区域金融一体化发展问题外文文献翻译.docxVIP

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 local financial development within an integrated financial market. We construct a new indicator of financial development by estimating a regional effect on the probability that, ceteris paribus, a household is shut off from the credit market. By using this indicator we find that financial development enhances the probability an individual starts his own business, favors entry, increases competition, and promotes growth of firms. As predicted by theory, these effects are weaker for larger firms, which can more easily raise funds outside of the local area. These effects are present even when we instrument our indicator with the structure of the local banking markets in 1936, which, because of regulatory reasons, affected the supply of credit in the following 50 years. Overall, the results suggest local financial development is an important determinant of the economic success of an area even 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 evidence has 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 were very limited. In the last decade, international capital mobility has exploded. Private capital flow to emerging market economies have grown from close to nothing in the 1970s, to 170 billion in the 1980s, to 1.3 trillions in the 1990s.2 During the same period the amount of U.S. private equity money invested abroad and the number of foreign firms listed in the United States has experienced a similar growth rate. The phenomenon is so dramatic that many countries have started wondering whether they need a national stock market once their firms can list on NASDAQ. In light of these changes, the question of whether national financial institutions and markets s