区域金融一体化发展问题-毕业论文外文献翻译.docx

毕业论文（设计）外文翻译一、外文原文DOES LOCAL FINANCIAL DEVELOPMENT MATTER?We study the effects of differences in localfinancial development within an integratedfinancial market. We construct a new indicator of financial development by estimating aregional effect on the probability that, ceteris paribus, a household is shut off from the creditmarket. By using this indicator we find that financial development enhances the probability anindividual starts his own business, favors entry, increases competition, and promotes growth offirms. As predicted by theory, these effects are weaker for larger firms, which can more easilyraise funds outside of the local area. These effects are present even when we instrument ourindicator with the structure of the local banking markets in 1936, which, because of regulatoryreasons, affected the supply of credit in the following 50 years. Overall, the results suggestlocal financial development is an important determinant of the economic success of an areaeven in an environment where there are no frictions to capital movements.Since the seminal work of King and Levine (1993), a large body of empirical evidencehas shown that a country’s level of financial development impacts its ability to grow.1 Much ofthis evidence, however, comes from a period when cross-border capital movements wereverylimited. In the last decade, international capital mobility has exploded. Private capital flow toemerging market economies have grown from close to nothing in the 1970s, to 170 billion in the1980s, to 1.3 trillions in the 1990s.2 During the same period the amount of U.S. private equitymoney invested abroad and the number of foreign firms listed in the United States hasexperienced a similar growth rate. The phenomenon is so dramatic that many countries havestarted wondering whether they need a national stock market once their firms can list onNASDAQ.In light of these changes, the question of whether national financial institutions andmarkets still matter for growth once