金融学专业外文翻译---金融部门对经济发展的作用：马来西亚的个案

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1、 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-e

2、conomic 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.

3、 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 nan

4、cial 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

5、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 na

6、nce on growth, the theoretical literature on the subject has identied several mechanisms underlying the long run relations between nance and growth. The nancial repression hypothesis of McKinnon (1973) and Shaw (1973) posits the negative inuence of nancial repression such as interest rate control on

7、 savings. They argue for nancial liberalization as a way to increase saving rates, capital accumulation and, consequently, growth. Moreover, specializing in information processing, the presence of well-functioning nancial institutions has greatly reduced transaction and information costs. Accordingl

8、y, more funds are made available for investments. Lastly, it is argued that the nancial markets can channel funds more efciently to productive investments through effective fund pooling, better identication and monitoring of protable investments, and risk diversication (see, for instances, Benciveng

9、a and Smith 1991； Greenwood and Jovanovic 1990； However, not all economists prescribe to the view that nancial development has positive causal effects on economic development. For instance, Robinson (1952) attributes a passive role to the nancial sector in a nations economic development. More specic

10、ally, according to Robinson (1952), the expansion of real activities creates the demand for nancial services which, in turns, results in nancial sector growth. Further, some even argue that nancial development may have adverse repercussion on economic growth. As noted by Singh and Weisse (1998) and

11、Diaz- Alejandro (1985), the de-regulation of repressed nancial markets can impose risks of nancial collapses and, consequently, lead to economic recessions. Moreover, nancial development can reduce the real supply of domestic credit to domestic rms as consumers may substitute loans from informal cur

12、b markets to formal markets (Van Wijnbergen 1983). This can lead to credit crunch and retard economic growth. Lastly, there is also a view that postulates no causal relations between nance and economic growth. Lucas (1988) states this succinctly: economists badly overtress the role of nancial sector

13、s to economic growth. These divergent views have motivated a great amount of empirical research. Cross-sectional studies tend to provide evidence supportive of the positive role of nancial sector development. For instance, using data from 80 countries, King and Levine (1993a) document strong and pos

14、itive correlation between measures of nancial development and per capita output growth. This nding is further substantiated by King and Levine (1993b), Levine and Zervos (1998), and Rajan and Zingales (1998). However, recent time series studies seem to paint mixed pictures on the causal patterns bet

15、ween nance and real activity. Examining ve industrialized countries over the period 18701929, Rosseau and Watchel (1998) provide strong evidence for a unidirectional causality from nance to economic growth. A similar conclusion is also reached for the case of ten Asian countries (Rosseau and Vuthipa

16、dadorn 2005). Xu (2000) further notes that there is strong evidence that nancial development is important to economic growth both in the short-term and in the long-term (p. 333) in his analysis of 41 developing countries. In contrast, Neusser and Kugler (1998) suggest a weak causal link between nanc

17、e and growth for 13 industrialized countries. Further, assessing the issue for 16 developing countries, Demetriades and Hussein (1996) also document little evidence for the independent causal effect of nance on growth. They nd evidence for bi-directional causality for eight countries and unidirectio

18、nal causality from growth to nance for seven countries. These contrasting results for different countries are further echoed in the works of Arestis and Demetriades (1997), Shan et al. (2001), and Al-Yousif (2002). Thus, the debate on the nancegrowth link is far from settled. Recently, there are two

19、 emerging issues that call for re-evaluation of the nance growth nexus especially for developing countries. Typically, nancial developments involve a parallel progress of both nancial intermediaries (e.g., banks) and markets (stocks and bonds). While the nancial sector in many developing countries i

20、s considered as bank-based, recent focus on promoting particularly stock markets has prompted interest on whether nancial intermediaries and nancial markets are complementary or substitute. This issue is of crucial importance since, if they are substitute, focusing on developing stock markets or nan

21、cial intermediaries alone can be defeating. In addition, the recurring nancial crises and the ensuing economic recession in several nancially liberalized nations have highlighted a concern that the nancial sector can have a negative effect on economic development. While nancial liberalization is con

22、sidered as a pre-requisite for nancial progress, it can also breed instability through destabilizing credit expansion and speculation as evidenced during the 1997/1998 Asian nancial crisis. More specically, the excessive expansion of domestic credit in the aftermath of nancial liberalization tends t

23、o lead to banking and currency crises and, consequently, recessions (Kaminsky and Reinhart 1999). These issues have, in fact, heightened interest in the link between nance and development. In this paper, we attempt to contribute to the nancegrowth literature by examining the role of the nancial sector in the economic development of Malaysia. The early cross-national studies on nancegrowth relationship have drawbacks in that they assume structural homogeneity across countries, lter out uctuations in data by using averages of variables, and are unable to address