金融部门对经济发展的作用：马来西亚的个案[文献翻译].docVIP

本科毕业论文外文翻译 外文题目：The role of financial sector in economic development: the Malaysian case 出 处：Springer-verlag 作 者：Risaburo Nezu 原 文： The role of the ?nancial sector in economic development: the Malaysian Case Risaburo Nezu Springer-verlag Abstract :In this paper, we empirically examine the ?nance-economic 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 macro-economic performance and ?nancial stability of the country. However, the process of ?nancial market development is likely to be accompanied by ?nancial volatility, leaving Malaysia with the trade-off between ?nancial development and ?nancial volatility. Lastly, we obtain limited evidence indicating the complementarity 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 repressio