repression, financial liberalisation, and crisis throughout the 1980s and 1990s, namely Argentina and India, which are bankbased, and Brazil, Malaysia, Mexico, South Korea, and Thailand, which are marketbased. Thei
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