金融學(xué)外文翻譯---在中國(guó)銀行和非銀行機(jī)構(gòu)對(duì)地方經(jīng)濟(jì)的影響-金融財(cái)政-文庫(kù)吧資料
2025-05-21 14:51本頁(yè)面
【正文】 yse 譯 文： 在中國(guó)銀行和非銀行機(jī)構(gòu)對(duì)地方經(jīng)濟(jì)的影響 本文提供了一個(gè)快速增長(zhǎng)的國(guó)家財(cái)政和經(jīng)濟(jì)增長(zhǎng)之間的關(guān)系，如 以 中國(guó) 為例 。 1 原 文： The Impact of Bank and NonBank Financial Institutionson Local Economic Growth in China Abstract This paper provides evidence on the relationship between finance and growth in a fast growing country, such as China. Employing data of 27 Chinese provinces over the period 1995–2020, we study whether the financial development of two different types of financial institutions — banks and nonbanks — have a (significantly different) impact on local economic growth. Our findings indicate that banking development shows a statistically significant and economically more pronounced impact on local economic growth. Key words Growth . Financial development . Chinese provinces . Banks JEL codes E44 . G21 1 Introduction The relation between finance and growth has been long under debate. Although some researchers have argued that finance only reacts to the expectation of growth, there has been overwhelming evidence that financial development plays an important role in promoting the growth of developed economies (see . Levine (2020) for a survey). Evidence is rather mixed within developing countries. While finance seems to promote growth in some Latin American countries (Haber (1991, 1997)), researchers disagree on the role played by formal and informal finance in Chi na, one of the most important developing countries in the world. Understanding the finance and growth issue in China is of particular importance. China’s case is not unique. Most transition countries, like China, suffer from relatively weak legal and financial systems. Therefore, the Chinese experience could be relevant for other countries with similar growth potential and similar legal and financial systems. In addition, with the increasing globalization of trade and international capital flows, the sustainability of China’s growth and the stability of its financial system matter not only for the country itself, but also for the rest of the world. Recent debate on finance and growth in China boils down to the question on how Chinese firms are financed and monitored. One strand of literature reasons that the Chinese legal system and formal financial sector are too weak to enforce sound 2 governance and thus the law, finance and growth nexus does not hold in China (., Allen et al. (2020) and BoyreauDebray (2020)). Chinese growth then stems from informal financing channels and institutions. The other strand reasons that formal finance in China contributes to growth, despite the relative weakness of the legal system (. Hasan et al. (2020), Ayyagari et al. (2020), Rousseau and Xiao (2020), or (Demitriades et al. 2020)).1 Informal finance serves firms who cannot tap formal finance. However, informal finance cannot serve the needs of the higher end of the market since their monitoring and enforcement mechanisms are insufficiently developed (Ayyagari et al. (2020)). We find that banking development plays an important role in Chinese economic
畢業(yè)設(shè)計(jì)相關(guān)推薦
鄂ICP備17016276號(hào)-1