1、 中文3000字，英文1845字本科毕业论文外文翻译 外文题目： Financial and economic development relations 出 处： The World Bank Economic Review 作 者：
2、Mansor H. Ibrahim 原 文： Financial and economic development relationship
3、 Mansor H. Ibrahim The World Bank Economic Review 3 The Connection Between the Capital Market and Development Casual observation suggests that an efficient financial system is one of the salie
4、nt prerequisites promoting a country's effective development and competitiveness, or as in the case of financial system distortions, a major impediment. Among the components advancing a country's welfare, capital allocation, intertemporal smoothening, and risk sharing are continuously
5、cited. Conversely, market losses at major stock exchanges at the beginning of the new millennium demonstrated the potentially volatile impacts of financial systems on development and challenged economic policies on national and international levels. Several diverging theoretical concepts and e
6、mpirical studies have investigated whether a nexus between finance and economic growth or finance and economic development actually does exist. Yet, the main focus of research has been to analiyse the impact of the finance sector on growth or on economic development, and in particular, the role of b
7、anks and stock markets therein. Other aspects, albeit they could be considered important for an overarching development point of view, have been only partially included, among them the versatile reciprocal relationship of finance and development and a capital market perspective covering both s
8、tock and bond markets. The main obstacle to constructing a comprehensive model of the finance-growth or finance-development linkage consists of the complex causalities between finance and economic activity, not to mention the broader scope of developmental approaches that integrate social and
9、environmental dimensions. Having these considerations in mind, this work will proceed wdth brief notes on some essential aspects which form the basis of any financial system design (Chapter 3.1) and an outline of theoretical concepts and empirical studies pertinent to the fin
10、ance and economic growth or finance and economic development linkage (Chapter 3.2). Thereafter, a look at the capital market and development connection follows. China's peculiarities, above all its highly dynamic development and comparatively brief history of stock and bond markets' re
11、-emergence, as well as the objective of this work, which goes beyond a purely economic growth perspective, require an approach other than that of utilising econometric models for financial market analysis. Thus an alternative concept, the functional perspective, is employed and combined with a look
12、at capital market data and indicators as well as influential parameters to investigate the impact a capital market can have on development (Chapter 3.3). 3.1 General Aspects of Financial System Design Three aspects of the financial system are discussed in the following section, as they describ
13、e ground rules which determine the capital market's role and characteristics within a financial system. Generally speaking, a financial system is defined as ". the collection of markets, institutions, laws, regulations, and techniques through which bonds, stocks, and other securities are tr
14、aded, interest rates are determined, and financial services are produced and delivered around the world. This statement points to the first feature to be reviewed in this section, the relevance of the long-lasting discourse surrounding the advantages attributed to a bank-based and to a market-based
15、financial system (Chapter 3.1.1). Similarly, there have been broad considerations regarding what constitutes an efficient financial system at all. While theoretical finance models describe fiilly competitive, fiictionless markets, reality shows that imperfections, including asymmetric information an
16、d transaction costs, are an inevitable facet of even highly developed financial systems (Chapter 3.1.2). Beyond that, the third facet considered at this point pertains to the continuous change requiring constant innovation and a long-term evolutionary perspective (Chapter 3.1.3). 3.1.1 Resumi
17、ng the Bank-based Versus Market-based Debate For many years, economists have been debating whether or not a bank-based system, in which most of the credit is deHvered by banks, or a market-based system, in which most of the capital is raised by stock and bond markets, is more suitable for econ
18、omic development. Most studies have focussed on Germany and Japan as bank-based systems and England and the United States as market-based systems. However, the debate on whether a bank-based or a market-based system produces greater efficiency in performing financial services is unresolved and has n
19、ot really been of avail to effective policy formulation. The bank-based perspective claims that banks are more efficient in savings mobilisation, capital allocation, and corporate control, especially in initial stages of economic development and in the case of a rather ineffective institutional fram
20、ework. The market-based perspective, in turn, is based on the assumption that financial services promoting innovation and long-term economic growth are performed by stock and bond markets.' However, the comparative studies of Germany and Japan on the one side and England and the United States on
21、 the other lack the range of information and depth of insight that an investigation focussing on a broader range of countries would allow. Actually, the four countries are characterised by similar per capita GDP and long-term growth rates. This allows the conclusion that the prevalence of either a b
22、ank-based or a market-based system is not of major significance for long-run growth. This was also the result of a cross-country study by Ross Levine, covering forty-eight countries with large differences in financial systems and growth rates from 1980 to 1995. After measuring the financial st
23、ructure in terms of activity, size, and efficiency and considering regulatory constraints on commercial banks, the results showed no significant relationship between a particular financial structure and economic growth and did not support the bank-based versus market-based perspective. Instead, the
24、investigation demonstrated that an altogether better developed financial system has a positive impact on economic growth and that the predominant legal system is a major factor influencing the financial system. Similar conclusions were reached by Sergio Schmukler and Esteban Vesperoni when examining the financing choices made by non-financial firms in five emerging countries that were challenged by a
