【正文】 e. 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。最后，我們?nèi)〉昧艘恍┑淖C據(jù)表明金融市場(chǎng)和銀行間的部門的發(fā)展的互補(bǔ)性。最后，有人認(rèn)為，金融市場(chǎng)渠道的資金可以更有效地通過(guò)有效的資金池，更好地識(shí)別有利可圖的投資監(jiān)控和風(fēng)險(xiǎn)多樣化的實(shí)例（見(jiàn)，生產(chǎn)性投資 Bencivenga 和史密斯 1991年格林伍德和諾維奇 1990年 。最后，還有一種觀點(diǎn)認(rèn)為，假設(shè)金融和經(jīng)濟(jì)增長(zhǎng)之間沒(méi)有因果關(guān)系。這進(jìn)一步證實(shí)是由國(guó)王和 Levine（ 1993 年 b）， Levine 和澤爾沃斯（ 1998 年），和 Rajan和 Zingales（ 1998）。這是從他對(duì) 41 個(gè)發(fā)展中國(guó)家的分析。雖然在許多發(fā)展中國(guó)家的金融部門是銀行的基礎(chǔ)上，近期重點(diǎn)考慮，特別是促進(jìn)股市是否已促使金融中介和金融市場(chǎng)是相互補(bǔ)充或替代的興趣。這些缺點(diǎn)，用時(shí)間序列方面的分析，在個(gè)別國(guó)家的經(jīng)驗(yàn)看是有動(dòng)機(jī)。對(duì)銀行主導(dǎo)型和市場(chǎng)主導(dǎo)型金融系統(tǒng)的并行進(jìn)展定期在一起，使馬來(lái)西亞成為金融動(dòng)蕩的一個(gè)評(píng)價(jià)財(cái)務(wù)增長(zhǎng)的因果關(guān)系的各個(gè)方面的有趣的案例。最后，第五節(jié)總結(jié)的主要成果，并提供政策的影響。雖然他的方向是促進(jìn)一個(gè)更加市場(chǎng)化的利率決定，逐漸發(fā)展利率自由化。 1959年，馬來(lái)西亞國(guó)家銀行（即馬來(lái)西亞的中央銀行）成立，有 18個(gè)外國(guó)商業(yè)銀行分行與99個(gè)國(guó)家共經(jīng)營(yíng) 12家分行，而不是只與八家國(guó)內(nèi)商業(yè)銀行。通過(guò)對(duì)新的外國(guó)銀行和外國(guó)銀行分行的機(jī)構(gòu)監(jiān)管限制，國(guó)內(nèi)一些商業(yè)銀行開(kāi)始發(fā)展，而此時(shí)外國(guó)銀行超過(guò) 1976年。后來(lái)在1985 年，所有的銀行也被要求掛在長(zhǎng)達(dá) 12 個(gè)月期限的存款，對(duì)銀行的兩大主導(dǎo)利率。粗略地說(shuō)，馬來(lái)西亞處于金融發(fā)展的初級(jí)階段，主要是利率自由化與銀行體系的重組，而后期增加了股市和其他金融發(fā)展。最后，我們是否尋求建立金融中介和金融市場(chǎng)是相互補(bǔ)充或替代。上述研究，如向私營(yíng)部門貸款和 /或銀行存款負(fù)債的金融中介都使用措施來(lái)衡量金融深化和發(fā)展。此外，經(jīng)常性的金融危機(jī)和隨之而來(lái)的經(jīng)濟(jì)自由化在一些國(guó)家的經(jīng)濟(jì)衰退已經(jīng)強(qiáng)調(diào)了關(guān)注，財(cái)政部門可以對(duì)經(jīng)濟(jì)發(fā)展產(chǎn)生不利影響。此外，評(píng)估對(duì) 16 個(gè)發(fā)展中國(guó)家， Demetriades 和侯賽因（ 1996）發(fā)出的文件也為獨(dú)立的金融對(duì)經(jīng)濟(jì)增長(zhǎng)的因果影響不大的證據(jù)。檢查期間 1870 至 1929年五個(gè)工業(yè)化國(guó)家，羅索和 Watchel（ 1998）提供一個(gè)從金融對(duì)經(jīng)濟(jì)增長(zhǎng)的單向因果關(guān)系的有力證據(jù)。39。 然而，并非所有的經(jīng)濟(jì)學(xué)家都認(rèn)為，規(guī)定的金融發(fā)展對(duì)經(jīng)濟(jì)發(fā)展有正面的因果效 應(yīng)。對(duì)于許多國(guó)家的發(fā)展和開(kāi)放金融市場(chǎng)的利率高低，是衡量金融業(yè)的發(fā)展對(duì)經(jīng)濟(jì)增長(zhǎng)的促進(jìn)程度。 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 Alej